:: TURKISH MORTGAGES::
Lending Terms for Equity Release Turkish mortgage products:
Product (A): For EU/UK/US citizens:
Allows a client to access up to approximately €40,000 (75,000 YTL) for any purpose eg: furniture package, fees, funds repatriation. Loan term from 5 to 10 years, interest rate of 8.4 % pa. Security for this loan will be taken on existing Turkish property. (Turkish residency permit required, and life insurance).
- Interest rate: 8.4% pa
- Nationalities: Any country that has a reciprocal property purchase agreement with Turkey (e.g. Australia, New Zealand, EU, UK & US)
- Term: 5 to 10 years only
- Maximum Loan: up to 75,000 YTL (approximately €42,000)
- Interest Type: Fixed (full period of loan)
- Age of applicant: 25 to 70 years of age
- Maximum age at loan maturity: 70 years of age
- Early Repayment penalty: 2% (on outstanding balance)
- Requirements: - DASK (natural disaster Insurance) - arranged by Lender.
- Property Insurance - arranged by Lender
- Costs: - 1.5% lender commitment fee (can be included as part of loan)
- Valuation Fee approximately (paid by Lender)
- DASK insurance & Property Insurance
Please note: Supporting Documentation that will be required for your Mortgage Application Standard information required for all applications:
- Signed Application Form
- Official Tax statement of the most recent year from your home country eg; P60
- Copy of the Tapu of the object to purchased
(know as ‘Kat mulkiyet tapusu’ or ‘Kat irtifak tapsu + yapi kullanim izin belgesi’)
- Copy of passport (will need to be clear colour copy, fax copies NOT accepted)
- Recent statements of any loans (eg: personal loans, mortgages etc)
- Recent statements of any assets (e.g.: Shares, etc)
- With some documentation, a translation into Turkish maybe required (the bank will arrange this for you if required)
Additional information required for Employed applicants:
- Copy of last 3 payslips
- Employer Reference
- Copy of 2 months Bank statements (not older than 3 months)
Additional information required for Self - Employed applicants:
- Last 2 years audited accounts
Additional information required for Retired applicants:
- Copy of 2 months Bank statements (not older than 3 months)
Please note: Scanned copies will be accepted initially by Global Mortgages Direct, however at time of formal acceptance of loan offer; all documents will be required to be sighted & where necessary, certified by a Bank official at branch of application.
Product (B): For UK citizens only:
Allows a client to withdraw up to approximately 75% equity for any purpose (e.g. repatriation of funds, purchase another property in Turkey, or elsewhere)
Max 75% Loan to Value
Currency offered: £
Currently 8.25% standard variable
Term of loan is up to 15 years
Security of loan taken on Turkish property
UK citizens only
Properties purchases on or after 1st of January 2006 are eligible
No min or max loan value
Age from 18 years old can apply
Note: £475 early repayment costs if paid fully within the first three years (nothing afterwards).
Fees: Client needs to budget anywhere from £1400 to £1800 for all mortgage related fees
(Banks, GMD & valuations. etc. Fees will be fully itemized in clients Mortgage outline document)
Please note: Supporting Documentation that will be required for your Mortgage Application
1)Proof of ID Valid Passport(s) or UK Driving license(s).
If copies are provided these must be certified by an authorized person (your lawyer, or local official, or your bank)
2) Proof of Address (es) utility bills (except mobile phone bills), dated in the last 3 months.
3) Proof of income Last 3 months’ pay slips, or other official form of documentation (where
possible) and latest P60. If self – employed, a copy of the latest tax return & last 3 years’ audited accounts with a letter from your accountant confirming the profit figures.
4) Bank Statements Dated within the last 3 months & including details of the applicant(s)
YOUR NEXT STEP: Please complete a Questionnaire online at www.globalmortgagesdirect.com Within 24 to 48 hours we will send you your own personalised Turkish mortgage quotation.
This information was supplied by Global Mortgages Direct and was correct at time of publication. Please contact Global Mortgages for further information.
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Ontur Construction
Ataturk Caddesi, Kaylalilar, Is Merkezi
Dalaman, Mugla,Turkey
Tel: 0090 252 692 3417 ext 14
Fax: 0090 252 692 3574
Mobile: 0090 539 240 4166
Email: info@turkishstarestate.com
Tasarim: Engin Rençber
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