Document Requirements
Next Steps
Documents Verifying Income
Tax-Optimised Income & High Net Worth Individuals
Documents Evidencing Acceptable Property Collateral
Sales Contracts
Hazards
"Decisions in Principle"
"Sorry, you don't qualify"
"Blind Routing"

What documents are needed to support your Turkish Mortgage Application?

The simple answer is that it depends on which mortgage product you want. Please see the PRE-QUALIFY page of this website where the most common document requirements are listed in the questionnaire section at the bottom

Each mortgage applicant's personal financial circumstances are different. Each mortgage lender's credit policy, document requirements, and eligibility criteria are different.

The documents you can provide to support your mortgage application will determine which Turkish mortgage products you are eligible for. Don't be mislead by fast talking sales persons describing great deals on mortgage loan interest rates and loan-to-value. If you do not have the documents to qualify for such products, promises of great deals are irrelevant. 

No worries - our business is to make the process simple for you to get it "right first time". Turkish Mortgage Centre is the only organisation that works with every cross border Turkish mortgage lender in the market today (at last count over 10), and this means we succeed in providing a mortgage where other organisations fail. It also means that if you have the full set of supporting documents, we can provide you with the most advantageous choice of mortgage terms available in the market today. This is an important consideration - the difference between a 20 year loan at 6% and at 7.5% will amount to 10,000 over the life of the loan - a considerable savings!

However, if you do not have all documents, we can identify a mortgage product for you based on the documents you do have. For example, if you have three years of year end tax statements, you may qualify for the most advantageous terms and best interest rates. However if you only have one year end tax statement, we can still identify a mortgage product for you - it may not be at the most favourable interest rate, but there may be different currency choices where interest rates are more attractive.

The important issue is to identify exactly what documents are available, and the numbers they show, at the very beginning of the process. Obtaining a "decision in principle" without examination of the documents and numbers is meaningless.

If you are not eligible for a mortgage with a particular lender, or with the one or two lenders a UK overseas mortgage broker is using, it doesn't mean you can not get a Turkish mortgage, it just means that you can not get a mortgage from that lender or broker.

Next Steps

For most people, if they want to choose between the best mortgage products, maximum loan value, and lowest interest rates, they should provide as much of the documentation as possible. The questions on the PRE-QUALIFY page of this website will identify which documents you have available - because the documents you have will determine which Turkish mortgage products, interest rates, and loan values you are eligible for. It really is that simple.

That is why your mortgage application process begins at the PRE-QUALIFY page. Once you submit the form, and expert from the Turkish Mortgage Centre will be adequately informed about your personal financial circumstances to call and advise you on your eligibility for different mortgage products, interest rates, and loan values. You will then have received the advice and guidance necessary to collect together the specific documents required. We make it simple and still get the job done.

Documents Verifying Income

Irrespective of which country the applicant earns income in, there are generally two forms of documentation required to verify income: The first are statements from a tax authority in that country, or other official government agency, such as a social security administration. For example, for salaried employees in the UK these are P60s and in the USA these are W2s. The second are statements or receipts from the employer or business that is providing the income. These typically are monthly pay slips or accounts and an employer's or accountant's reference letter.

In this way we can verify the income of applicants from many countries. For applicants that work outside their home country or in countries where there is no tax payable, such as the United Arab Emirates, and applicants whose employers apply tax equalisation, we can advise on the documents required to verify income in a similar manner.

Tax-Optimised Income & High Net Worth Individuals

The principals of the Turkish Mortgage Centre have extensive experience in the private banking and wealth management professions. This expertise is essential in advising Turkish mortgage lenders on the documentation acceptable for persons with tax-optimised income, royalty, underwriting, investment and other sources of income received by high earners and high net worth individuals. Often such individuals find that rather than prove income with documentation, they are happy to obtain a mortgage at a lower percentage of the property value. Specifically for such circumstances the Turkish Mortgage Centre has originated a mortgage product that requires no proof of income for a maximum loan of 50% of the property valuation. Additional products coupled with investment products are also available upon request.

Documents Evidencing Acceptable Property Collateral

Permits and permissions in Turkey are a complex area requiring specialised insight into Turkish law, taxes, construction standards, and cadastral procedures at land registries. Generally Turkish mortgages are granted upon receipt of all necessary permits and permissions evidencing clear property title fit for purpose. This includes the military permission for purchase of property by foreigners, for applicants from certain countries will also require a Police residency permit, and generally a building habitation license. However in specific circumstances mortgages are assignable prior to granting of certain permissions. Rather than require that an applicant obtain the various documents from different parties, most applicants prefer to rely on our expertise and leave matters to us, so we request full contact details of the seller or developer they are buying the property from, and in some cases an applicants solicitor or estate agent may be requested to assist upon our instructions.

Sales Contracts

Often the sales contract between the seller and the buyer may technically need to be revised in order to comply with Turkish mortgage legislation and specific lenders underwriting policies. Among the contractual issues of relevance that sometimes arise include advance payment amounts, declared value, tax payments, the sellers performance with regards to permits & permissions, and the timing of title transfer. These issues effect your eligibility and the mortgage products available to you.  For these reasons it is strongly advised to obtain our advice on, or to obtain from us, a property purchase contract that will be acceptable to lenders requirements for mortgage purposes.

Hazards

Many applicants dealing with certain Turkish lenders and most UK overseas mortgage brokers are disappointed to learn after receiving "decisions in principle"  and paying fees and supplying their documents that they are not eligible for the great mortgage deals, high loan values,  and low interest rates they were promised.

"Decisions in principle" are a mis-leading tactic that provide absolutely no indication or assurance that you will qualify for or receive a mortgage. Avoid any UK overseas mortgage broker using this misleading tactic of offering you a "decision in principle" - such practice is solely for the purpose of convincing you to pay a fee, but has absolutely no value to you as the mortgage applicant.

In many cases it is not uncommon to find that after months of waiting an applicant has received no contractual mortgage loan offer. This is because many UK overseas mortgage brokers can not deal with the Turkish lenders' requests, translations, and explanations in Turkish, and haven't charged enough to cover their costs of doing so, and as a result what do they do?

One widespread tactic is to simply keep asking the applicant for more and more documents until the client in frustration has no more to give - and then the broker or lender says "sorry, you don't qualify".

And it gets worse- UK overseas mortgage brokers imagine they can manage Turkish mortgage applications as simply and just like an application in the UK or one of the other 50 countries they claim to provide mortgages in - as if this was realistically possible. In reality many simply just send your bundle of documents to one lender without even photocopying  - this is known as "Blind Routing" - so obviously when it comes to keeping track of which documents they have provided or are still outstanding, they simply haven't got a clue- and they just wash their hands of the business- so much for your application...!

Regrettably these practices are widespread - we know because we have many applicants that have suffered these experiences and inevitably come to us asking for help - usually at the last moment!

We do our best to simplify the complexities of mortgage applications, but over simplification can be misleading, and ultimately we rely on full disclosure for complex cases, because honesty is the best policy in keeping with our objective of building trusted relationships and thus building our business.

Getting it tight first time is important. Don't be mislead by fast talk and low fees. It will cost you more in the end. Why mess around with the rest when you can start with the best? At Turkish Mortgage Centre, we do more than talk great deals, we DELIVER THE MONEY!