Foreigners Getting Mortgage for Buying Property in Tureky
Foreigner Mortgage in Turkey
Buying your second home, or investing in property in Turkey is an important decision with financial implications. You may choose to finance your purchase with your own cash resources, or with loan from your domicile country, or by taking out a mortgage in Turkey.
Since January 2008 -although still in infancy stages foreign investors have the possibility to apply for a mortgage through a Turkish bank, together with all its modern banking products and a wide range of possibilities for non-residents. Turkey's position on the property investment map will be even more stable, once the Turkish mortgage system will have been implemented totally. However, this will most probably boost the flourishing tourist economy and raise the property prices upwards. This is one of the most important reasons, that clients are deciding to take advantage of these early opportunities which are available now in Turkey.
Various choices of mortgages are available to buyers of residential property as well as for those interested to invest for the buy-to-let properties, or commercial investments.
At Alanya EasyHome, with our Free of Charge Mortgage Advice Service, we can advise you of the best available products in the market that suit your requirements and circumstances. We can follow up the whole procedure step by step, use our experience and expertise to obtain the mortgage offers typically within 24 hours of application. Through our relationship we can speed up the process, liase with the Bank Valuation Expert directly to promote and ascertain the value of the property for the benefit of our clients.
If you are planning to take out a mortgage in Turkey, you must bring some documentation with you from your home, so please contact our Turkish Property Mortgage Advice Service before you travel.
Tips for Turkish Mortgages:
Be careful! If you need a mortgage to pay for a property in Turkey, don't put a deposit down on a property until you have the offer in place. There are a number of companies that offer off plan mortgages in Turkey, some as much as 100%. If you are thinking about applying for such a mortgage, good advice is to speak to someone that has gone through the process with the company so you can check before you commit.
You will notice the terms Loan to Value/Loan to Appraisal. There is a difference between the two.
LTV = the percentage relationship between the amount of the loan and the appraised value, not the sales price. It is not uncommon for the appraised value to be 20% lower than the sales price.
There are two different types of mortgages in Turkey. Off-Plan and Built. Off-plan property is property that is for sale before it is built. This can be cheaper for the buyer than purchasing re-sale or completed property in Turkey.
Remember - overseas mortgages are a specialised field and can take some time to implement. It is advised you get independent advice from an expert on mortgages in Turkey.