Turkey Mortgages
At a glance:
|
Mortgage
|
Refinance
|
Equity Release
|
Buy to Let
|
| Maximum Loan to value |
90%
|
90%
|
N/A
|
N/A
|
| Maximum Interest only period |
0
|
0
|
N/A
|
N/A
|
| Maximum Term |
20 years
|
20 years
|
N/A
|
N/A
|
| Maximum Age on completion |
70
|
70
|
N/A
|
N/A
|
| Average interest rates |
3.8%
|
3.8%
|
N/A
|
N/A
|
| Average monthly price per thousand |
4.16
|
4.16
|
N/A
|
N/A
|
Process:
In spite of the Turkey mortgage market being a relatively new market, the banking system is very advanced and with the legalization of mortgages the banks have embraced the possibility very enthusiastically. Competition is growing daily creating more competitive products and improving an already efficient process. Mortgages should take no longer than eight weeks to arrange.
Approximate timelines (weekends not included):
| 1. |
Approval in principle |
Instant |
| 2. |
Final licences |
Day 1 |
| 3. |
Property registration details |
Day 1 |
| 4. |
Application (receipt of documents) |
Day 1 |
| 5. |
Power of attorney |
Day 1 |
| 6. |
Confirmation of approval in principle |
Day 3 |
| 7. |
Valuation |
Day 6 |
| 8. |
Formal offer |
Day 10 |
| 9. |
Arrange signing |
Day 15 |
| 10. |
Signing |
Day 20 |
| 11. |
Transfer of deeds |
Day 20 |
| 12. |
Payment to developer |
Day 20 |
| 13. |
Agency of service |
Day 20
|
| 14. |
First mortgage payment |
Day 21 |
| 15. |
Commission received |
Day 41 |
Costs:
For guidance purposes, as costs vary from lender to lender:
|
Cost
|
Amount
|
Payable
|
| Broker fees |
495 |
Up front |
| Application / bank fees |
0 |
Up front |
| Valuation fee |
100 |
Up front (refundable) |
| Opening commissions |
1.5% of loan amount |
On signing |
| Registry / Notary fees |
1% of purchase price |
On signing |
| Agency of Service |
120 |
Annually on signing date |
Currencies:
Turkish mortgages are available in euros
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|
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