Turkish Mortgages

[Mark G]

Does anyone know anything about whether or not there are going to be some fundamental changes to the Turkish banking system next year......2008? I have heard that from early 2008 it will be much easier for Turks to get mortgages. Does anyone have any info on this, specifically, does it mean that there will be a big downward step for high interest account in Turkish banks.

Cheers.

Mark G.

[Mark G]

Shall I take that as a no then?

[HappyMonday]

From mid-2007 most of the banks have had window point of sale material advertising mortgages. The rates are typically lower than you would pay on a re-mortgage in the UK although the mortgage amount is typically 50-70% of value.

[Mark G]

Thanks Happy Monday, I thought there was going to be some really big changes that would make it a lot easier for Turkish people to get mortgages and the only thing I could think about how that could happen would be a big lowering in interest rates which might have an effect on people's savings who have put their money in Turkish bank.

Hopefully this is not the case.

Thanks again.

[cenk]

To lower the interest rates , government must lower the inflation . I dont think government will be successful about that . Electric price will raise at least % 15 in following months , probably after new year . This is a raise that government had to do many months ago but they are postponing it in order to show inflation lower . Once electric price will go higher , most of other prices will go higher too .
Cenk

[Mark G]

Thanks a lot Cenk. Hope you and Olga are well.

I was more worried about the interest rates for saving money in Turkish banks might fall. But maybe not.

Mark.

[cenk]

quote:Originally posted by Mark G

Thanks a lot Cenk. Hope you and Olga are well.

I was more worried about the interest rates for saving money in Turkish banks might fall. But maybe not.

Mark.

You're welcome  

[Linda1953]

Think Denizbank have a scheme for foreigners.

[cenk]

quote:Originally posted by Linda1953

Think Denizbank have a scheme for foreigners.

Thats right . http://www.denizbank.com.tr/EN/Credits/Mortgage/Mortgage_form.asp

[lmaddy]

We have just secured a mortgage offer on our Turkish property. We used Isbank in London & I have to say they were very good. They are one of the few banks who offer a remortgage product. The process is pretty much the same as in the UK, the citeria that you must satisfy varies from bank to bank but generally it is very conservative. Loans are available in TRL EUR or GBP. Not all banks offer all currencies. Isbank will only lend  35% of disposible income and only 75% of the value of the property.i.e if your property is valued at £100,000, the bank will you £75,000 as long as the monthly repayment is less then 35% of your monthly income after tax & outgoings. Rates are higher then the average UK mortgage rates, euro is more competive but you could lose out on the fx rate.

Lorraine