Mortgages in Turkey
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Title: Mortgages in Turkey
Word Count: 646
Author: Des Smith
Email: dessmit@gmail.com
Category: Home & Family
Article URL:
http://www.submityourarticle.com/articles/easypublish.php?art_id#14660
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Mortgages in Turkey
With its wonderful landscapes, inviting climate and
historical background, Turkey has long been a popular
tourist hot spot. So popular, in fact, that many visitors
have inquired about buying property there. Until recently,
though, if you were a non-resident then you could only buy
a property in Turkey if you paid cash. However, with recent
changes in legislation due to the rise in inflation, you
can now take out a Turkish mortgage and make your dream of
living in the sun a reality.
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.
For instance, when the mortgages first came into effect,
you could only take out a fixed rate mortgage, with the
same pros and cons that kind of mortgage entails. In
February of this year, however, a new law was passed that
allowed Turkish mortgages to be variable, or floating, as
well.
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. Now, however, this has been limited to just one
year.
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interest rates, this has been withdrawn.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.
However, as long as you’re aware of some of these changes
and are willing to work with them, then Turkey offers a
fantastic opportunity for both those wishing to buy a home
there for themselves, and those looking to use it more as
an investment. 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. Located on the east coast, Didim is a wonderful mix
of both historic and new Turkey and is very popular with
today’s tourist trade.
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.
The prices for property itself is highly attractive =96 in
Akbuk, for instance, a two-bedroom apartment costs as
little as 30,000 GBP and this includes scenic views over
the surrounding 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.
About the Author:
Des Smith is a property consultant and Internet markerter
and has been for the past two years.
http://www.turkeypropertyhomes.co.uk