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By Simon Conn | Mortgage Advisor

Updated: 9th September 2020*

The collapse of the Turkish Lira in 2018 has encouraged many property investors in the UK to buy cheap yet quality property in Turkey, with some able to buy apartments for as little as £30,000. But for those unfamiliar with the local economy, property taxes, and language, it’s not always easy to know how to set about securing your dream property in Turkey.

The good news is that with the help of a specialist advisor, getting a mortgage for a holiday home or Turkish home, can be simplified. We work with brokers who are experts when it comes to arranging mortgages overseas.

To help you through the process, we’ve created this guide…

If you’d like personal advice on how to get a mortgage for a property in Turkey, give us a call on 0808 189 2301 or make an enquiry for a free consultation with a mortgage broker.

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Can I get a mortgage in Turkey?

The answer is yes! There are plenty of options for getting a mortgage for a Turkish property. But as with all mortgages, getting approval for your Turkish mortgage application will depend on the providers’ terms and how they view you as a borrower.

To establish this, lenders may look at your:

  • Employment type
  • Age
  • Credit history
  • Income
  • Property type

Essentially, lenders want to feel confident that not only can you afford your mortgage but that you are a trustworthy person who they can rely on to pay back their loan.

We work with mortgage brokers who are experienced in helping people secure a mortgage for a property in Turkey; they can take the legwork out of the mortgage search and match you directly with your best provider.

Can foreigners get a mortgage in Turkey?

Yes, it is possible in the right circumstances to get a Turkish mortgage as a foreigner.

That being said, there are a number of taxation and property laws that you need to be aware of as a non-native as they differ to those in the UK.


Unlike the UK, the tax year in Turkey is the calendar year. This is important as this will affect when you need to have you tax paid by and missing the correct date could result in a financial penalty.

  • Turkish Property Transfer taxes are payable by the seller and the buyer at 2% of the property’s value
  • Any income you make on your Turkish property from renting it out as a holiday home will be paid in Turkey (most Turkish lenders won’t offer buy to let mortgages to overseas investors as a general rule but may consider on a case-by-case basis)  in. You must fill in a tax return and any tax due is payable in 2 equal instalments – the first in March, the second in July.

Property laws

  • As a foreigner, you will not be allowed to purchase property within military forbidden zones and security zones
  • You can only buy a maximum 30 hectares of property in Turkey in total

How to get a mortgage in Turkey

The process of buying property in Turkey does differ slightly to that in the UK and any foreign applicants will be thoroughly checked before being allowed to buy a home. The task of undertaking checks on foreign buyers can take up to three weeks, although it is often shorter.

Every lender will assess borrowers differently according to their own set of criteria, so even though one lender may reject your Turkish mortgage application, there may be many more which would approve it.

Get your documents ready

Before applying for a mortgage in Turkey, make sure you have all of your documents prepared including:

  • Your last three months payslips
  • Your latest P60 or Employers Reference
  • Your last three months’ personal bank statements

If you are self-employed:

  • Your last two years audited accounts
  • Your personal tax returns for the last two years
  • Your last three month’s personal bank statements

Check if you are eligible for a mortgage

To prevent any unnecessary mortgage rejections on your credit file, speak to a broker to check beforehand whether or not you will be accepted for a mortgage.

Every lender will have different terms so it’s important to speak to a professional who can calculate your affordability and circumstances against the lender’s mortgage criteria.

Not only can this save you money in application fees, but having an advisor can save a lot of wasted time.

You will also need to calculate the amount of debt you currently pay monthly, as well as any potential mortgage payments (including interest).

This is because in Turkey, the total debt you have including any mortgages in the UK, cannot exceed more than 35% of your net income.

For example, someone with a monthly income of £1,500 cannot have debt payments that equate to more than £450 a month.

Find a Turkish property

Once you have an understanding of how much you can afford to borrow for a Turkish mortgage and a lender has agreed to loan to you, you can start the process of finding a property.

Wait for your lender to give an independent valuation

When you have found a property that you would like to buy, your lender will need to give you an independent valuation.

Lenders do this so that they can assess how much they think the property is worth and therefore how much of the seller’s asking price, they are willing to lend to you.

If the lender values the property at a much lower cost than the market value, you can either negotiate the price of the property with the seller, or find financing for the additional funds needed to proceed with the sale.

Complete the process and sign the mortgage agreement

You will then need to pay the relevant taxes and sign the Deed of Sale (Tapu.) Once this is signed, the ownership of the property is yours.

This is usually done at the local Land Registry Office.

How much could you borrow with a Turkish mortgage?

In the right circumstances, most Turkish lenders provide loans with an average Loan to value (LTV) of 75% of the property’s market price.

So, for example, if you wanted to buy a property in Turkey worth £100,000 and your lender agrees to loan you 75% of its market value, they would give you a mortgage of £75,000.

This would mean that you need a 25% deposit of £25,000.

That being said, since properties in Turkey are often sold at a lower price than expected in the UK, the amount of loan you may need could be significantly lower.

Do you need a good credit score to get a mortgage in Turkey?

Many people come to us confused after viewing their credit score on various different credit reference agency (CRA) websites, often because their score differs between sites.

This is because every CRA agency uses a different set of criteria to calculate a credit score. One may score an applicant who has settled their debt higher, whilst a different CRA may focus more on the date of the debt.

Another point to remember is that while you should aim for a good credit score, they are not always the be all and end all for getting a mortgage.

A credit score is simply a tool used by lenders to assess your affordability. In addition, credit scores aren’t reflective of your income, which is a factor that most lenders will focus on heavily.

Even with a lower credit score, it may still be possible to get a mortgage for a Turkish property.

What are the mortgage rates like in Turkey?

Although some banks in Turkey offer competitive mortgage rates to expats, the interest rate for loans can be a lot higher than in the UK.

Despite this, the advisors we work with can source the best interest rates available in Turkey Some borrowers feel more comfortable with using a lender in the UK, but keep in mind that you will struggle to find a UK lender who offers finance for Turkish properties. However, there may be Turkish banks with UK branches that could help you out.

A great thing about using one of the expert brokers we work with is that they will have access to lender information that isn’t available to the general public and therefore know the best rates as well as which lenders are more likely to accept you.

Should I use a Turkish mortgage calculator?

Although online mortgage calculators can provide a quick estimate, they can’t take all factors that may affect your mortgage into consideration.

This is because an online calculator doesn’t factor in that each lender will assess a borrower differently.


Got further questions about mortgages in Turkey? Our FAQ section should have you covered but you can always make an enquiry if you need to know more.

Can I get a mortgage for a Turkish holiday home?

It may be possible to get a mortgage for a holiday home in Turkey, depending on your financial and personal circumstances, as well as your choice of lender.

There are also lenders in the UK mortgage lenders that will consider providing mortgages for properties is Turkey but again, this will be subject to affordability checks which may include looking at your income, bad credit, property type and age.

Can I get an expat mortgage in Turkey?

There are banks in Turkey that provide mortgages for non-residents although the interest rates and requirements may vary from lender to lender.

The safeguards that you may rely on in the UK may not exist with a Turkish lender, so it is important that you have a solicitor and mortgage advisor review all contracts and terms.

Before making a decision about applying for a mortgage in Turkey, it’s important you do your homework by comparing lenders and banks from across the market. But this can be tedious and complex for someone not familiar with securing a mortgage abroad.

Here’s where an experienced broker who understands the Turkish mortgage process can help by quickly sourcing mortgage offers for you and advising you on the best match for your situation.

Do I need a Turkish visa to buy a property in Turkey?

No, you do not need a residency visa to buy or get a mortgage in Turkey. However, owning a property in Turkey does not grant you permission to work or permanently reside there.

Instead, you will need a Foreigner Identity number which can be obtained at the TNP Foreigners’ Department in the nearest city to your property.

How long is a Turkish mortgage?

The terms of mortgages in Turkey are slightly shorter than a mortgage in the UK with most mortgage agreements spanning over 20 years.

Are there Turkish mortgage brokers in London?

We work with hundreds of brokers all over the UK and always recommend a broker who is most suited to your mortgage as well as the area that you are looking to buy in.

In fact, it may be possible for you to work with a Turkish broker who lives either in London or nearer to your home town, but keep in mind that their geographic location is not necessarily important as brokers can arrange deals via online channels and over the phone.

After listening to your requirements and understanding the type of property and you are looking for, the advisors we work with will carefully select a number of brokers from our database and then filter them down based on how their experience can help you.

What is the Turkish mortgage market like now?

15 years ago, the property market in Turkey moved mainly based on cash purchases, meaning that for many, owning a property was out of reach.

However, with new financial regulations and a rapid growth in the economy since the 2000s, Turkish banks are now able to offer mortgages to both local and overseas buyers.

Where can you get the best Turkish mortgage advice?

We understand that applying for a mortgage for an overseas property in Turkey can be a daunting process but with the advice and professional help of a mortgage broker, it doesn’t have to be.

The advisors we work with can carefully check any Turkish contracts and ensure that you understand the terms clearly before you sign anything.

Any paperwork will also be managed and sent to the correct authorities in apt time to make the process of getting a Turkish mortgage as smooth as possible.

Speak to a mortgage expert today

With the help of an expert mortgage broker you can overcome the hurdles to finding the Turkish mortgage that’s right for you. An advisor can do the legwork for you and give you the peace of knowing the legalities are properly taken care of.

If you have questions about getting a mortgage in Turkey and want to speak to an expert for tailor made advice, call us on 0808 189 2301 or make an enquiry online.

Updated: 9th September 2020
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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