Mortgage Information
There is currently a lot of mis-information about Turkish mortgages in the marketplace . In the spirit of 'straight talking ' our financial partners, Global Mortgages Direct, have secured a simple mortgage with a well known & established Turkish bank.
Turkish Mortgages (EU & USA Citizens) for Completed properties, Off – Plan Properties, & Equity Release/re mortgage products
Basic Lending Terms for ALL products as follows:
.Loan to Value: up to 65% (of valuation)
.Interest rate: 6.96% pa (Euro) For a short period of time only, this is a promotional rate.
Please note: normal Euro rate is 7.8%pa, 8.4% pa (GBP), 8.4% pa (USD). Turkish Lira also available
.Nationalities: Any country that has a reciprocal property purchase agreement with Turkey (eg:Australia, New Zealand, EU & US)
.Term: 5 to 20 years
.Minimum Loan: €30,000
.Maximum Loan: No Maximum
.Interest Type: Fixed
.Age of applicant: 25 to 70 years of age
.Maximum age at loan maturity: 70 years of age
.Early Repayment penalty: 2%
.Requirements: - DASK (natural disaster Insurance) - arranged by Lender.
.Property Insurance - arranged by Lender
.Off Plan mortgage*: Offered with full bank guarantee from Developer for total loan amount*
.Costs: - 1.5% lender commitment fee
.Valuation Fee approximately (paid by Lender)
.DASK insurance & Property Insurance
Advantages of ALL mortgage products:
.self employed & retirees accepted
.no geographical restrictions within mainland Turkey
.Full rental income is taken into account when banks assesses affordability for client
.A completed property is defined as 75% built
.No requirement to become a Turkish resident
.Loan offer lasts for 4 months. Can be extended to 18months (an extra 1% commission will be required to process this request)
.No life insurance required
.Loan interest rate fixed during full duration of loan
.self employed & retirees accepted .no geographical restrictions within mainland Turkey .Full rental income is taken into account when banks assesses affordability for client .A completed property is defined as 75% built .No requirement to become a Turkish resident .Loan offer lasts for 4 months. Can be extended to 18months (an extra 1% commission will be required to process this request) .No life insurance required .Loan interest rate fixed during full duration of loan
Mortgage Product Types:
Completed Property Mortgages:
For properties that are completed, or are in the process of being completed (75% completed and up), the Lending terms on page 1 of this document are relevant.
OFF - PLAN Mortgages:
To offer the ‘off- plan’ mortgage, both the Developer and their developments that require ‘off plan’ mortgages will need to be initially approved by the Lender. (Note: This process could take up to three to four weeks.)
Re - Mortgage / Equity Release Mortgages:
Allows a client to withdraw up to approximately €40,000 (75,000 YTL) for any purpose. Loan term up to 5 years at the interest rate of chosen currency eg: 6.96% (Euro).
Please Contact Us for Further Information. |