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Buying a home in Turkey made easier with Isbank

31st July 2007 Print
Bodrum, Turkey IsBank London, a full branch of Turkey’s leading banking institution, Türkiye Iþ Bankasý, is making available an innovative new mortgage product to UK nationals at competitive standard variable rates for overseas repayment mortgages in British pounds sterling (GBP).

Isbank London has been offering favourable terms and financial services in the UK since 1983. The IsBank Overseas Mortgage is the first overseas mortgage available to foreign nationals in Turkey. This groundbreaking mortgage product from Isbank London is specifically available for UK residents purchasing finished properties in Turkey. Isbank London’s mortgage product allows them to borrow up to a maximum of 75 per cent of the property valuation with competitive repayment terms from Isbank over a period from one to 15 years.

Isbank Overseas Mortgages are housing loans extended to British residents over the age of 18 for the sole purpose of financing their purchase of property in Turkey. The current standard variable rate is a very competitive 8.00 per cent AER and the overall cost for comparison is a typical 8.35 per cent APR (variable) for new purchases.

For re-mortgages the rate is 8.50 per cent AER and 8.86 per cent APR. It is subject to changes, normally in line with changes in the Bank of England base lending rate, currently at 5.75 per cent. Isbank makes every effort to keep its rates competitive and in line with the Bank of England’s base rate.

Mr Kaan Tokat, IsBank London General Manager, confirmed: “Turkey is a hot property market for UK nationals and does not show any signs of cooling off. This is because Turkey offers tremendous value for money and many other benefits – whether for buying an investment property or a second home. Turkey provides a stable economy and political environment that helps property hold its value and grow in commercial worth.”

Mr Ozgur Altan, Research and Business Development Manager at Isbank London assured: “IsBank London is uniquely positioned to help the UK investor capitalise on the Turkish property market’s many advantages. When someone decides they want to buy a property or home in Turkey, they can take comfort in knowing that our new overseas mortgages make certain the process is very straightforward for UK residents. Obtaining financing from IsBank London makes realising one’s personal ambitions possible.”

Although the Financial Services Authority (FSA) regulates Isbank London, this product is not an FSA regulated mortgage. It is the policy of Isbank London to observe the provisions of The Banking Code, a copy of which can be obtained by downloading from the web site

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Bodrum, Turkey