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Turkey Mortgages
Q. How much mortgage can I have to buy a
residential property in Turkey ?
Please note that for a mortgage in Turkey non-status/self-certification
mortgage facilities are not available through the Turkish mortgage lenders.
All applications in Turkey need to be supported by a minimum requirement of
proof of income. If employed, copies of your last three month's pay slips &
your latest P60 and an Employer’s Reference together with copies of your
last three month’s Personal Bank Statements will be required or
alternatively if you are self-employed or Director of a Limited Company with
a shareholding of 20% or more copies of your last three years Audited
Accounts plus copies of Personal Tax Returns for the last 2 year & copies of
your last 3 Personal Bank Statements will be required on application.
Please note that it will also be necessary to obtain a copy of your credit
file via Equifax or Experian.
The Turkish mortgage lender will NOT take into consideration any proposed
Rental Income from the property for mortgage purposes/repayments.
Your mortgage in Turkey is based on your joint net “take home” pay and is
calculated on an affordability basis. All your existing liabilities
including any mortgage/rent payments, personal and bank loans and any
maintenance (i.e.: Divorce) payments together with your proposed Turkish
mortgage payments must not exceed 45% of your net monthly income.
Example of a typical mortgage in Turkey:
Net joint monthly income £ 2,500 times 45% of that figure is £1,125 minus
existing monthly mortgage payment £ 700 – No other liabilities. This leaves
a balance of £425 for a proposed Turkish Mortgage payment.
Turkish Mortgage details:
·
Maximum loan to value 75%
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Maximum term 20 years
·
€40,000 min loan and €200,000
maximum loan
·
Euro only mortgages available
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Repayment mortgages only
·
Rates from approximately
6.10%
details are subject to change, so you must check with your
broker on the link above before committing |
