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TURKISH MORTGAGES PLUS
I n d e p e n d e n t m o r t g a g e a d v i c e f o r T u r k e y
Mortgages in Turkey for Foreign nationals have only been available since early 2007. Since then, Turkish Mortgages PLUS has worked closely with Turkish banks to provide non residents with an efficient and streamlined mortgage service. We have experienced dozens of mortgage backed completions in Turkey. We also have CeMAP qualified, bi lingual staff. The aim of this brochure is to answer the most frequently asked questions that are put to us.
How much can I borrow?
The amount you can borrow is limited by two factors. Your affordability and the property you are buying. Typically the loan would be limited to 75% of the market value or the purchase price (which ever is lowest). Your ability to borrow is also based on an affordability calculation and not traditional multipliers (as in the UK). Please call us if you would like us to calculate your maximum borrowing ability. What rates can I expect?
· Sterling rates start from 6.4%. · Euro Rates start from 5.85% fixed; · Remortgage rates start from 6.65%.
Are Remortgages or equity release available?
Yes, we can offer you this service. This is particularly useful if you completed recently on a very interest rate or if you paid cash for your property and would like to release equity.
Can I get investment / Buy-to-let finance?
Traditional buy to let mortgages are not available yet but you are free to rent the property out.
What fees can I expect?
Please contact us for a full quotation as fees vary greatly in each case.
What else can I expect?
Foreigners buying in Turkey require military clearance before the title deeds are legally transferred. Currently no bank in Turkey will release a mortgage before this clearance is obtained due to this legal obstacle. You should therefore discuss this with the vendor and mention that you intend to finance the property with a mortgage. All parties should agree to this fact before signing any agreements.
How can I tell if I will be eligible?
The best way of doing this would be to discuss your needs with one of our advisors. From experience, they will be able to tell you if you would meet the criteria of the banks we work with. ‘Agreement in Principles’ (AIP) from Turkish banks do not exist yet. So you should not expect a formal certificate from any bank. If you would like to obtain a mortgage illustration from us, at no cost, you can do so via the details at the head of this page or by going to www.turkishmortgagesplus.com/approval
For more information please contact us by E-mail: sales@bargainholidayhomes.com or phone call 0090 256 813 6599
Or Contact Turkish Mortgages Plus direct:
Turkish Mortgages PLUS 5 Honiton Road Romford Essex RM7 9AJ T: +44 (0) 1708 725 093 E: info@turkishmortgagesplus.com W: www.turkishmortgagesplus.com Turkish Mortgages PLUS ltd is registered as a company in England and Wales, No 6731376
Registered Office: 145-157 St John Street, London EC1V 4PY.
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Bargain holiday homes estate agency, Altinkum mahallesi, Karakol Caddesi, No: 9 Didim, Aydin, Turkey. |
