Information on Mortgages for Turkish Property
CURRENTLY THE MAXIMUM MORTGAGE IS 75% OF PURCHASE PRICE IN THE FOLLOWING AREA'S: TURKISH RIVIERA & ISTANBUL
Turkish Riviera (includes): Akbuk - Alanya - Altinkum - Antalya - Aydin - Ayvalik - Balikesir - Belek - Bodrum - Canakkale - Datca - Didim - Fethiye - Izmir - Kalkan - Kusadasi - Mahmutlar - Marmaris - Mersin - Mugla - Turgutreis
** All other areas can be considered up to a maximum loan to value of 60% - 70% on a case by case basis **
75% LTV on residential property - in the Turkish Riviera (see above) or Istanbul only.
Minimum loan amount: €40,000 - making minimum Purchase Price of €54,000.
Maximum loan amount: €200,000.
Fixed Interest Rates only over: 1, 3 & 5 YEARS.
Euros: 1 year - 6.10% - 3 years - 6.30% - 5 years - 6.60%.
Fixed Interest Rates only - no variable rates available.
If the property is to be rented out Interest rate increases by 0.60% for the duration of the loan.
Repayment terms ONLY (no Interest only available) of 5 to 20 years* - *if the loan amount is under €150,000 then the maximum term is only 15 years.
Minimum age 24 upon application to Maximum age 75 upon completion.
First time buyers are acceptable.
Staged payment funding available? No, mortgage funds will not be released until the construction of the Turkish property is fully completed and legal registration of the Turkish property has taken place.
Re-Mortgages? No, we cannot assist if the Turkish residential property already has a mortgage on it.
Equity Release Mortgage (from existing Turkish Residential property)? Yes, but ONLY if the property is 'mortgage-free'.
Residential mortgages only - no commercial mortgages available.
Affordability: 45% of NET monthly income - less existing monthly commitments (if clients also have existing 'buy to let' properties, then the rental income received from these, must cover a minimum of 120% of the monthly mortgage amount due).
Incomes NOT considered: Incapacity or Disability benefits, Maintenance/Alimony or existing Rental Income.
Incomes considered: All employed salary & self-employed incomes only.
Maximum number of applicants: 2 - *married couples can only apply in their joint names.
Life Insurance is compulsory and MUST be assigned to the mortgage.
UK resident & UK nationality
Dutch resident with a) Dutch nationality or b) indefinite residence permit
German resident with a) German nationality or b) indefinite residence permit
Belgium resident with a) Belgium nationality or b) indefinite residence permit
Irish only if Northern Ireland residency and nationality
ALL applicants must have a 'clean credit history' - no existing Defaults or CCJ's.