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Mortgages and Banking in Turkey

Mortgages in Turkey - Oceanwide Properties

Turkish Lira Exchange Rates

Updated at 15:30 06/13/2013
Source: Central Bank of Turkey
If you require a mortgage to purchase your property in Turkey, Oceanwide Properties is able to refer you to qualified independent mortgage advisors who specialise in overseas mortgages for Turkey and who will supply you with applicable information and guidance.
As a rough guide, fixed and variable rate mortgages are available at 70 per cent loan to value, with a typical rate of five per cent. To be put in touch with an advisor, please contact us or click our mortgage rates tool below. 

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Financing your Property Purchase through Mortgage Providers in Turkey

While most of our home buyers tend to opt for a mortgage provider native to their home country, most foreign nationals with a reasonable credit rating and proof of income can also now obtain a mortgage in Turkey, although the procedure may differ to that in other countries. 
The process has been made a lot easier over recent years and there are now a number of specialist companies and banks offering up to a 70 per cent mortgage on property in Turkey. A number of Turkish high street banks offer English language financial guidance and services, a selection of which are detailed below. 
Our team is available to assist clients with their applications should this be required. Please contact us below for further information.

Turkish Mortgage Procedure

Oceanwide Properties aim to make the mortgage process as straightforward and hassle free as possible. Having explained your requirements to one of our consultants, you are then introduced to one of our mortgage experts. They will assist you throughout the entire process from initial application to receipt. The process can take a few weeks and generally involves:


Agreement in Principle

Following a thorough discussion with the mortgage provider you are normally given an 'Agreement in Principle' stating what funds they are willing to lend towards a property providing a number of terms and conditions are met. No documentation is normally necessary at this stage; it is simply an indication of where you most likely stand.

Full Application

Mortgages are normally granted against buildings that are standing with title deeds present. It is far harder to secure a mortgage against an off-plan property unless a developer has a special agreement in place (our consultants will advise you). Having found a villa or apartment of interest, a full application is made by filling out the official application forms and providing the lender with evidence on your identity, income and registered address. A credit check is normally run and the mortgage granted depending on the results.

Property Valuation

Lenders usually assess the property’s value to ensure the price is fair and the legalities of the property are in order. The time taken to do this depends on the lender but normally it is within a couple of weeks.

The Offer

Having assessed your financial standing and valued the property the lender will grant a formal offer. Once this has been signed and accepted, the lender is committed to providing the funds. 
Please do remember, your home may be at risk if you do not keep up with repayments on your mortgage. 
For more information on financing a property purchase via a UK or Turkish mortgage provider, please contact us below.
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