Mortgages in Turkey

HOW DO I FINANCE MY HOME PURCHASE IN TURKEY?
You may have already decided on an area, but before you start looking for a home, it is important to consider the question of finance.

THE PRICE YOU CAN AFFORD WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING:

• How much you are able to borrow
• The period over which you intend to repay your mortgage
• Your existing mortgages, loans and other commitments.


Fill out our Mortgage form to get a decision in principle before you start even viewing properties....

HOW MUCH CAN I BORROW?
Your overall financial commitments (e.g. existing loans and other payments, including your new mortgage) should not exceed approximately one-third of your gross regular income. We recommend you keep some money in your Turkish current account to help you with your property costs, including upkeep, local taxes, electricity and/or gas bills and furnishings.


TYPE OF MORTGAGE

A valuation appraisal is carried out in most cases. However, it is important to note that this may vary slightly from the mortgage survey traditionally performed in your country. The appraisal is undertaken by an independent surveyor.



Whether you are looking to buy a second home, take up permanent residence, or take advantage of an investment we are here to offer
you the best financial solution. Our multilingual and multicultural advisors will explain how you can buy property in Turkey and obtain a mortgage as easily as possible. We will assist you throughout your home buying project, from the initial search for the best mortgage solution right up to the payment of your final instalment. We provide our services in English, Dutch, Italian and French.

With this particular International Buyers mortgage, you can use your Turkish property as collateral, so you can keep the
equity on the property in your country of residence.


WHICH MORTGAGE IS BEST FOR ME?

VARIABLE RATE MORTGAGE
One of the main characteristics of our variable interest rate mortgages is that it offers you the comfort of stable monthly
payments.
As in euro zone countries, our variable interest rate mortgages are linked to the variations in the European Central Bank lending rate. However, monthly repayments will usually remain stable when interest rates change. It is the duration which varies according to whether rates have risen or fallen. Following complete release of the mortgage funds, our rates are reviewed quarterly or annually
depending on the type of mortgage you have. There are no redemption charges for early partial or complete repayment on our standard variable rate mortgage products and you can convert free of charge to a fixed rate mortgage at any time.
Even if you initially opt for a variable rate mortgage, you can still switch to a fixed rate at any time and at no cost, you can even combine a variable interest rate mortgage with an initial period of fixed rate.

Please fill out our Mortgage Decision in Principle Form to Apply for a Mortgage in Turkey


DO I NEED LIFE ASSURANCE COVER?
We require our clients to be protected for the amount of the loan through a life assurance policy. We have put together a specific package with a specialized insurance company to provide comprehensive cover.

WHAT ABOUT BUILDING AND CONTENTS & NATURAL RISKS INSURANCE?
It is important that you make arrangements to insure the property and contents and that cover is adequate. Natural
risks insurance (DASK) is also mandatory in Turkey.


WHAT KIND OF HOME CAN I BUY?
Our International Buyers Mortgage provider is happy to consider mortgages for most types of residential homes, whether you
wish to purchase an older property or a new home, provided this home has been completed in line with the official plans.
Make sure this condition is fulfilled and get the property’s construction utilisation licence: YAPI KULLANMA IZIN
BELGESI, better known as ISKAN.

Apply for a Turkish Mortgage online today