Guide To Turkish Mortgages

Buying a property in Turkey

If you want a Turkish Mortgage please fill in this form

Guide To Turkish Mortgages

Here's our Introductory guide to the things you need to think of when buying a property in Turkey:

How much can I borrow?

The maximum amount you can borrow with a Turkish mortgage is 70-75% of the value of the property. Unfortunately we are not currently able to offer remortgages in Turkey.

What are the Interest Rates?

Interest Rates in Turkey are much higher (and tend to move more frequently) than the UK. Similar to the UK though, there I a wide choice of mortgages out there so an exact rate will depend on your personal circumstances. The range is from about 4.5%-7.5% but get in touch so we can see what deal is available to you.

Are there any income requirements?

Like most of Europe, Turkish banks have strict affordability criteria. This means that, including the mortgage you are applying for, the total of all interest payments you have to make on your debts (inculding your UK mortgage and any other personal loans you have) cannot be more than 35% of your net income.

What else do I need to know about Turkish mortgages?

The terms of mortgages in Turkey are slightly shorter, generally no longer than 20 years and they have to be full-status loans (i.e. you need to have a verifiable source of income, like a job)

How do negotiations work?

If there's one piece of advice we could offer you when buying a property in Turkey it's: haggle! It's part of the culture and, frankly, sort of frowned upon if you don't. It may not be the most British of things to do but we suggest this is one local custom you adopt quickly – it could save you thousands!

What is the Legal process like?

Here's where you need to be very careful. Many properties in Turkey do not have title deeds or planning permission or have simply been constructed illegally! Even if they are legal there are various forms of "title" giving different land ownership rights. For this reason it's extremely important to use a quality Agent and obviously we can put you in touch with some of these.
Once you've found your property the procedure should go like this:

  • Reservation Contract: This takes the property off the market for 2-4 weeks so the Buyer's legal representative can conduct the required Searches.
  • Preliminary Report: After the Reservation Contract is signed and the required fee paid, you get a Preliminary Report with all the legal checks. If you're happy with it you sign it and pay a deposit on the property, typically 10% for a resale property or 30% if you're buying off-plan. At this point too you must approach the Vendor and ask him to apply for permission for you to buy a property in Turkey.
  • Completion: Once everyone is ready to proceed the property sale is completed. The Buyer pays relevant taxes and the Deed of Sale (Tapu) is signed transferring ownership to the Buyer. This is usually done at the local Land Registry Office. Congratulations! You now own a little piece of the Anatolian peninsula!

Yes, it's a little trickier than other countries but rest assured that we will put you in touch with competent English speaking Advisors to guide you through the process and help you avoid the pitfalls. Fill in the form opposite and get in touch!

Lastly, to get the best rates on your foreign exchange transactions we strongly recommend you open an account with HiFX. Quite simply, they will provide a far better exchange rate than your bank and they can do one off transactions or allow you to lock in a guaranteed FX rate on mortgage payments for up to one year in advance. To find out more and sign up, visit their website here http://www.hifxonline.co.uk

Overseas Mortgages are not regulated by the Financial Conduct Authority, nor are they protected by the Financial Ombudsman Service or Financial Services Compensation Scheme. They may not be covered by the home regulator of the country concerned either, so you should consider the risks carefully.

  • Unsecured business loans of up to £250,000 for terms up to five years are available
  • Secured business loans of up to several million are subject to asset quality, credit checks and LTV
  • You must be an established business, usually with two years trading history
  • The business must have clean credit, no CCJs or recent defaults

 How we use your data - view our privacy policy.

Frequently Asked Questions


What is the maximum LTV available?    

For non-residents the max LTV is usually 65%, maybe 70% in some rare cases.

What will it cost to arrange my mortgage?    

The fee to help prepare your mortgage varies from country to country but will be made clear to you in advance. It is usually 1-1.5% of the mortgage amount.

Will my UK credit record affect the success of my application?    

 Yes, it is a key factor in the eligibility criteria.

What is the min/max mortgage available?    

We only arrange mortgages of at least approx €100,000/$100,000. LTVs available vary from country to country but generally are n higher than about 70%

How important is my income?    

This is hugely important. Most overseas countries look at the Debt to Income ratio i.e. the percentage of your total net monthly income that is used to make debt repayments such as domestic mortgages, personal loans, car payments, credit cards AND the mortgage you are now applying for. Depending on the country you wish to buy in, this DTIR is generally between 30-40% so can be quite strict. In our experience this is the single biggest obstacle faced by UK buyers when looking to purchase overseas.


What is needed to apply

Applying for a Turkish Mortgage is very easy. Below are listed the things you need in order to apply.

  • Eligibility CriteriaClean credit and sufficient income to make repayments is required.
  • Documents RequiredInitially just an application form but in time you will be asked to prove income and ID
  • Additional CommentsThe entire process takes 6-8 weeks depending on the location you are buying in

Turkey is not the easiest country to buy in. Applicants will need to be UK residents and have strong income and a clean credit profile. Even then the legal process is lengthy and only a limited number of Turkish banks will offer mortgages to non-nationals. However, we have contacts in the country that can assist and make this process as smooth as possible. Please get in touch for details.

Contact Us Today

To discuss your finance options with one of our team

Enquire Online

Fill out our simple form to have a member of the team contact you

01494 410 125

Call today to discuss your finance options with a member of the team