Replacing your present mortgage with a new mortgage may make sense. In many cases the promotional interest rates available on new products save you several thousand a year.

There are other good reasons for paying down an existing Turkish mortgage and replacing it with a better and newer product. Some of the early Turkish mortgages were not very favourable. Over the last year, mortgage products in Turkey have become more competitive, Often this has resulted in a wider range of other mortgage features becoming available. In some cases instead of interest repayment amounts increasing if interest rates go up, new products allow the borrower to keep the repayment amount the same, by instead extending the period of the mortgage. . Some products offer mortgage repayment holidays. Sometimes special deals are offered, which may be limited, so its good to bear in mind that better mortgage products are arriving in Turkey.

Your home is at risk if you do not keep up mortgage repayments. Changes in exchange rates can cause the GBP $ Sterling value of a foreign currency mortgage and repayments to increase. This is not an offer of mortgage. Always seek independent professional advice ask an FSA regulated independent financial advisor if in doubt. Licensed CeMap advisors working for non-regulated firms are not regulated. Cross border mortgages are not regulated in the UK under the Financial Services Act. Please refer to our website and other publications for additional information. All information is subject to change without notice.