To begin, you can obtain a mortgage in Turkey for Turkish property. To take up an additional or new mortgage to buy an overseas property in the UK, you must have adequate equity in your current home. We strongly advise you to seek legal guidance to ensure that your abroad property is subjected to independent inspections.
With the market becoming more developed and competitive, taking out a Turkish mortgage is becoming increasingly popular. It also means that the bank will conduct its legal, due diligence on the Turkish property and arrange for an independent valuation. What is the average price of property in Turkey?
Is it possible to receive a mortgage to purchase a home in Turkey?
Mortgages. Several Turkish banks offer mortgages to foreign people interested in purchasing property in Turkey. Individual bank loan quantities, interest rates, and conditions may differ. Before making a decision, we recommend calling various banks.
Overseas buyers have been able to apply for a mortgage in Turkey since 2007, and they must present the same documents as they would in the UK, for example. You will need to get a tax number, which can be obtained quickly at a local Turkish Tax Office and is granted the same day that you apply. To open a bank account in Turkey, you will need a tax number.
The following documents are necessary to apply for a mortgage loan in Turkey:
The title document for a condominium or a right of easement on a specific piece of the house to be purchased.
A photocopy of the applicable person’s passport or residency permit or an invoice with the relevant person’s present address in another country.
Official tax declaration for the preceding year should be obtained from the client’s home country.
For working people, the most recent quarterly payroll is signed by the employer abroad or a letter of retirement (for retired persons).
A credit card/credit account statement or bank account book details transactions in the appropriate account for at least the last six months, and it needs to be approved by the bank.
Employee recommendation letter (approved by employer firm abroad).
A legal and binding document that certifies a person’s assets.
A copy of an invoice (water, electricity, etc.) proves the client’s address in the nation they reside in.
All documents are necessary for the “Borrower” and, if applicable, the “Surety” and originals must be shown when you apply. Official documents that are not in Turkish or English have to be translated into English by an official translator, and you will pay this fee.
A down payment for a mortgage
Generally, you will be required to deposit roughly 30-50% of the property’s worth, or whatever the current deposit value is. Currently, there is a minimum loan value, which is currently 75,000 euros but could change in the future. When you arrive in Turkey to inspect a portfolio of properties your estate agent as put together, they will provide you with all the current information.
Is it possible for overseas buyers to get a mortgage in Turkey?
Foreigners can borrow money from various Turkish banks, the majority of which have English-speaking consultants to help them. Most banks will lend up to 50-70% of the property’s worth, and some may even lend in dollars, euros, or pounds to buyers who want to avoid currency conversion costs.
It may be daunting, but with the help of a respected agent, they can walk you through the process. Because of banks and estate agents solid working relationships with the best institutions, you can also acquire the most significant interest rates possible.