Izmir

Bodrum

Dalaman

Antalya

Mortgages for Turkish Property

Mortgages on Turkish property can now be arranged through reputable U.K. brokers.
Below is a brief outline of the latest deals available.  For more information & referrals, please e-mail Chrissie at eckersleyca@aol.com.

Purchase or Remortgage of completed properties for residential and investment purposes

• Maximum 100% of execution value (around 85%of purchase price)
• Property cannot be older than 10 years
• Minimum loan value EUR 25,000
• Maximum loan value EUR 200,000
• Loan term 5-20 years
• Minimum age 24
• Maximum age 75 (at the end of the term)
• Currency EUR
• Life insurance required
• Interest rate: 1 year fixed 6.9%, 3 year fixed 7.2%, 5 year fixed 7.5%
• Annual overpayments of up to 10% of loan amount allowed
• Lender’s arrangement fee: 2% of the loan amount, payable on completion
• Employed and self-employed applicants are accepted (pension income acceptable)
• Lending based on affordability; liabilities including new mortgage (in Turkey) cannot exceed 45% of net monthly income
• Lending available only for properties in and around: Alanya, Antalya, Bodrum, Datca, Didim, Fethiye, Kusadasi, Mugla, Mahmutlar, Istanbul (Turkish Riviera)

Mortgage for off-plan properties:

• Purchase or re-mortgage (up to 1 month after completion) of completed or off-plan property (with guarantee from developer’s bank for the full loan amount), self-build projects
• Maximum loan to value 65% LTV
• Repayment method: capital + interest
• Minimum loan amount EUR 30,000
• No maximum loan amount
• Maximum term of the loan 20 years
• Minimum age 25
• Maximum age at the end of loan term 70
• Currency: EUR, YTL, USD, GBP
• Interest rate: fixed for the loan term, 6.96% in EUR, 7.8% in USD, 8.4% in GBP
• Early redemption fee 2%
• No life insurance required
• Lender’s arrangement fee: 1.5% of the loan amount, payable on application, mostly refundable if loan not granted by bank

For more information & referrals, please e-mail Chrissie at eckersleyca@aol.com.