Mortgages In Turkey

The beautiful landscape of Turkey, the warm climate and the long history makes this country a tourist hot spot. Those wanting to purchase property abroad are now choosing Turkey as one of there destination. Up until February 2007 if you wanted to buy property in Turkey and you were a non-resident you would have had to pay cash. But due to the changes in legislation and the rise in inflation, those who are non resident can take out a Turkish Mortgage, given them the opportunity to purchase there dream Turkey home.

However, since this is such a new introduction to this part of the world, there are still some changes to the mortgage system that are happening frequently, therefore it's wise to check with your financial adviser or mortgage broker before committing yourself to this venture.

When the mortgages first came out, they were fixed rate and they still had pros and cons with that type of mortgage. At the beginning of 2007 a new law was introduced for the Turkish mortgages which allowed it to become variable, or floating.

The responsibility of any problems after the property handover has changed as well. Before the new legislation came in, if there were any defects or problems with the home, there was no limit on the amount of time a new owner could claim against the bank or mortgage provider for any problems. However this has been changed to just 12 months.

The area of tax relief has also changed on Turkish mortgages. Previously, to encourage potential buyers, the Turkish government allowed people to claim tax relief on their mortgage or property. Now, however, due to a rise in interest rates, this has been withdrawn. Although lower rates over a longer loan period are available, this has put some possible house buyers off, especially those on a lower wage or income.

But if you keep up to date with whats happening in Turkey, then you will be rewarded with some great investment properties or holiday home. With the cost of living relatively inexpensive, a Turkish mortgage can allow you far more opportunities than in a more expansive part of the world, like the US or UK.

If you're looking to use property as an investment such as a holiday home or villa, especially with the high tourism rate in Turkey, then one of the areas you might want to look at is Didim, especially the towns of Altinkum and Akbuk. Didim is a beautiful place on the east coast with a lot of history. It is proving a very popular destination with the tourist.

Altinkum offers the more modern version of Turkey, although that's not to say it doesn't enjoy its own part of history; but with the expansive beaches and new jetty's ideal for sun-seekers, as well as plenty of restaurants and the nightlife available, it's a livelier spot.

Akbuk offers a more relaxing alternative, and is extremely popular for its sea bass fishing trips. With a wonderful old chapel that is opened to the public, Akbuk attracts the holidaymaker who simply wishes to unwind and relax, and offers summer houses and villas as buying opportunities.

Prices for property in Akbuk are becoming very competitive, for as little as £30,000 would get you a two bedroom Apartment with wonderful views looking out into the hills. Even five-bedroom Villas in Altinkum are as little as 85,000 GBP, often with their own private pool included.

With these types of prices and the new legislation making it easier to buy, you can see why Turkish mortgages are becoming more than just a possible idea. Add in the climate, friendly locals and history of this country, and it really is a wonderful opportunity.

By:

Article Directory: http://www.articledashboard.com

Des Smith is a property consultant and Internet markerter and has been for the past two years. www.turkeypropertyhomes.co.uk