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100% Mortgages for Turkish Property

At this time there is no such thing as a 100% mortgage for Turkish property. Current rates are from 4.36% Euros and 6.4% in Sterling, with fixed and variable rates. The usual minimum loan is 30,000 euros with the maximum percentage up to 75% in sterling or 70% in euros spread over a 20 year term.

However, 100% mortgages can be available if the property is bought at a substantial discount and the valuation is much higher than the actual purchase price, or if you are able to enter into a special arrangement with the developer who may have pre-arranged mortgage facilities. This is not yet usual in Turkey as it has been in some European countries for years, and there are very few instances of buyers obtaining a full 100% mortgage.

We are currently able to offer just three developements where this is possible. The 100% mortgage can be obtained because we have negotiated significant discounts for our clients, meaning that the value is higher than the purchase price. Property details are on the links below:
1 bed apartments Beylikdüzü, Istanbul
3 bed apartments in the golf area of Belek, Antalya
1, 2 and 3 bed apartments / penthouses in Tuzla, Bodrum.

All are subject to availabilty.

In Turkey interest rates vary from bank to bank and Turkish banks are becoming very competitive, but no individual would be able to approach a lender requesting a 100% mortgage for their Turkish property. If it is a particular off plan property that you are interested in, you may find that the developers already have an agreement with a certain bank in Turkey for all mortgages related to their own builds but the conditions may not be satisfactory so it pays to shop around. If the terms are unacceptable or unaffordable, it may be better to look for an alternative property.

For a general mortgage, i.e. up to 75%, it is worth going to a number of banks and getting mortgage offers in writing. You can then present the best one to any of the banks to see if they can improve the offer which they often do. A good mortgage broker will do exactly the same on your behalf, meaning you can go to Turkey with an offer in principle, making it safe to put a deposit down knowing your mortgage is in place.

On any mortgage application, you will be expected to prove your ability to make the monthly payments i.e. 3 months wage slips, 6 months bank statements or if you are self-employed, copies of your last 3 years accounts and the last 12 month's business accounts statements and 6 months personal bank statements. Rental income from the property will not be accounted for when reviewing affordability, unless perhaps the developers are offering a fixed term of guaranteed rental income.

If you are interested in 100% mortgages for Turkish property, send your details on our Mortgages Enquiry Form and our mortgage advisor will call you.