Sunset HomesSunset HomesSunset Homes

 

FINANCE OPTIONS FOR PURCHASING PROPERTIES AND REMORTGAGING EXISTING PROPERTIES

Sunset Homes - Turkey Property Mortgages, Mortgage Options
Sunset Homes works in a Partnership with Turkey Property Mortgages, Mortgage specialist for Turkey

OPTION 1  - MORTGAGES
A variety of mortgage products are available for Turkey house purchases, arranged on a variable or fixed-rate basis, or a combination of both. Interest rates vary between 4.8%-10%. Repayment terms can be from 5 to 20 years, however loans must be repaid by the age of 75. Many of the products available do not have any early redemption penalties.

As you may expect there is a requirement to provide a certain amount of documents when applying for a mortgage on a Turkish property. We will guide you through the process after talking to you about your particular situation, but as a start you will need to provide:
* Proof of identity & residence * Property details * Proof of income & outgoings * Bank statements

Best available terms for Turkish mortgages 

Loan to Value

Up to 90% of the property value

Interest Rates

From  4,05% pa

Currency

Euros, GBP, Dollars

Mortgage Terms

Up to 20 years

Maximum age at Maturity

75

Minimum Loan Amount

€25,000

Maximum Loan Amount

No maximum

Multiple Purchases

Yes

Buy to Let

Yes

Bank Charges

Typically 1.5%-2 % of mortgage amount.

 

Example Payment Table (£)

PROPERTY

Value

DEPOSIT AMOUNT

MORTGAGE AMOUNT

MORTGAGE

TERM

MONTHLY PAYMENTS

 

50,000

15,000

35,000

20

216

60,000

18,000

42,000

20

258

70,000

21,000

49,000

20

321

80,000

24,000

56,000

20

345

90,000

27,000

63,000

20

388

100,000

30,000

70,000

20

431

Based on 4.05 % interest rate and 70% Loan To Value, guidance only. Please contact us for detailed information and application procedure


OPTION 2 -  VILLA MORTGAGES

Mortgage for off-plan villas ONLY
Application Steps
1- Client’s eligibility and affordability assessed by HFC
2- Client submits required documents to HFC
3- 6 months valid mortgage approval given within
   10 working days after documents submitted.
4- Client pays the deposit
5- Construction starts.
6- Due to completion, valuation will be arranged by HFC.
7- Client signs the mortgage deed.
8- Bank releases the rest of the funds to Sunset Homes

 Example

Property price

£70,000

£80,000

£90,000

£100,000

£150,000

£200,000

Mortgage amount

£49,000

£56,000

£63,000

£70,000

£105,000

£140,000

Deposit

£21,000

£24,000

£27,000

£30,000

£45,000

£60,000

Monthly payments

£430

£493

£554

£616

£924

£1230

Mortgage term

15

15

15

15

15

15

Interest rate

6.4%

6.4%

6.4%

6.4%

6.4%

6.4%

Guidance only, interest rates and mortgage terms may change before the acceptance of the mortgage offer

Key points
1- Property must be completed within 6 months. ( Additional documents and additional fee may be applicable due to delays after 6 months)
2- Iskan and military permission required for the mortgage funds to be released.
3- Maximum mortgage amount is 70% of the valuation price.
4- Mortgage repayments don’t start until the completion.
Please contact Sunset Homes for the details of required mortgage documents and the mortgage costs.


OPTION 3 - REMORTGAGE TURKISH PROPERTY
Buy another property with no money down!
Re-mortgage for existing clients
Application steps
1- Client’s eligibility and affordability assessed by HFC
2- Client chooses and agrees for a new property. (Can be off-plan or completed)
3- Client applies for a re-mortgage of up to 70% of estimated existing property current price.
4- Decision in principal given within 3 days
5- Required documents submitted to HFC
6- Approval given within 2-3 weeks according to completed documentation.
7- Bank values the property.
8- Funds will be released to client’s account according to valuation.
9- Client makes payment to Sunset Homes for the new property. 

Example

Property value

£70,000

£80,000

£90,000

£100,000

£150,000

£200,000

Mortgage amount up to

£49,000

£56,000

£63,000

£70,000

£105,000

£140,000

Monthly payments

£335

£385

£432

£480

£720

£960

Mortgage term

Up to 20 years

Up to 20 years

Up to 20 years

Up to 20 years

Up to 20

 years

Up to 20 years

Annual Interest rate

5.3%

5.3%

5.3%

5.3%

5.3%

5.3%

Guidance only, interest rates and mortgage terms may change before the acceptance of the mortgage offer.

Key points:
1- No military clearance needed for the mortgage process.
2- Eligibility for the remortgage must be obtained by HFC before any arrangements made.
3- You can get some cash back depends on the price of the property you will be buying.
4- Mortgage currency may be Euro or GBP depends on the applicant’s circumstances.


OPTION 4: SUNSET HOMES FINANCE
Basic Facts:
1) 50% deposit
2) 5% interest rate
3) If the contract is cancelled on either party’s, there will be a cancelation fee. (Minimum
£5,000)
4) No early repayment fees. (Client can pay the extra or payoff at any time)
5) This is a repayment type mortgage/loan, at the end of the term client will pay off
Mortgage / loan.
6) Property prices for mortgages are quoted on sunset homes website. This mortgage/loan
Cannot be used in conjunction with any other promotion.
7) Payment plan will be shown on contract, similar to normal purchases. Client will receive
Title deeds when all payments have been received,
But client will own the property once the
Deposit has been paid.
8) This contract will be made in Turkey and will be
Covered by the Turkish law, not the UK law.

Example: 50K property -
Customer will pay £25,000 deposit, £481 per month (5% interest fixed), over 5 years, (60 payments) total payable to sunset homes is £28,870.


OPTION 5: FRACTIONAL OWNERSHIP
Basic facts ;
1) Property can be purchased by 2, 3 or 4 people. Purchasing min 25% of the property.
2) Title deeds will have all the buyers’ names. Each buyer will have share on the deeds.
3) If you decide you would like full ownership of a property, you can sell your half back to sunset homes and purchase a different property with 100% ownership.
How it is different from a time-share: max 4 people can purchase the property.
Purchasers can change the property if decided the purchase another property.
Sunset Homes may have part ownership of the property in the event of there not being enough sharers in one property. Sunset Homes will sell the share when the next purchaser available.
Please contact us for more information and application forms.