Author Topic: Which mortgage company in UK for Turkish property?  (Read 5600 times)

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Offline misterno

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Which mortgage company in UK for Turkish property?
« on: July 09, 2011, 21:13:51 PM »
As you may know from the other thread, I am interested in buying property in Turkey and I researched and found out that banks in US does not do that. But I found several companies in the UK to do that.

After emailing and talking to some of them, this is what I learned;

1) Living in the US is not an obstacle to get a loan from an UK financial institution as long as my paycheck is in USD and mortgage is in USD.

2) They mortgage up to %90 of the property value and up to 20 years. But the interest rate may have to be reset every 1-2-3-4-5 years depending on your choice. Currently 5 year reset is %7.3 and 2 year is around %5.5

3) There is %2 penalty for early termination of mortgage.

4) Here is what I don't understand. In the disclosure, here is what it says;

Cross border mortgages are not regulated by the FSA even if the broker is regulated by the FSA

Here are those companies

www.deleted.com
www.deleted.com

Any comments will be greatly appreciated.



Offline Scunner

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Which mortgage company in UK for Turkish property?
« Reply #1 on: July 09, 2011, 21:43:13 PM »
I am baffled as to why a Turkish man, living in the USA, wants to obtain a mortgage in the UK to buy a property in Turkey. My guess would be that he has some connection with the two companies mentioned - but that's me, a suspicious sort.

Offline ronzeus

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Which mortgage company in UK for Turkish property?
« Reply #2 on: July 09, 2011, 22:32:38 PM »
You must be a fan of Monty Pythons famous song ,it does mention the word spam a few times.

Offline misterno

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Which mortgage company in UK for Turkish property?
« Reply #3 on: July 09, 2011, 23:51:08 PM »
quote:
Originally posted by Scunner

I am baffled as to why a Turkish man, living in the USA, wants to obtain a mortgage in the UK to buy a property in Turkey. My guess would be that he has some connection with the two companies mentioned - but that's me, a suspicious sort.



In Turkey, mortgage rates IF ANNUALIZED and with value added tax and other additional expenses comes up to %20 and they do not loan more than %50 of the value of the property.

But I can get a %5.5(annual) interest rate on a 20 year mortgage for %90 value of the property from UK. (unfortunately banks in US don't do this)

Also, mortgages for Turks based on non-Turkish Lira is against the law in Turkey.

And, I have no connection with those companies linked in the first posting, If it is against the forum rules, please let me know and I will delete it.

Am I clear now?

Here is my other question;

Do any of you obtainmortgage in UK to buy a property in Turkey. what were your terms? Interest rate, how many years, taxes, additional cost e.t.c.?
« Last Edit: July 09, 2011, 23:54:57 PM by misterno »

Offline screamlead

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Which mortgage company in UK for Turkish property?
« Reply #4 on: July 10, 2011, 03:14:05 AM »
I would be very interested to see just how this would work. All the UK banks i ever spoke to before moving here flatly refused to loan any monies on any foreign properties. But then again i am english born and bred and seeing as UK has completely gone to rat S%^t these days it never ceases to amaze me that anyone apart from anyone actualy born there can get anything they want.
So keep us all informed how you get on then we can all go back and sue them!

Offline busybee

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Which mortgage company in UK for Turkish property?
« Reply #5 on: July 10, 2011, 07:22:42 AM »
My daughter has just obtained a Turkish mortgage thru BNP Bank(French), the mortgage is with TEB bank who I understand are affilliated with BNP. She had to put up 30% deposit of the valuation of the property.

Offline stoop

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Which mortgage company in UK for Turkish property?
« Reply #6 on: July 10, 2011, 09:48:40 AM »
I can't imagine ANY company in the UK offering 90% mortgages on any property - home or abroad. They haven't been available for a couple of years. Also if they are not regulated by the FSA I would be ultra careful.


Offline tony jenkins

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Which mortgage company in UK for Turkish property?
« Reply #7 on: July 10, 2011, 11:22:30 AM »
And if they were regulated by the FSA, they would not be allowed to give advice to someone in America.

Offline Scunner

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Which mortgage company in UK for Turkish property?
« Reply #8 on: July 10, 2011, 11:46:10 AM »
I can't see how the lender can possibly cover it's risk, offering 90% in a stagnant foreign housing market.

Offline KKOB

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Which mortgage company in UK for Turkish property?
« Reply #9 on: July 10, 2011, 12:05:51 PM »
Does anyone else get the feeling that this thread isn't going to run much further ? ;)




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