MORTGAGES Turkey
Mortgages Report: Turkey What do your clients need to get a Turkish mortgage?
WHAT ARE THE LENDING CRITERIA?
This depends on the individual mortgage provider. However, typical lender requirements for Turkish mortgages can be found below:
AFFORDABILITY REQUIREMENTS:
The cost of the applicant’s existing liabilities and new mortgage should not exceed 50% of their gross income minus liabilities.
EMPLOYMENT HISTORY: Minimum 12 months required. SELF EMPLOYED HISTORY: Minimum 2 years required. REGIONS ACCEPTED: All regions considered. PROPERTY TYPES ACCEPTED: Must be habitable. APPLICANTS ACCEPTED:
Individuals and local companies. All nationalities considered except those aff ected by international sanctions. All applicants must have military police clearance.
FURTHER INFORMATION: Currency options for mortgage payments: euros, pounds sterling and American dollars. Some lenders will require you to take out a life cover policy or open a bank account with them in order to make the mortgage payments. Securing a mortgage off er can typically take between four and six weeks.
WHAT EVIDENCE DOES A BUYER NEED TO PROVIDE?
This depends on the individual mortgage provider, however document requirements for French mortgages usually include:
• Copy of passport • Copy of utility bill x2 • Copy of birth certifi cate • Marriage certifi cate if applicable
• Copy of last three months’ payslips and last year’s P60 or a copy of the last two years’ accounts and last two years’ tax returns • Copy of last three to six months’ bank statements • Copy of loan statements for last 12 months • Evidence of deposit used to buy the property • Copy of full credit report
• Copy last year’s mortgage statement on all properties owned • Copy of tenancy agreements for buy to let properties • Copy of sales contract
• Copy of the property title deed (known as TAPU) 40 Alanya, Turkey
The OPP monthly mortgage report is brought to you by Connect Overseas, international mortgage advisers. They are based in the UK but deal with mortgages in over 50 diff erent countries around the world.
See
www.connectoverseas.co.uk. They can be contacted by email at
info@connectoverseas.co.uk or by telephone on +44 (0)1708 676134.
EDITOR’S NOTE:
This guide was accurate at the time of production.
The mortgage market changes all the time.
For up to date information, see
www.opp-connect.com/ infozone/mortgages
www.opp-connect.com
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