For a semi-detailed guide on how Turkish mortgages work, visit our dedicated guide here.
You can borrow a maximum of 70-75% of the property valuation with some products maxing out at 50%. However we do recommend you keep another 5% to account for fees, charges and Turkish purchase taxes.
The bank with which we place your application will appoint an independent surveyor, a qualified person who works in the area where your property is located. They will produce a detailed report, a report which is highly detailed – as well as a valuation, it includes a structural survey, checks for - earthquake damage – local authority checks – building regulation checks – debt checks, and much more.
It is very rare, not just in Turkey, but in the UK too, for a surveyor to agree that the price you are paying for the property is the same as what they believe it is worth. In the many years and hundreds of valuations, this has only ever happened once with us. Some buyers naively believe that the property they are buying is actually worth more and hope to borrow extra. This has never happened in our experience. If you are applying for and relying on a maximum mortgage, we would strongly advise that you are prepared for this outcome and have a contingency plan in place.
We will add a generic calculator to our website soon, so that you can calculate roughly what you can borrow based on your net income. In the meantime, you can fill out our form here if you would like us to calculate your affordability.
Interest rates vary from lender to lender and can be checked here. Although they are higher than UK interest rates, rates in Turkey are in the 13-14% region, so our rates are usually half as much as those found in Turkey.
As with most banks these days, you will need to provide full proof of income. You can find a detailed list of what we will need on our products page.
Retired applicants can apply for our products, and we can lend up to your 70th birthday at the moment. You will need to provide official proof of your retirement income.
Whilst there are no theoretical limits, we prefer to keep it to two applicants. However some couples like to team up with other couples to share the pleasure of buying – we can do this but will advise you if it becomes too complicated.
The time it takes from your first enquiry to obtaining a mortgage offer varies from lender to lender, and depends on how quickly you can get your documents and your response to requests for information. Under ideal conditions, we can obtain an offer in as little time as six weeks.
Your first step is to complete our application form.. Once we know the exact details of your personal and financial circumstances, we will confirm your eligibility. If you are eligible, we will send you a full mortgage illustration along with information on how to make a full Turkish Mortgage application with us.
The seller will need to provide their contact details as well as a copy of the Tapu. The tapu is the Turkish word for Title deed, and this is the official document proving their ownership. In some cases, especially new builds, we will need the Iskan. The Iskan is what is known as the habitation certificate and is a confirmation that the property has been built in according with building regulations and the planning permission that has been granted for the property.
Mortgage related fees and charges are as follows:
For a full product by product breakdown, visit our rates page.
- A bank arrangement fee – no more than 2% but in some cases there is a minimum of £1,250. Payable on offer;
- A valuation fee – at most £350 – payable once you have been approved by the bank.
Our charges for our services is a flat fee of £545 payable when we have a full mortgage offer for you. We don't charge you an upfront fee like other brokers and our fees are usually 50% lower than other Mortgage brokers.
Technically you do not, however we do highly recommend that you do. A good solicitor can not only make the conveyancing process straight forward, they can also make background checks on the property to ensure you will not be surprised by the property later on. You can request information on our legal services here.
Unlike the UK, you will need to personally be present when the property's title (tapu) is being transferred to you. If you can't make it, you will need to appoint someone (usually a solicitor) to do this on your behalf. This is done by preparing a power of attorney (POA). A POA needs to be prepared by a professional and needs to be in both English and Turkish. Our legal services can help you with this process.
All non-Turkish buyers of property in Turkey are required to apply to the Turkish department of defence for permission to buy the property in question. This procedure is related to the property and is not personal to you – the military simply need to make sure that the property in question is not in an area sensitive to them. You will need to apply for this, or request that someone apply for you. There is usually a charge for this, but you should consult with a solicitor to obtain the exact cost as it seems to vary from region to region. We have seen charges from £100 up to £1,000.
Our products are not restricted to British nationals. We can secure a mortgage for pretty much any national in the world.
Unfortunately we are not experts in the property market – however, if you would like an independent valuation, please contact us as we can obtain one for you at a cost of £350. You do not need to apply for a mortgage to benefit from this service.
We can remortgage your property if you have already have a mortgage with a Turkish bank and you are paying high, local rates. If you have already purchased and paid the price in full, you can apply for a mortgage with us – we can release up to 55-60% of the property's valuation. View our equity release / remortgage products on this page.
We can take into account any rental income you have in the UK, we would take the net amount after your mortgage charges (if you have any). We cannot take into account the potential rental income you will have in Turkey with the property you are buying. We also cannot take into account rental income you already have in Turkey on previously purchased property.
We can only provide mortgages on completed property, we are unable to provide mortgages for off plan property at the moment. You should apply for a mortgage at least two months before hand – our mortgage offers last for three months and can be extended for a further three months afterwards.
You can set up a standing order with your bank to transfer money each month to your Turkish mortgage account. Most UK banks will charge for this service – this is usually at least £10 per transfer. There are some accounts with monthly membership fees that will allow you to transfer your money to Turkey for no charge – you should check with your UK account provider for full details.
You should apply for a mortgage at least two months before hand – our mortgage offers last for three months and can be extended for a further three months afterwards.
Insurance is a must for any mortgage lender worldwide. In Turkey, you will need to take the standard buildings insurance. You will also need to take an additional insurance called DASK - this is a government backed earthquake insurance. Insurance usually costs about £250 per annum for every £100,000 of value your property is worth.
Our FAQ section helps answer the most common questions we are asked - can't find your question? Call us!
Our guides section has some helpful guides on the various aspects of this process.
We've added a mortgage calculator should you want to calculate your potential monthly repayment figure.
Whether you're in property or mortgages, adding Turkish mortgage products to your menu can be a valuable part of your business.