THE Didim branch of Akbank is believed to be the first bank in Turkey to grant a mortgage to a foreigner,
The mortgage for €50,000 over 10 years at a rate of 0.6 per cent was confirmed this week.

The customer, who is from the UK,All the paperwork has been completed to our satisfaction and we are very pleased to be giving this mortgage. We hope this will be the first of many to come.”

He said that the publicity, about Akbank in Didim being the first to offer competitive mortgages for foreigners, had led to a flurry of interest.

Mr Aydin confirmed that another mortgage deal was about 10 days off from being completed and he expected more to follow in the next few months.

We have had enormous interest from people and they are very interested in what we have to offer them,” he added

Akbank applicants need to show proof of their wages in the country they reside. Mortgages can ben offered over between 10 and 20 years.

The news comes just weeks after banks in Turkey were allowed to offer such mortgages due to a new mortgage law recently introduced by the Government.

Voices Newspaper Altinkum Didim Turkey - Akbank gives first mortgage

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Hi

Has anyone started the process of applying for a mortagage in Turkey either via HSBC or Akbank or another bank not mentioned.

Read the article and looked at the HSBC website link for newspaper article on Akbank.

Have been researching buying in Turkey. Have visited Altinkum / Didum. Properties seem reasonably priced and renting prospects look high.

Feel free to PM if you know of anyone. Would be good to hear some of the pitfalls when applying for a foreign mortgage. Many thanks

Post the Turkish election, agents and investors eagerly await a drop in interest rates.
There is bound to be improvements in the mortgage products offered to buyers over the next few months...watch this space.

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Didim Sun Properties
www.didimsun.com

Is that really a rate of 0.6%, not 6%?

Hi

Thanks for keeping us all updated. Possible it could be 0.6% per month rather than the annual interest rate, would seem about right,

The Didim AKBANK rates are quoted in monthly figures. APRs translate into 7.2% for mortgages in Euros; 8.4% for mortgages in US $ and 16.68% for mortgages in YTL.

I have read that Is Bank London, a sub-division of Is Bank Turkiye have started offering mortgages in GBP for UK residents on property in Turkey. Will get some more details soon for a customer who wants to work in pounds. If the product looks comparable to AKBANK's, I'll post some details for all.

Sunny Days

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Didim Sun Properties
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