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Property Shop Kusadasi
Jupiter real estate
Turkmen mah
303 sokak no.6
Behind HSBC Bank
Kusadasi
Aydin

Tel: 0090 256 614 7584
Mob: 0090 536 836 7447
Email: info@propertyshopkusadasi.com

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Mortgages

How can I get a Turkish Mortgage?

Almost any nationality can now apply for a Turkish Mortgage, subject to status, ability to prove affordability.

When should I apply?

The sooner the better if you have made up your mind to buy a property in Turkey. The Turkish mortgage administration system can be slow and if you have already paid a deposit you will need your mortgage relatively quickly. If you are planning a trip to Turkey, our advice would be to obtain a mortgage in principle offer before you leave.

How long will it take?

It usually takes around four - six weeks to obtain a full mortgage offer from the lender from the date we obtain the full documentation from the applicants and the seller. This depends on you providing the documents we need in good time. We recommend that you apply 2-3 months in advance - allow even more time if you have not yet received your military clearance.

How do I apply?

Shop around for the best mortgage deals available, this can be via a bank/lender in your home country, any of the Turkish banks.

How much can I borrow?

The amount you can borrow is limited by your affordability. As we have access to a variety of lenders, the way this is calculated can vary from lender to lender.

Can I buy with another person and combine our incomes?

If the individual is your "legal" partner (i.e. Wife, Husband, Girlfriend, Boyfriend etc) and you live at the same address, then yes. If you are siblings or friends then no. You will be considered to be seperate applicants for the loan and must each justify that you can independently support the loan and your existing commitments.

What are the interest rates?

Mortgage interest rates vary from bank to bank and each lender has several different products. Our close ties with Turkey ensure we have access to a range of lenders and a range of products and are not tied to any particular bank. This enables us to offer you the best interest rates and terms for Turkish mortgages.

 


What do I need for proof of income?

Every lender in Turkey requires income to be officially documented. This is done by providing the following:

If you are employed:
  • Last three payslips;
  • Latest P60;
  • Occassionally a reference from employer.

If you are self-employed, providing two of the following:

  • Last two years accounts;
  • Last two years tax returns;
  • Letter from your account confirming net profits for two years.

What if I am retired?
  • Retired applicants do qualify - simply providing a letter proving your income is usually sufficient.
What other documents do I need to provide?
In all cases the following additional documents will be requested
  • Proof of ID
  • Last three bank statements proving income;
and sometimes
  • Your up to date credit report (obtained from www.creditexpert.co.uk)
  • Your proof of deposit (a bank statement showing the funds to be used for the deposit or equivalent).

How do I complete a purchase with a mortgage?

You will usually need to visit Turkey for completion matters. However if you are unable to do so we can provide you with advice on how to appoint a power of attorney in Turkey. The Power of Attorney can complete with your explicit instructions and drawdown the mortgage to pay to the seller.

Currency fluctuations

You should note that some mortgages are available in Euros only. If you have agreed your price in Sterling you should be aware that currency fluctuations can cause the final Sterling equivalent of your loan lower than originally applied for. Likewise it can be more. You should be aware that if there is a shortfall due to this, you will need to make this shortfall up from your own funds. The best way to avoid such a scenario is to either:

Agree the purchase in Euros; OR Having agreed the purchase price in Sterling, fix the final balance in Euros with your seller.