Turkey Mortgage FAQ

1. Can I apply for a mortgage in Turkey before I find a property? Not really. We could get your pre-approved though. But we should only get an official response from the Bank once you have found a suitable property so that we can then complete quickly.

2.         What documents will I need to supply for a Turkish mortgage?

• Passport
• Credit report
• 3 months Bank statements
• 3 months wage slips
• Personal tax return or 2 years company accounts if self-employed
• Proof of home address
• Details of all income and fixed loans etc
• (ALL can be sent via email)

3.         What is the most I can borrow? Depends on income and valuation.

4.         Would overtime, commissions, or bonus income be taken into account when evaluating my mortgage application? Yes as long as it shows on paperwork provided.

5.         I have income from dividends and/or interest. What documents do I need to provide? Copy of income statements and deposits into Bank account.

6.         I have bad credit. Will I be able to get a mortgage in Turkey? Generally NO

7.         If I have co-signed a loan for another person, does that affect my ability to get a Turkish mortgage? NO

8.         What are the additional costs that I might occur in taking out a mortgage in Turkey? PROCESSING FEES/ BANK CHARGES 2% / Property insurance / Legal fees

9.         What outgoings should I include on my Turkish mortgage application? Only fixed ones such as Mortgages/ loans

10.       How much of a down payment do I need? Minimum 20% - but because of the independent valuation system, you might have to find 60% of the sale price. We could not determine loan size  until after valuation – and beware of mortgage brokers who promise otherwise! .

11.       As a foreign investor in Turkey, is there a minimum purchase price? £30,000

12.       What if my personal or financial circumstances change? Once you have a mortgage, it is up to you to maintain the repayments and providing you can, altered circumstances will have no effect. However, if they change adversely before your loan is completed it could result in the offer being withdrawn. If circumstances change for the better and you obtain funds, you can always settle your loan (fee around 1% of outstanding balance)

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