First Turkish Mortgage for Spot Blue

Turkish property specialist Spot Blue has shown that the company is at the cutting edge when it comes to securing Turkish finance for clients after arranging its first mortgage on a Turkish off-plan property for a UK buyer.

The loan, for software consultant Steve Hardy, 43, is set to widen the doors of the Turkish property market because even more Brits can now buy into the country’s beautiful coastlines, its sunny weather, friendly people and great value property.

Turkey’s new mortgage law for foreign buyers is passing its final stages through parliament but property consultant Julian Walker from Spot Blue says the company can arrange finance in Turkey for British investors right now.

"Steve secured his £70,900 Turkish property with us at a recent overseas property show, after which he paid a £2,000 refundable deposit to his solicitor’s escrow account," explains Mr. Walker.

"He paid the first payment of 30 per cent (£20,000) out of his own savings and we arranged the final payment of 70 per cent through one of the largest Turkish banks. Stephen is one of the first buyers we know of to secure finance for off-plan property in Turkey."

However, Spot Blue warns that some agents are promising clients mortgages of 100 per cent.

"They’re promising a 100 per cent loan and then undervaluing the property – it’s a load of waffle in my opinion," says Mr. Walker.

"You can’t get a loan-to-value mortgage of 100 per cent; it’s more like 70 per cent."

Investor Steve Hardy, whose two-bedroom duplex apartment will be complete in December 2008, is happy to have chosen Spot Blue.

"I was told by everyone that it would be really difficult to secure a mortgage in Turkey but Spot Blue did everything for me – they made the whole process of buying so easy," explains Mr. Hardy.

"I’ve secured a variable rate mortgage and I’m expecting to pay around eight per cent from December."

Mortgage rates are higher if buyers intend to rent out their property.

"At Spot Blue, we can set up a range of finance packages for British buyers in Turkey through our contacts among brokers and banks," says Mr. Walker.

"The founders of the company have a background in city banking and have worked under the strict government-endorsed rules of the Financial Services Authority. We use these guiding principles throughout our sales process. We are also members of the Association of International Property Professionals and the NAEA."

Spot Blue is an independent UK-based property agent with offices in Turkey. The company has operated for over four years, specialising in property for sale in Turkey.

Click here for more information or to contact the business.

Browse the company’s range of properties for sale now.

Source: Ashton Billige Property Marketing Ltd. and Spot Blue