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1 t: +44 (0) e: w: turkishmortgagesplus.com Turkish Property Finance Your Mortgage Guide YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE. CURRENCY FLUCTUATIONS MAY AFFECT THE STERLING VALUE OF YOUR OVERSEAS PROPERTY AND DEBT SECURED UPON IT. PLEASE ASK US FOR AN ILLUSTRATION OF THIS. Turkish Mortgages PLUS 54 Regina Road, London N4 3PP Turkish Mortgages PLUS ltd is registered as a company in England and Wales, No

2 You find the property, we supply the finance! Welcome to Turkish Mortgages PLUS Turkish Mortgages PLUS, providing you with a mortgage service for buying that dream property in Turkey you have always wanted! EXPERIENCE: Nobody completes more mortgages in Turkey than us. Experience matters in Turkey and no one is more experienced than TMP. NO LANGUAGE BARRIERS: We employ Turkish and English speaking staff, which means no language problems. EXPERT ADVICE: Turkish Mortgages PLUS employ UK Mortgage qualified advisors - we have essential experience in the Turkish and UK mortgage market CHOICE: We give you the choice of the best rates and terms from European and Turkish Banks. DILIGENCE We contact the seller and your lawyer (if you have one) to obtain the legal documents required. We check the title deed to ensure it is fit for a mortgage. We check the habitation certificate to ensure it has been built to standard. OUR AIM Is to save you money and time by checking your financial situation before you make any plans to ensure you qualify for the mortgage. Our decision in principle service is FREE and we reply within 24 hours. PEACE OF MIND: All these factors combine to mean that your mortgage application with TMP will go through as swiftly as possible. If there is a problem you ll be happy to know that we are on hand to help solve it. You can apply now by visiting 2 P a g e

3 Purchasing Our most popular product is designed to protect you from future interest rate rises whilst allowing you benefit from any falls. Interest rates 5.00% fixed for two years Maximum term 25 years up to age 70 (75 by exception) Maximum loan 70% of the bank s valuation Minimum loan 50,000 Bank fees 1.5% of the loan, Min 1,500 / Max 2,500 Early redemption penalties None Key features of this product After the two year fixed period has ended, monthly repayments stay the same throughout the term. If rates rise, then the term of the loan increases. If rates fall, the term of the loan is reduced. Payment holidays. No payments for the first two months and five payment holidays can be taken over the term. No redemption penalties apply if you wish to redeem the loan at any time. This means overpayments can be made as much as you can afford to. Repayment table The table below gives you example payments over 20 years in the currency of your choice for the above illustrated product. Purchase price Deposit Mortgage Monthly Payment 72,000 22,000 50, ,571 23,571 55, ,714 25,714 60, ,000 30,000 70, ,285 34,285 80, ,571 38,571 90, ,857 42, , ,714 85, ,000 1,308 You can calculate your monthly payment by visiting our website on This is our most popular product for purchases. More products can be found on our website at 3 P a g e

4 Other products for purchases Our experience and contacts around Europe and Turkey allow us to approach any bank. This means, our product portfolio is not restricted to just one product we can offer alternative products with alternative terms. The Table below provides a brief breakdown of other products we can offer you. Product Type Term of initial rate Rate Min Loan Max loan Max term Early repayment charges Fixed 12 months 6.6% 25,000 75% 20 years 2% at any tıme Fixed 3 years 7.1% 25,000 75% 20 years 2% at any tıme Fixed 5 years 7.4% 25,000 75% 20 years 2% at any tıme Fixed 12 months 6.4% 25,000 75% 20 years 2% at any tıme Fixed 3 years 6.9% 25,000 75% 20 years 2% at any tıme Fixed 5 years 7.25% 25,000 75% 20 years 2% at any tıme Tracker 3 years 6.15% 25,000 75% 15 years 475 for 3 years Fixed Term 9.00% 25,000 50% 10 years 2% at any time Remember to check our website for regular updates at: 4 P a g e

5 Equity release If you purchased your property after 1999, you can apply for equity release. Equity release is now possible up to 55% of the property's valuation and is available to both employed and self employed applicants. Post Finance. For individuals who completed from their own resources in the last 6 months, a form of equity release labelled Post finance is available. Again the loan amount is restricted to 60% of the property's valuation. Key features Below is a breakdown of the various products available for equity release and post finance. Product Type Term of initial rate Rate Min Loan Max loan Max term Early repayment charges Fixed 12 months 6.6% 25,000 55% 20 years 2% at any tıme Fixed 3 years 7.1% 25,000 55% 20 years 2% at any tıme Fixed 5 years 7.4% 25,000 55% 20 years 2% at any tıme Fixed 12 months 6.4% 25,000 55% 20 years 2% at any tıme Fixed 3 years 6.9% 25,000 55% 20 years 2% at any tıme Fixed 5 years 7.25% 25,000 55% 20 years 2% at any tıme Fixed* 2 years 5.0% 50,000 60% 20 years Nil *This product is only available on purchases that completed in the last six months i.e. the date on the Tapu rather than the date you received the keys to the property. This product is also only available to employed individuals 5 P a g e

6 Eligibility criteria for a Turkish Mortgage Qualifying for a Turkish loan is complicated. We recommend you complete our application form online at We reply within 24 hours with our assessment. In general, you will qualify if you can say yes to the following: If you are employed, you can provide, prove or meet: o Three months bank statements; o Three months payslips and a P60 (if you pay tax); o Your credit history is clean; o Your income meets our affordability criteria. If you are self employed: o Three months bank statements; o Your credit history is clean; o Your income meets our affordability criteria; Two from the following three: o Two years accounts; o Two years tax returns; o A letter from your accountant confirming your net profit for the last two years. In general: No older than 68; Outgoings including the new Turkish mortgage do not exceed 50% of net income; Income and expenditure can be seen on bank statements (including rental income); In some cases a 30% deposit can be proven by way of bank statements; A national of a country that has reciprocal real estate agreement with Turkey. 6 P a g e

7 Our experience allows for a simplified process in applying for a Turkish Mortgage. 1 Get approved online 2 Find the property 3 Documents 4 Survey 5 Mortgage offer By visiting turkishmortgagesplus.com/eligibility. We will calculate your affordability and give you a budget Once you have found the property, send us the title deed (Tapu) if you would like us to confirm that it can be mortgaged. Before you sign any contracts or make any deposits, apply for the mortgage by sending the documents to your advisor. Once you have been formally approved, we will arrange for the survey. If the survey is satisfactory your mortgage offer will make its way to you! Important points to note: Military clearance is required by foreigners to purchase in Turkey. This can take up to 3 months so apply early! Banks do not know who you are! So please don t be offended if they ask you for further documents or information. Currency fluctuations can affect you! If the purchase price and mortgage are in different currencies, any fluctuations can affect the loan amount and monthly payments. Please ask us for an illustration of how this may affect you. Appoint a lawyer or an independent survey! Our due diligence is limited to checking the title to ensure it can be mortgaged. Appointing a lawyer and an independent surveyor is the only way you can ensure the property is fit for purpose. 7 P a g e

8 Fees and Charges Fees and charges can vary from product to product and bank to bank. The only way to give you an accurate breakdown is to ask you to complete our application form online at Our advice service is free and we will give you a mortgage illustration that is in plain English and without exception. Our illustration will give you information on bank charges, our fees, insurances, early redemption penalties and of course the monthly payments. Other services We try to provide a one stop service for your Turkish property needs. We can provide the following additional services: Independent surveys; Referral to an independent solicitor; Power of attorney advice and preparation; Insurance; Turkish Wills. Visit our Website Our Website contains comprehensive information on our products and services. You can find information on rates, eligibility, affordability, FAQs and much more. Contact us For more information, any questions and general advice: info@turkishmortgagesplus.com 8 P a g e