Mortgage in Principle for Turkish Property

A 'mortgage in principle' is an offer that is made by a bank or mortgage lender whereby they will offer you the mortgage (in principle) that you require once you have found a Turkish property that you would like to buy.

At this point, although you have given them details of your income/expenditure ect. you have not yet proved affordability (i.e. given them the required paperwork regarding your finances), so nothing is legally binding and it is not a 'formal' mortgage offer. No credit checks are done at the time of a mortgage in principle offer.

Using a mortgage broker to approach various banks on your behalf to get the best deal available can often be an invaluable timesaver. They will check your eligibility and provide you with a quote, or number of quotes from various banks, saving you a lot of form filling and having to approach each lender separately.

Knowing what you can afford will help you narrow your search when you do decide to travel to Turkey to search for a property to purchase. Having a mortgage in principle offer before you start looking may help give you the edge over any competition, and an offer in writing can be shown to Estate Agents, developers or sellers who will see you as a serious prospect and not a timewaster. When it comes to making an offer on a purchase price, showing you are a serious buyer with finances in place is often likely to 'seal the deal'.