We now offer mortgages in Turkey.

[Sunny Days]

Speaking to a manager of HSBC in Didim, Aydin, this week. He told us that in a couple of weeks they'll start doing mortgages for foreign buyers....will keep all up to date with the news as and when it comes out (at the moment, the manager doesn't know how it's going to work)....but the link previously added by TH4S is the most details the bank has got (that's more than what the bank manager knew)
Sunny Days

[TH4S]

Recieved From Mortgage company the below,

Turkish Mortgages for purchasing a property in Turkey - rates from approx 6.90% in Euros

Includes Turkish residential property. Please note, that if the property is being built, funds are not available until completion and the property has been legally registered in your name.

If you are considering purchasing a property in Turkey, Turkish Mortgages are available for UK, Belgium, Dutch & German Nationals - who must be resident in their home country at the time of application for credit checking purposes - for either House Purchase or re-financing for Home Improvements. Mortgages for other purposes may also be considered - contact us for further information.

Type of Turkish Mortgage: Repayment basis only

Minimum: €40,000; Maximum: €200,000 (larger amounts may be considered on a case-by case basis), but must not exceed 75% of the valuation or purchase price (whichever is the lower) in the Turkish Riviera* & Istanbul only. Mortgages in other parts of Turkey are dealt with on a case-by-case basis.

* Turkish Riviera includes for example: Akbuk, Alanya, Antalya, Ayvalik, Balikesir, Belek, Bodrum, Cannakkale, Datca, Didim, Fethiye, Izmir, Kalkan, Kusadasi, Mahmutiar, Mersin, Mugia & Turgutreis

PLEASE NOTE, THAT THE ABOVE LIST OF TOWNS/CITIES, ARE ONLY EXAMPLES OF THOSE THAT ARE SITUATED IN THE TURKISH RIVIERA (WHERE THE 80% MAXIMUM APPLIES), OTHER AREAS OF TURKEY OUTSIDE OF THE RIVIERA ARE CONSIDERED, BUT AT A LOWER LOAN TO VALUE

Proof of Income: required in all cases (can be made up of Earned Income, Pension, Investment. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status loans are currently not available.

Term: Maximum 15 years for loans up to € 100,000 OR maximum 20 years for loans over € 100,001 - up to age 75 (minimum age of 24 on application)

Currency: Euros only

Current Interest Rate: from approx 6.90% fixed for 1 year. Fixed Rate loans over 3 and 5 years, also available.

Example Turkish Mortgage in Euros: Repayment Mortgage of approx €80,000 over a period of 20 years at an initial Fixed interest rate of approx 6.90% = approx €625.00 capital and interest per month = a total approx amount payable over the term of €152,680 including capital, interest, arrangement and survey fees,

Yes Turkish Mortgages are available,

PLEASE NOTE, THAT THE TURKISH LENDERS WILL NOT ADVANCE FUNDS TO PURCHASE OR RENOVATE PROPERTIES IN TURKEY THAT ARE CURRENTLY UNINHABITABLE.

[Azure]

Originally Posted by aquila

For those of you who are looking at Turkey we have sourced a few mortgage providers who will deal with Turkish property. Contact us for details.

Does anybody know what the level of interest rates charged on a turkish mortgage? And what is the borrowing criteria for UK buyers. Thanks

[TH4S]

Azure, go into the HSBC link above, sure you will find it there,

[multitask]

Hello,
I just wanted to let you know that you can try Global Mortgages . They give out mortgages for properties in Turkey. I believe that they are the only company I know of so far that also give out mortgages for off plan developments in Turkey.

[Maxie]

I want to get a mortgage in Turkey for an off plan property that I have viewed. I could really do with some advice - help!!

[medseA]

Just recently, another turkish bank announced on giving out mortgages to foreigners, who are planning to buying property in Turkey... How to get a mortgage from Deniz Bank

[medseA]

"Includes Turkish residential property. Please note, that if the property is being built, funds are not available until completion and the property has been legally registered in your name."

-----------------------------------------------------------------------------------
Hi Maxie,

Under the condition, you might have to do some searching around untill you find a suitable mortgage lender, one who might agree on semi-built or off plan property

[Sunny Days]

Originally Posted by Maxie

I want to get a mortgage in Turkey for an off plan property that I have viewed. I could really do with some advice - help!!

Hi Maxie,
It depends how far your project is from completion but if not too far ie less than 6 months and with developer consent, Edison Ford Investment Properties - EFIP (based in SW England but working for clients all over UK) do have mortgage options for off-plan mortgages in Turkey....

I don't think I'd be "allowed" to drop their contact details into this forum but you can find them easily enough on the internet.Good Luck.

Sunny Days

[debbiec1]

HSBC do offer Turkish mortgages to non-nationals, I have recently got one for a German client at the Bodrum branch. If you have an HSBC account in the UK, you would still need to open a new one in Turkey.

We offer mortgages in Turkey via our UK based mortgage advisor. He is Turkish and deals with all the major banks where in most cases he knows the manager personally, to get the best deals including off plan and re-mortgages which are now widely available. Mortgages are available of up to 85% (lending limit is based on monthly income) and a 'mortgage in principle' offer can be obtained within a couple of days. He is also happy to call anyone wanting financial advice. Fixed or tracker rates, interest only mortgages available.

It is possible to approach individual banks yourself, but in a country where you are unlikely to know the language and way of doing things, it is often advisable to go through a broker who can check all banks for the best rates & deals.

See Turkish Mortgages