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Getting A Mortgage in Turkey

Mar 6, 2008
Turkeys economic development over the years has been slow and measured with structural changes being instituted in a hit or miss fashion. In the 1980s macroeconomic reforms to modernize the countrys economy began in earnest, albeit at a slow and methodical pace. Lack to follow initial changes with meaningful reform led to rampant inflation and only moderate GDP growth. As might be expected rampant corruption became the norm and growth in key industrial sectors floundered.

As the country worked to open up the economy, to a market based approach, several industrial sectors were enabled to move away from the strict control that the countrys leaders had over them. Unfortunately, the finance and banking sectors were not among them resulting in only a small flow of foreign investment into the country. In the first few years of the 21st century this has slowly changed with bank liberalization and lending laws becoming more open to foreign investment. Although information is scarce mortgages are to be had in Turkey with fairly straight forward requirements based largely on European Union standards. Currently, the following loans and purposes of the loans that are available include:

Purchase

Refinancing

Improvements

Repayment

The term of the loan varies on how much is taken with a 15 year term for under E150000 and 20 years for over E150000. The loan to value rate is slightly higher than the norm but reasonable at 75 to 80 percent depending upon the location of the property. Interest rates also follow the European Union norm and are currently at a fixed rate of 6.1 percent for one year and then adjusted and fixed for 3 and five years.

Although Turkey is following many of the European Unions practices it is not yet a member of the EU. Certain political concerns have hampered the country from attaining full member status although it almost certain that, over time, it will adjust certain considerations for formal status.

These political issues have not hampered the strength of the economy and the structural changes being made. Although formal status with the European Union would be preferred it has not affected the realization that Turkey is a good economic vehicle regardless of status. This is not easily said about other petitioning countries or existing members. As with any economy there are issues but in Turkeys case they are becoming more mundane by the year.

The banking sector is unfortunately one of the last industries to be freed up by this rather strictly controlled economy. The reluctance, by the government, to give up authority has taken almost 100 years and they are not going quietly into the night.Fortunately, once a change like this gets started, however slowly, it is almost impossible to stop. It has been an agonizing journey but Turkey has become a world financial power and is here to stay.
About the Author
Leo Fogarty is Marketing Director of the mortgage specialists Euromortgage. He is also a regular author for financial magazines, most notably Property Gallery Magazine in Ireland and is an expert on mortgages , remortgages , equity releases and overseas mortgages .
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