Are you thinking about getting a loan on buying property abroad, but don't know how to go with it? Here, we offer you the information on the most common mortgage options for buying property overseas.
You can get a mortgage to buy a house abroad in any UK bank which provides international mortgage services. And you can also get a loan in the local bank.
Getting a loan in a UK bank
Almost all main banks of the UK provide international mortgage services. The only thing is to find a bank which operates in the country you need. Usually banks offer their loan services in the counties where they have offices. However, if the mortgage is approved by the UK bank, you will cooperate with the foreign branch of this bank.
Borrowing from a local bank to buy property abroad
You can also use the services of local foreign banks. The interest rates in other European countries, especially in the countries with developed property and mortgage market are lower as a rule. So, it can be a great deal to borrow overseas. You can get a mortgage in the currency you earn income as well as in the local currency. If you are planning to get profit from renting this property out in local currency, then there is sense to get a loan in the local currency.
When you decide to get a loan abroad, it is important to find a local independent English-speaking specialist who knows all mortgage peculiarities of that country.
Mortgage for property in Turkey
More and more British people tend to buy property in Turkey. And a lot of them get a mortgage. Since March, 2007 it became possible for foreigners to get loans to buy property. But you should keep in mind that you can do it only in the regions where it is allowed to sell properties to foreigners. For example, Antalya, Alanya, Bodrum, Istanbul, etc.
The procedure of getting a loan in Turkey is almost the same as in the UK and other countries. The Turkish banks are very interested in working with foreigners, therefore they even say that it is easier to obtain a mortgage for a foreigner than for a local citizen. The loan can be issued not only in local currency but also in US dollars and euros. The maximum amount you can borrow in Turkish banks is about 70 pc depending on the bank.
Our company provides support in getting a mortgage in Turkey. Contact our specialists and they will answer all your questions.