PURPOSE
Our mortgages can be used by individuals (not companies) to buy any kind of new, resale or historic residential property in the most popular areas of Turkey.

KEY TERMS
We offer loans up to 90% of the current value at low rates.
We offer Variable rates and fixed-rate periods.
All our mortgages are Repayment Mortgages - capital and interest payments monthly.
With the last payment, the loan will have been totally repaid.

There are no INTEREST-ONLY mortgages.

Our loans are up to 20 years.
It is possible to pay the loan off early with no redemption charges.
You may - of course - sell your property at any time and repay the loan from the proceeds.

PURPOSE
Our mortgages can be used by individuals (not companies) to buy any kind of new, resale or historic residential property in the most popular areas of Turkey.

KEY TERMS
We offer loans up to 90% of the current value at low rates based on the Eurobor.
We offer Variable and fixed-rate periods.
All our mortgages are Repayment Mortgages - capital and interest payments monthly. 
With the last payment, the loan will have been totally repaid.

There are no INTEREST-ONLY mortgages.

Our loans are up to 20 years.
It is possible to pay the loan off early with no redemption charges.
You may - of course - sell your property at any time and epay the loan from the proceeds.

Istanbul Mortgages offers you CHOICE, ADVICE and will do most of the hard work for you in applying for an overseas mortgage.

We are experts as we specialize only on TURKISH MORTGAGES, and can offer you the best rates and most favorable terms anywhere

 After speaking with you, your consultant will help you to choose the right mortgage for you. 

Our main mortgages are either up to 70% LTV or 90% LTV

Notes:

If you property is valued less than 60,000 euro you will only be eligible for the 90% option (2).

Option 2 might also be beneficial if your circumstances involve a high debt to loan ration in the UK

Should you wish to pay less deposit, again option (2) might be preferred.

However, please see the advantages of option (1) below.

 (1)    70% LTV – EURO MORTGAGE

Minimum loan: 30,000 euro – but the property value must exceed 60,000 euro 

3 months: 4.8% (then you can move to variable at 4.1 currently, fixing the repayment amount for the whole loan period. RECOMMENDED)

12 months: 5.7%

2 years: 6.1%

5 years: 6.6%

 EXAMPLE:

Property Price: 80,000 (euro or pound)

Deposit required: 24,000

Mortgage: 56,000

Fixed Repayment amount (current example): 347 per month

Weekly equivalent: 80

 You may move between fixed and variable rates upon request, giving sufficient notice. 

KEY ADVANTAGES of the 70% mortgage:

 -No early REDEMPTION CHARGES

-The REPAYMENT AMOUNT stays the same throughout the loan

-Payment HOLIDAYS possible 

This is a variable rate mortgage. However, the monthly repayment amount stays the same and rate changes are reflected in the length of the loan. F they go up, for example, a 20 year loan can be extended to 22 years; if they go down, you could pay off in 18 

(2)    90% LTV – EURO OR STERLING MORTGAGE :

Main advantage: No minimum loan, no valuation minimum.

Current rates are:

EURO

1 year: 6.4%

3 years: 6.9%

5 years: 7.25% 

STERLING

1 year: 6.6%

3 years: 7.10%

5 years: 7.40%  

EXAMPLE:

Property Price: 80,000 (euro or pound)

Deposit required: 8,000

Mortgage: 72,000

Fixed Repayment amount (current example using euro rate) FOR FIRST 5 YEARS:  450 euro per month

Weekly equivalent: 103 

You can take a loan for up to 20 years. You elect the fixed-rate period above (say, 5 years) then choose another fixed-rate period at the end – and so on, until the end of the 20 year term

Please Note: Valuation amounts may be higher or lower than the actual sale price, so allow for a margin in your calculations. If a valuation is slightly lower, this may reflect the lending policy of the bank and not necessarily an unfair sale price. This can apply to all lenders universally.

Figures here are for guidance only.

Euro Mortgage will have to be repaid in Euro each month.
This can be made easy and inexpensive by using MONEYCORP.
Sterling mortgages are available upon request (different conditions will apply)

With our 70% mortgage, the buyer must show he has paid the DEPOSIT by Bank Transfer to the SELLER.

This is NOT rewquired with the 90% mortgage.

Applicants can be no older than 70 at the time of application (2) or 63 (option 1)
Our main mortgage is available to most European citizens. 
German citizens, however, can only apply for option (2).

CREDIT CHECK AND HEALTH DECLARATION
You will need to have a clear credit-history because the Bank will ask for a report.
Therefore you MUST show all your income and outgoings on your Application form and provide the Bank Statements that also reveal this.

As part of the loan Application, you may need to sign a Health Declaration.
LIFE COVER may also be required and - if so -the Bank will provide this, the cost of which will be added to your monthly repayments.