foreign home mortgages

mickyg10

i want to buy a villa in turkey. i have a joint mortgage here but want to buy the villa in my own name. can anyone tell the best place to borrow the money. i plan to rent out the property

Ian_W

How are you planning to rent? Privately, with the rent received in sterling? Or through an agent in Turkey with the rent received in local currency?

Reason for asking is that a few years ago when we looked in Spain the general advice was, if poss, to borrow in the currency that was easier for repayments. Avoids the costs of regular currency conversion and the exchange rate risks.

Three options:
Remortgage your UK home. You need enough equity and it's probably the easiest and cheapest if you can, but based on a joint mortgage but wanting sole ownership abroad probably not a starter.
UK Loan on Overseas property. Lots more UK lenders will now lend on overseas property. LTSB, Abbey, RBS, etc, etc, - how many, if any, will lend in Turkey I don't know, do your own research.
Turkish Bank Mortgage. If you're buying new or even thro' an EA they should be able to give you a steer but do shop[ around.

Long established overseas broker who may be a starting point is:
https://www.mortgagesoverseas.com/country.asp?country=189
Not a recommendation, just one I know of. Try googling for others.

BoL.

Conrad

Mortgages not possible in Turkey. Morocco has a much longer rent season and all development is aimed at middle classes so something quite unique. Mortgages up to 70% with French Banks.
1 hour less flight than Turkey.

I bought in Mediterranea Saidia in North Morocco just a hop from Spain. Its set to be the most impressive development in the whole med far far in excess of any Turckish developments Ive seen. 60 properties have just been bought by England football team members.

CHRIS911

best foregn mortgage lenders or brokers