Turkey

The Mortgage Helpline International Group

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 70% LTV available for house purchase, remortgage or home improvements, depending on the type of loan.

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 15 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 15 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 15 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 70% of the property’s 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 15 years

Repayment mortgages only are available

The minimum loan you can take out is £25,000. For Euro loans the minimum loan is €25,000

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