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If you require finance to purchase your overseas property, then
our partners who are Licensed Credit Broker with over 20 years
experience in the overseas property finance market could assist.
Using the Turkish property as security a Repayment mortgage could
be raised, depending on individual requirements based on the valuation
or purchase price, whichever is the lower, of the Turkish residential
property.
CURRENTLY WE CAN ONLY LEND 80% IN THE FOLLOWING AREA'S:
- TURKISH RIVIERA & ISTANBUL Turkish Riviera (includes):
- Alanya -
- Antalya -
- Bodrum -
- Datca -
- Didim -
- Fethiye -
- Kalkan -
- Kusadasi -
- Mahmutlar -
- Mugla
** All other areas can be considered up to a maximum loan to
value of 60% - 70% on a case by case basis
Typical Rate : 4.8%
Loan purpose : Residential purchase, re-mortgage, equity release and buy to let.
Min Loan : €25,000
Max Loan : None.
Term : 20 years.
Max Age : 75
Repay method : Capital and Interest.
Currency : Euros, Sterling, US Dollars, YTL, Yen and Swiss Francs.
Additonal Info : Maximum loan to value 85%. Affordability based on liabilities and new mortgage not exceeding 55% net income.
If the property is to be rented out Interest rate increases
by 0.60% for the duration of the loan.
Repayment terms ONLY (no Interest only available) of 5 to 20 years
Minimum age: 24 upon application to Maximum age 75 upon
completion.
1st Time Buyers? YES.
Staged payment funding available? No, mortgage funds will
not be released until the construction of the Turkish property
is fully completed and legal registration of the Turkish property
has taken place.
Re-Mortgages? No, we cannot assist if the Turkish residential
property already has a mortgage on it. Equity Release Mortgage
(from existing Turkish Residential property)? Yes, but ONLY
if the property is 'mortgage-free'.
Affordability: 45% of NET monthly income - less existing
monthly commitments (if clients also have existing 'buy to let'
properties, then the rental income received from these, must cover
a minimum of 120% of the monthly mortgage amount due). Incomes
NOT considered: Incapacity or Disability benefits, Maintenance/Alimony
or existing Rental Income. Incomes considered: All employed salary
& self-employed incomes only.
Eligibility: Only EU passport holders & UK or IRISH residents
ONLY & applicants with 'clean credit history' - no existing Defaults
or CCJ's.
Maximum number of applicants: 2
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