Didim Today

First-time buyers of Turkish property are now more likely to require finance than before the credit-crunch. Many existing owners of Turkish property could also benefit from releasing the equity in their Turkish property and getting up to 70% of the current value back in cash! That’s where a professional Mortgage broker plays an important part.

Not only does he give buyers the key to buying their holiday home – but mortgages enable canny investors to maximize their profits. After all, if you only have to put down 30%, you can easily make 100% return on your deposit in less than 3 years if prices appreciate by 10% a year. “What’s more”, says John Mitchell Director of Istanbul Mortgages (www.istanbulmortgages.com) “if the rental income from a property can cover the mortgage repayments, you could own a 70k property for only the deposit of 21k” The introduction of low-cost mortgages was the secret to the Spanish property explosion 25 years ago.

Mortgages fuel demand and that increases prices further. It also means that buyers can afford to maybe buy a bigger or better property. Perhaps mortgages can be the catalyst for a similar growth in the Turkish property market.

The spin-off for the seller is that he can sell more property. So it’s a win-win-win situation for the buyer, the investor and the seller. “Customers should realize that Istanbul Mortgages can offer very affordable mortgages much less than Turkish Bank rates” says John.

Yes, people do back-off when the Turkish Banks currently offer 10.5% interest rates + “Our rates are as low as 4.1% which means you can borrow 60k for only 372 (euro or pound) per month which is the equivalent of 85 (euro or pound) per week “ Istanbul Mortgages is based in the UK, so it’s easy for most people to pick up the phone and speak with one of their qualified representatives.

The company provides confidential advice and chooses the right mortgage for each client, then aims to remove the stress out of applying for an overseas mortgage by doing most of the hard work for each applicant.

The minimum loan for first-time buyers is 50,000 euro, and 30,000 for equity release (although the property should be worth around 70k) Applicants should be able to prove income to support any loan just as they would if applying for a UK mortgage.

This sounds like an opportunity to fully use whilst property prices are still low, and rental demand is on the increase. “ Yes, get the mortgage arranged now because the amount you will repay each month will stay the same throughout the loan whereas your rental income and the value of the property should increase at regular intervals” adds John, the expert on Turkish Mortgages. “And rates are very affordable at the moment” These affordable mortgages are available only to foreign-buyers (individuals not companies) and non-resident Turks, working overseas.

Readers interested in any of these finance opportunities are invited to contact ISTANBUL MORTGAGES today! (0044 208 241 0595/ 5561) This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Photo: John Mitchell (seated) Director of Istanbul Mortgages Ms. Ayse Ozcan from Turkish lawyers Acacia, with offices in London as well as in Turkey.