Turkish mortgages

[160606]

I wonder if anyone has any information regarding getting a mortgage from a Turkish bank to purchase a property in Calis.  We  have made enquiries at several banks here at home but they all state that they don't do them and even  their international bank services would not offer mortages in Turkey as it's not in the EU.  Just thought if anyone had got one how simple was  it and what they had to provide.  We are coming out on Saturday and have a property to view that we almost certainly will want to buy and if the decision is made and the price right we could approach a bank while we are out there. Any help re the difficulties or any problems that we could avoid would be helpful. Thanks in anticipation.
Helen

[littlereddevil]

If you are going through an estate agent they should be able to help you.  I know the one I used had done a course at the bank about mortgages

[busybee]

My daughter has a Turkish mortgage with Teb bank and she went throught BNP which is French.  You have to put down 30% deposit.

[160606]

If we buy it will be a private sale as we know  the sellers.  We will probably ask at one of the banks when we are over, but are they pretty easy to get, does anyone know.  Only asking cos we're both 59, but both have superanuation pensions and are looking for 10 year mortgage but will repay within 5 years.  Thanks

[david gibbins]

The Garanti Bank in Fethiye has a good reputation for providing Mortgages for Non- Residents.
The Loan Application is relatively easy, To start the process you would need to take a copy of the Title Deed of the property that you would like to purchase along with your Turkish Tax number to the Bank, At the Garanti Bank the Guy to speak with, is called Alper, his office is on the first floor. They would ask 650 tl approx 225 pound, this being for a Valuation of the property.
Once the valuation report has been completed, the Bank would be in a position to offer you up to 65% of their Valuation Figure.
The interest Rate for a 10 year Mortgage is presently 8.88% per annum, which works out at monthly repayments of 126.00 per month for every 10,000 pound borrowed, so if you need to borrow say 40,000 pound your monthly repayments would be 504 pound per month.
The Bank also charges a processing fee of 1,350 tl approx 470 pound,
Their commission rate is 1% of loan amount.
i hope this information is helpful to you both, Good Luck with your Purchase,

[160606]

David, thank you for your comprehensive response. Just one other question, if you can help,as we are now back in Britain.  Whilst there I had my passport translated  into turkish, we opened a basic account  with Garanti Bank and  we gave power of atorney to our friend who resides in Calis,so he could sign for struff on our behalf.  My question is, would it be possible for him to take the Tapu to the bank and  complete the application form on our behalf, with us providing the information to him as well as all the fees mentioned?

[david gibbins]

im sure your friend from Calis can start the process for you, by taking the Title Deed of the property into the Bank along with the Valuation Fee, and a copy of the Power of Attorney. At that stage i would ask Alper at the Bank if your Power of Attorney is sufficient and specific enough for your friend to be able to sign on your behalf for the Mortgage. if the Bank feels that the Power of Attorney isn't specific enough, contact me and i will explain an Alternative way of obtaining one without you having to come to Turkey,
Good Luck with your application,

[160606]

thanks David, my friend has e-mailed  Alper about the Power of Attorney and we are waiting for his response.  Thanks also for your offer and wemay be in touch with you shortly.  Thanks again.

[lol]

ISbank London do Turkish Mortgages. You can have a GBP or EUR linked to the interest rate. I can't remember  I think 60% LTV is the best you will get, but that is pretty much standard.

[Andrew H]

Crikey 8.8% ! what about early repayment charges what about exchange rates if you are going to be sending GBR to bank on a regular basis?
Hopethe  property is worth it