Intro
Mortgages are now freely available and most banks in Turkey are
now lending. There are even a few banks outside Turkey that have
started lending as well.
Availability
One high profile lender will lend 100% LTV of the banks'
valuation which is typically 10%-15% less than the purchase price.
Fixed rates from 6.9% are available over terms of up to 20 years.
Applicants are only eligible if they are employed or self employed
as self certification is not yet available.
Cost
Bank will usually charge a processing fee in the region of 2%
which can be added to the mortgage. A valuation fee of
approximately 400 Euros as well as compulsory building and natural
disaster insurance must also be paid.
Application Process
The mortgage application process in its entirety can take a long
time and will be dependent on how quickly an applicant is granted
military clearance. Applicants will also need to apply for a
tax/social security number from the tax authorities in Turkey. The
whole process can take afew months so make sure you plan in advance
of your purchase
Mortgage Finance from Frontiers Financial Services
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