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Mortgage markets open up in Turkey and Cape Verde
Financing a purchase in the emerging property markets is steadily becoming more accessible to UK investors, with countries such as Cape Verde and Turkey now offering mortgages for the first time. The lack of mortgages have held many potential investors back in the past, but as financing is now becoming available the property markets of these countries are expected to see a boost in investment levels from overseas.
Until recently, buyers interested in investing in Cape Verde have sometimes been deterred by the lack of mortgage options offered by banks or developers – a problem inherent in many new property markets. However, this should no longer be the case now that mortgage broker Smart Money Overseas has announced that they are extending their services to real estate on the islands of Sal and Santiago – two of the most popular Cape Verdean islands. Interest-only and repayment mortgages of up to 80% loan-to-value (LTV) in euros will be offered to clients. There is a minimum amount to borrow of €50,000, and no upper limit.
It was announced in the last few days that IsBank London (the UK branch of a Turkish bank) is offering what it claims is the first mortgage available to overseas buyers investing in Turkey - the IsBank Overseas Mortgage, which will be available in Sterling. Before a change of law earlier this year, mortgages were not available to purchasers of Turkish property and many buyers had to rely on borrowing money from family or taking out expensive short-term bank loans to finance their purchase. The change in law was called “one of the biggest reforms of the Turkish finance system” by Turkey’s state minister in charge of economic affairs. The mortgage launched by IsBank London means that buyers can now borrow up to 75% LTV, making repayments over one to 15 years.
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