As if prices of property in Turkey weren't reasonable enough, now there is an extra reason for taking the plunge. Until this year it was impossible to get a mortgage for a property in Turkey, no matter whether the property buyer was Turkish or otherwise.But now HSBC, among other banks, is offering a straightforward mortgage system for foreigners and Turkish property buyers alike.
HSBC's service is designed for completed, not off-plan, properties and allows buyers to borrow up to 75% of the property value over a 30 year term (for YTL transactions) or 50% over a 10 year term (for USD / EUR transactions). It even guarantees no penalties for early repayment, a subject originally of much concern.
Check out the details on HSBC Turkey's great English-language website. I'm so impressed I think I'm about to change banks myself!
