It is possible to obtain loans of up to 50-75 of the valuation of the property to be purchased and availability is generally pretty good (depending on your own personal circumstances of course).
Lenders tend to prefer shorter terms mortgages with 10-15 years being the average.
Mortgages also tend to be available in euros or sterling rather than Turkish lira, and we generally advise that an overseas mortgage and the income used to service the repayments should be in the same currency, to avoid any exchange rate issues.
It’s important to obtain an approval in principle before signing any contracts or putting down a deposit. This will tell you what price range you can realistically consider, and will put you in a much better position when it comes to making the decision to proceed.
If the property is already built (Not an off-plan project) then the buying process can generally take up to eight weeks (Mortgage, Solicitors, Utility Connections and General Administrative duties).
It’s imperative that you seek advice from an independent English-speaking lawyer – they will act on your behalf throughout the entire buying process, ensuring that, among other things, all required permissions have been obtained and that your title is secured.
(Upon request we can recommend an English speaking Lawyer that is registered with the British Embassy or you are free to select/nominate your own).
You should also remember that the total cost of purchasing a property does not end at the asking price.
Lawyer’s fees, local and national taxes, utility connections and insurances can often add a further 7-10%.
The mortgage lender link above has some great information for anyone wishing to attain some additional financing.
1 – Their pre-approval service is free and will help you set a budget before looking for a property.
2 – They can finance up to 75% of the purchase price (depending on local valuation).
3 – If you are considering a re-mortgage or equity release from your existing property, they can finance up to 55%.
4 – Their interest rates are sourced with European banks meaning they can be as much as 50% lower than mortgage products found at local Turkish banks.
If you use their services – please provide your feedback regards your experience to we may update this page accordingly.