Calis Beach and Fethiye Turkey Discussion Forum
Introduce Yourself => New Member Introductions => Topic started by: clairebear on June 28, 2007, 20:22:04 PM
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Hi my name is Claire and me and my partner Phil have found a house in Calis 2 weeks ago that we really want to buy. The only problem is that English banks don't want to lend us the money as the property is in Turkey...? Does anyone out there know of a bank, mortgage broker etc that might be able to help? We can afford the repayments but as we do not have a property to sell in England (we privately rent)we appear to have come up against a brick wall.
Any advice is welcome - thanks so much x
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Hello clairebear and welcome to the forum.I can't help you regarding your enquiry,but I hope that one of the CBF members can help.
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Hi Claire
Welcome to the Forum. We have just returned from Calis on 22nd - we bought off plan in May and I know the problem you are having - we had to raise the funds for our apartment on the equity in our house in England.
If I hear of any bank/building society that are able to assist I will post you a note.
GarynDen
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hi and welcome claire what a shame you can't raise the money we had some savings and went to our building society for the rest on our home mortgage,don't know whether turkish banks have started loans yet for english home buyer yet but good luck
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Claire & Phil
The only real option for you is probably a personal loan or 2, unless someone knows who will give you a mortgage on a foreign property.
HOWEVER think LONG & HARD before you do this. Your circumstances may change suddenly, you might get made redundant, you might get notice on your present property & have to look for a mortgage for a property here.
When I said think hard - I'm speaking from personal experience. We took out a short term personal loan for part of our Calis outlay just until we sold a property here. The property was eminantly sellable in a very sought after area BUT (long story) it ended up we had to fund this for not the 6 months maximum we expected & had budgeted for but for over 2 years. THINK HARD!
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Hi Claire. Drop me a line through profile and I will put you in contact with an Insurance Broker who specialise in Turkish mortgages up to 80% of property value.
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Thanks to everyone who replied to me. I think we were being naive as we thought the banks would be throwing money at us, it appears that they still will but only if we wanted to buy in Europe - a bit of a shame when you want to move to Turkey! We are not giving up as there are a few options to explore yet, so if we hear of anyone who can help then we will let you all know. In the meantime it is so lovely to talk to people who know Calis and the Fetheyie area. We got back 2 weeks ago and we miss it dreadfully - especially as it doesn't seem to have stopped raining since we got back!
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Hi Claire
If you send me a private message I may be able to point you in a direction that may help.
You will of course have to buy this property through me : :)
Only kidding on the last bit 8)
Oh, you may not be able to send private messages yet, as you have not made enough posts. You can email me at keith @ calis-beach.co.uk but without the spaces :D
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Hi Claire,
Keith's (Scunner's) word is law - so I would certainly accept his advise (unless it involved alcohol), but I can say that HSBC offer mortgages in Turkey : http://www.hsbc.com.tr/English/RetailBanking/Loans/Mortgage.asp
They offer 75% mortgages (based on the property value).
Worth a look.
Glen
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I can't believe that there are so many people helping us - thank you so much. I have to get to work now but I will try and contact you later - thanks Glen for the tip about HSBC and Scunner - I will try and e-mail you later. You have cheered us up already!
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Thats because we really are a bunch of helpful people :) :)
Even more helpful if Efes is involved ( Only kidding) :) :)
Ron
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I heard today that a Turkish bank called Isbank will grant mortgages on Turkish property to us foreigners. It seems they value the property at 70% of purchase price and offer a mortgage up to 50% of their valuation. They lend at 7.25% over 15years. This info came from a Hanel Houses rep but I have not yet been able to verify any of it. I will post here if I find any more
Good luck and welcome to the Forum!
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Addendum: I was also told that Isbank have a branch in London
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Sorry for not getting back to anyone and for not posting a reply but as usual there is never a quiet moment in our house. We have discovered a Turkish mortgage company based in Hove that might be able to help us. All our details are going to them today including address and copy of title deeds, so fingers crossed for us. If this doesn't happen for us then at least we have other places to approach, thanks to your forum! Will let you know what happens.
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Good luck Clairebear, might meet upwith you both when you finally made it.Alan
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Very best of luck with the deal, I bet you can't stop thinking about the place you want to buy. Fingers crossed.
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Hope you make it, I am still waiting for my six numbers to come up for mine, Best of luck.
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Clair, not all is lost quite yet, there is a company called i think property expo, there are offering mortages you need to google it and ask many question,
quote:
Originally posted by clairebear
Hi my name is Claire and me and my partner Phil have found a house in Calis 2 weeks ago that we really want to buy. The only problem is that English banks don't want to lend us the money as the property is in Turkey...? Does anyone out there know of a bank, mortgage broker etc that might be able to help? We can afford the repayments but as we do not have a property to sell in England (we privately rent)we appear to have come up against a brick wall.
Any advice is welcome - thanks so much x
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not sure if i am doing this right i tried to post a reply and it retuned saying i didnt have a post can someone help me out and explain please
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Hi Elaine. Welcome to CBF. Your posts have appeared so you are doing it right. Your post count shows zero cos Scunner has fixed it that posts in the intro section do not count. This was to stop those who endlessly posted "welcome" just to accumulate numbers. Regarding photos I am still trying in vain myself. Hope you enjoy the forum it is very helpful.
Cheers
Ken :D