Non-Turkish citizens can obtain a mortgage to purchase residential properties in Turkey

This article offers factual  and practical information on how to obtain a mortgage with which to buy residential properties in Turkey.

Non Turkish citizens who seek to obtain  a mortgage are pretty much depend  s upon the internal regulations and traditions of the banks here in Turkey.  For instance, some banks simply refuse to provide foreigners with a residential mortgage, while the others take a more enlightened viewpoint.   

There are banks which require the foreigner to work in Turkey, and to be able to provide an Employee İncome Statement, signed by the Turkish employer. The banks' justification for this is that they would not be able to follow the mortgagee  abroad in the event of non-payment.

Other banks would not require the person to be working here but they would require a Turkish citizen as a guarantor  who would be jointly and severally liable for the mortgage payment. This follows on from the concern that the bank needs a Turkish citizen/resident in the event of non-payment by the primary mortgagee. 

However, there are a few banks which deal with non-local employees without a Turkish guarantor.  In these cases, the bank undertakes the necessary credit checks in the country of residence of the mortgage applicant.  As long as the person is credit worthy with a good job, the bank is likely to grant a mortgage up to 70% of the appraisal value.   

In conclusion, don’t give up if the first bank or three turns you down.  We are happy to help you identify a more appropriate loan source, and to make sure that your mortgage application is accurately worded.  It is possible to obtain a mortgage in Turkey without working in the country with the right property, the right appraisal, the right personal circumstances (ie solvency) and the right negotiator acting on your behalf.