Written by: A Place in the Sun Monday, November 01, 2010

For a country which didn’t offer mortgages at all until 2007, great strides have been made yet products are still limited, according to specialist broker Caglar Akpolat of www.turkeypropertymortgages.com.

“Not all Turkish banks lend to foreigners yet, and those that do prefer shorter term mortgages, the longest
is 20 years but 10-15 years is more typical. Turkish bank rates are typically 6-6.5 per cent and LTV is 70 per cent.

“The French bank, BNP Paribas, is now the biggest lender in Turkey, offering 4.2 per cent on 70 per cent LTV over 20 years, variable.

“But there’s also a Dutch bank, DHB Bank, offering 1-, 3- and 5-year fixes in Sterling, for example 6.6 per cent fixed for one year with a 20-year-term.”

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