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Do I qualify for a Turkish mortgage?
To qualify for a
mortgage in Turkey, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the application form, and Mortgage
Helpline International won't charge you for this service.
How much can I borrow?
Calculation based on the valuation or purchase price, whichever is the lower
Up to 75% LTV available
for house purchase or 70% for remortgage or home improvements, depending on the type of loan. 100% loans also available, however for these to be granted the valuation must equal the
"Execution" (Forced Sale Value) placed on the property by the valuer.
Based on joint net "take home" pay, where joint income is applicable
Existing liabilities, e.g. mortgage or
rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Turkish mortgage payments. All this must not exceed 60% of your monthly net income for the
Euro Turkish mortgage scheme, 33% for the Sterling Turkish mortgage scheme or 40% for the Sterling Euro and US Dollar Turkish mortgage scheme
What evidence of income do I need?
If you
are employed:
Your last three month's payslips
Your latest P60 or Employers Reference
Your last three month's personal bank statements
If you are self-employed or director of a limited
company with a shareholding of 20% or more:
Your last three year's audited accounts
Your personal tax returns for the last two years
Your last three month's personal bank
statements
Please note it will also be necessary to obtain a copy of your credit file via Equifax or Experian
Example mortgage payments
Euro Turkish mortgage scheme – Min age 24.
Max term 20 years, up to age 70.
If, for example, your net joint monthly income is £2,500, 60% of this equates to £1500. If your only liability is your mortgage payment, of say £700, this would leave
a balance of £800 for your Turkish mortgage repayment. Life cover is recommended but not compulsory.
Sterling Turkish mortgage scheme – Min age 18. Max term 20 years, up to age
70.
If, for example, your net joint monthly income is £2,500, 33% of this equates to £825. If your only liability is your mortgage payment, of say £400, this would leave a balance of £425 for your
Turkish mortgage repayment. Life cover is recommended but not compulsory.
Sterling, Euro and US Dollar Turkish mortgage scheme – Min age 18. Max term is 20 years, up to age 65.
If,
for example, your net joint monthly income is £2,500, 40% of this equates to £1000. If your only liability were your mortgage payment, of say £400, this would leave a balance of £600 for your Turkish
mortgage repayment. With this scheme life assurance is compulsory and must be assigned to the lender.
What types of Turkish mortgages are available?
For our latest rates and to see the
different types of Turkish mortgages on offer, please contact us.
Loans available up to 75% of the property's value (or 100% of execution value) in Euros, Sterling and US Dollars only. (Loans
in US dollars only available if you are paid in that currency)
The maximum term of mortgages is 20 years, but for the sterling Turkish mortgage scheme the max term is 15 years.
Repayment and
Interest Only mortgages only are available
The minimum loan you can take out is £20,000, with the maximum being £250,000. For Euro loans the minimum loan is €40,000; the maximum €200,000.
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