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Where to get Mortgage for foreign apartment?

  • 10-05-2012 5:32pm
    #1
    tombenjr2004
    Registered Users, Registered Users 2 Posts: 15 ✭


    What banks are giving out buy to let mortgages for an foreign apartments in turkey? As this will be my first mortgage!


Comments

  • #2
    ravima
    Registered Users, Registered Users 2 Posts: 848 ✭✭✭ravima


    None in Ireland.

    try a Turkish bank.


  • #3
    tombenjr2004
    Registered Users, Registered Users 2 Posts: 15 ✭tombenjr2004


    ravima wrote: »
    None in Ireland.

    try a Turkish bank.


    What about Irish mortgage brokers?


  • #4
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    tombenjr2004 wrote: »
    What banks are giving out buy to let mortgages for an foreign apartments in turkey? As this will be my first mortgage!

    None. Banks won't lend against a property in Turkey because it would be very difficult for them to repossess it.


  • #5
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    Try Simon Conn or one of his colleagues.
    http://www.mortgagesoverseas.com/mortgages-turkey/mortgages-for-property-in-turkey.php


  • #6
    Carpenter
    Registered Users, Registered Users 2 Posts: 2,683 ✭✭✭Carpenter


    killers1 wrote: »
    None. Banks won't lend against a property in Turkey because it would be very difficult for them to repossess it.
    When did they stop doing it because I got 1 for Turkey 4 years ago :D


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  • #7
    tombenjr2004
    Registered Users, Registered Users 2 Posts: 15 ✭tombenjr2004


    Carpenter wrote: »
    killers1 wrote: »
    None. Banks won't lend against a property in Turkey because it would be very difficult for them to repossess it.
    When did they stop doing it because I got 1 for Turkey 4 years ago :D


    What bank was the Carpenter?


  • #8
    tombenjr2004
    Registered Users, Registered Users 2 Posts: 15 ✭tombenjr2004


    If I use my parent house as an guarantor (no mortgage on it) and nearly 4 times the value of mortgage that I'm looking for the property in turkey so would that help the bank to give me a mortgage as I'm 27 and full time employed too


  • #9
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    tombenjr2004 wrote: »
    If I use my parent house as an guarantor (no mortgage on it) and nearly 4 times the value of mortgage that I'm looking for the property in turkey so would that help the bank to give me a mortgage as I'm 27 and full time employed too

    You seriously want to put your parents house at risk for you to get a property? Its one thing to ask a parent to go guarantor on a first house, it happens, but to ask them to put their house up for you for a foreign property is just not on.


  • #10
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    Besides, I can't see any Irish lender lending using the security of your parents' house to grant you a loan. In the event that you default, they'd have to throw your parents out on the street. No lender is going to want to run with that.


  • #11
    tombenjr2004
    Registered Users, Registered Users 2 Posts: 15 ✭tombenjr2004


    Liam D Ferguson wrote: »
    Besides, I can't see any Irish lender lending using the security of your parents' house to grant you a loan. In the event that you default, they'd have to throw your parents out on the street. No lender is going to want to run with that.


    That is true so I'll rule that out. I'll will try a mortgage broker to see if the give me one


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  • #12
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,763 ✭✭✭✭Atlantic Dawn
    M


    What % of the purchase price do you have as a deposit? Are you planning to rent the property out or to just keep it as a holiday home?

    There was a discussion on investment properties in Turkey on Liveline a couple of weeks ago, lots of people ripped off by not getting the deeds to their apartments and also the management companies in the apartment blocks increasing the rates hugely each year.


  • #13
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,613 Mod ✭✭✭✭Jim2007


    tombenjr2004 wrote: »
    That is true so I'll rule that out. I'll will try a mortgage broker to see if the give me one

    Mortgage brokers are intermediaries, they don't actually give out the mortgages themselves, they have to try and find a bank willing to do the deal.


  • #14
    tombenjr2004
    Registered Users, Registered Users 2 Posts: 15 ✭tombenjr2004


    Atlantic Dawn wrote: »
    What % of the purchase price do you have as a deposit? Are you planning to rent the property out or to just keep it as a holiday home?

    There was a discussion on investment properties in Turkey on Liveline a couple of weeks ago, lots of people ripped off by not getting the deeds to their apartments and also the management companies in the apartment blocks increasing the rates hugely each year.



    Plan to pay 20% deposit and used it as an holiday home and abit rental too would help but not complusory for me! Just enough to run itself


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