Should I take a UK or an Overseas Mortgage?
At the moment mortgages are not generally available for non-resident foreigners buying property in Turkey.
It is likely - but not guaranteed - that mortgages will become available in the next 9-12 months.
Some of our clients are, therefore, proceeding in the expectation that, by the time their property is ready for transfer into their name, mortgages may well be available. They are, therefore, looking at the issue of which is more likely to be of benefit to them if that situation arises.
Please remember that, even if you think that you would ultimately like to take a foreign mortgage, you must make sure that you will have the money needed to complete the mortgage available EVEN IF THERE ARE NO OVERSEAS MORTGAGES. In most cases this will involve arranging a provisional UK mortgage, which you will not use if you are later able to obtain an overseas mortgage.
There are advantages and disadvantages to both overseas and UK mortgages. As local mortgages are not currently available in Turkey we can only point out the general advantages and disadvantages of each type of mortgage. These will vary depending on the conditions under which any mortgages are eventually offered to foreigners. You should seek detailed advice at the time you want to arrange the mortgage.