New mortgage service targets buyers of Turkish properties
From News Apr 21 2009 BY: Helen Burggraf
, Contributing Editor
, International Adviser
Offshoreonline.org, a UK-based and regulated online mortgage broker specialising in overseas mortgages, is launching a new euro-denominated service for those wishing to buy properties in Turkey.
Offshoreonline.org, a UK-based and regulated online mortgage broker specialising in overseas mortgages, is launching a new euro-denominated service for those wishing to buy properties in Turkey.
The loans are available to homebuyers of all nationalities based anywhere in the world, at up to 70% of a property’s value. They are being made available on a capital and interest basis only, a spokesman for Offshoreonline.org said, and may be structured over any term between 7 and 20 years, with the minimum loan size being €50,000.
Interest rates are linked to the European Central Bank’s reference rate, Euribor. This means buyers currently are able to secure funding at rates from 4.95%.
EU membership
Turkey is not yet in the eurozone, but is a candidate for European Union membership. Earlier this month, US president Obama called on the EU to admit the country, but some EU member countries have expressed a desire to maintain a go-slow approach.
Offshoreonline.org is the online arm of HR Independent Financial Services Ltd, a Devon-based IFA, which began offering discount brokerage concept in the expatriate market in 1998, initially through no-fee deals on offshore savings funds.
It already offers similar mortgage services for international homebuyers in the French, Italian, Spanish and Portuguese markets.
Offshoreonline.org also offers UK regulated advice and services in such products as pensions, mortgages and life cover to UK expatriates worldwide.
According to the Turkish Statistical Institute, Turkish housing prices have risen by 16.4% over the 12 months to March 2009. Overseas buyers typically are most interested in properties in the capital city of Istanbul, as well as the so-called ‘Turkish Riviera’ towns of Alanya, Antalya, Bodrum and Fethiye.
“We see Turkey as a major new investment property market, even before their entry into the EU is decided one way or the other,” said Offshoreonline.org managing director Tim Harvey.
Offshoreonline.org is online at http://www.offshoreonline.org/.