Mortgage on Turkish Property

[Jik]

Hi Al,
Can anyone share with me any recommendations or otherwise on any UK based financial institutions they have used previously for a mortgage on a property in Turkey?

Additionally any Turkish based org's although I have been informed by Akbank that although their interest rates are good there is a 10 year cap on the term and I am looking for 15 or 20 year.

All info would be gratefully received.
Thanks


Linkback: https://www.enjoykalkan.com/forum/index.php?topic=4689.0

[alantj]

We looked into mortgaging our Turkish property around 2 years ago.

If our experience is anything to go by, I would say is don't get your hopes up, we found it impossible to get anything like the promised interest rates and loan to value percentage.

A big problem was the property valuation our valuation came in at about 70% of what we had paid for the property 3 years earlier (explanation was all Kalkan properties were hugely overvalued and only sell to the English).

Also lots of fees are glossed over, and the offers came in at around 3% above the advertised rates.   

All this was for a loan that would have been only 50% of the purchase price of our villa and less than half our annual income.


 

[Enişte]

You could try www.turkishmortgagesplus.com (Mustafa or Seçkin Yilmaz) or www.ogden-starkel.net (John Ogden?) and see what they have to offer.

[Jik]

Hi Eniste
I have reached out to TMplus already and although they seem very knowledgeable just wanting to know which are credible, have you worked with or do you know anyone else that have worked with these companies before?

Thank you

[Enişte]

Sorry, I just know of one person with an application in the pipeline with TMP but cannot yet recommend them or otherwise.  As you say, they seem to know their stuff and have been very keen to help.

[MartynE]

We have mortgages on two of our apartments, through IsBank in London.  They were very helpful and you can pop in and see them if you are based in London (which I am).  Ahmet Ozarar  is the name of the guy to see; he speaks pretty good English and the process was not too laborious

Having said that, I am also making enquiries with TMP (regarding a possible further purchase) and will let you know what I think!

[Jik]

Hi Martin, Thank you, thats encouraging. I am in london too so will definately pursue that avenue and keep going with TMplus also.

Still eager to hear from others if there are any more recommendations, would be really appreciated.
Thanks!

[JayTravel]

movers

Hi Al,
Can anyone share with me any recommendations or otherwise on any UK based financial institutions they have used previously for a mortgage on a property in Turkey?

Additionally any Turkish based org's although I have been informed by Akbank that although their interest rates are good there is a 10 year cap on the term and I am looking for 15 or 20 year.

All info would be gratefully received.
Thanks

Hi JiK-

I have been looking into these things coming from the US and have run into a lot of problems.  The interest rates that are advertised etc don't seem to be achievable.  You can still get a good deal as a result of currency value, however, not quite as good as advertised in my experience.