An interesting article appeared in this week's English newspaper in Altinkum. AKBANK are trialing their mortgages for foreign buyers (all nationalities) in their Didim Branch (first branch to trial foreign buyers mortgages). Mortgage customers do not need to be customers of the bank. They just need proof of residency and proof of income in their own country.
Rates are an incredible 0.99% for the first year and 1.39% afterwards (subject to variation). Duration of the mortgages are between 10 and 20 years.
This is the best offer I have seen on mortgages for foreign buyers (I am an estate agent and property investor, residing in Didim). Brochures are coming out in English and Turkish next week. If you fancy more info you can PM me and as soon as I have all the info, I will forward it to anyone interested in more details.
Regards
Sunny Days

Suspect those rates are per month. Think HSBC or one of the other big players in the UK have been offering something similar for last 12 months. Please check details of deal being offered and feed back. Details on arrangement fee, LTVs offered, loan sizes, redemption fees etc will be of interest.

Please find link to Turkey HSBC BANK, ,

HSBC - Turkey

There are a lot of companys offering Turkish mortgages,do your home work first,The lenders will NOT take into consideration any proposed Rental Income from the property for mortgage purposes/repayments.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.

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Never believe what you read in the newspaper! I should have known....!
Yep, talking to the mortages manager and the paper has got it all wrong....sorry to one and all who had got excited about this (that included me!).......always need to study the small print and having done that, it doesn't look half as good.....

The loan value is up to 50% of the property price; the rates quoted were not APRs but monthly rates....the only true speacial feature quoted by the paper is that the mortgages are for up to 20 years.....but at APRS of 7.2% on Euros; 8.4% in US dollars and a massive 16.68% APR on YTL - the bank would be delighted to get a customer to pay for 20 years!

I didn't go as far as redemption penalties, as I wasn't attracted by the offer. AKBANK are new to offer this product and therefore inexperienced. My UK mortgage contacts are long time specialists and therefore a lot more efficient.....so I think I'll carry on referring clients to them. I'm a Turkish resident so I'm not eligible for a mortgage for foreigners anyway.

Well, need to carry on watching this space to see a bit of true competition. In my opinion, this is NOT a GOOD OFFER......just run of the mill.

Once again - apologies to interested parties. I shouldn't have shared the article without having read the small print.
Sunny Days

Sunny Days,
You say you are a Turkish resident,if your read the HSBC link. it says you only need to supply the Required Document's,

Sure this mortgage is available to Foreigner's, Turkish residents.and Turkish citizen's,

Note the link was for the HSBC bank in Turkey, and NOT the HSBC bank uk,

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Hey! I'll have to get down to the small print to be sure!
Thanks Tommy.

I have some land in Akbuk nearby and would love to be able to fund
a house or villa there. any info would be great.

Hi Geoffrey,
I am not aware of any mortgage providers who will fund a build (others may know of some but it's not usual in Turkey). You have the land in Akbuk (which is the expensive bit!)....if you want to design and build a home through a local reputable builder you can get some quotes and present these to a UK bank for a loan. I don't have much more info I'm afraid except I know it can be done as I am an estate agent and partner in a construction company here and we have built on land owners land which they have financed via loans in the UK.These people all took out two or three smaller loans at key stages in the build (we agreed a payment scheme with them prior to commencing the build and they paid us in a number of payments of their choice). The land is usually the most expensive part so you'd be pleasantly surprised how much (or little!) you have to pay for the build itself.

I hope that some one else on this site might have more experience than me of financing a new build on your own land.
Feel free to keep in touch, if I can be of any further help.
Regards
Sunny Days

Hi i am instered in a mortagage in turkey if you can send me the details that would be great

Hi Cormac,
The Altinkum, Didim branch of AKBANK is now up and running with the foreign mortgages.
The LTV is 50% for foreign buyers.
Loans are granted for up to 20 years (15 years for small value properties)
Interest rates are 7.2% fixed for 20 years for properties bought in the Didim area (property can also be bought in US dollars - 8.4% APR and YTL - 16.68% APR).

The man in charge of the mortgages for foreign buyers is called Mr Atakan Aydin and his direct dial phone number (better not print it here but you can PM me if you want it). Alternatively, if you are already based in Altinkum, he will see customers at the branch on Ataturk Boulevard. He speaks English.

If you want a mortgage for property in another area of Turkey, HSBC and Isbank both offer them but they are slightly more expensive (although they offer a higher LTV).

Regards
Sunny Days

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Didim Sun Properties
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