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Buying a property can be the most substantial single purchase you ever make and by buying abroad you may be fulfilling a lifelong dream so it is vital that you have the right advice and appropriate choices which will financially enable you to do that. In these days of low interest rates in the UK, many people are taking out an extra mortgage in order to buy a property abroad. This is because mortgages generally are much cheaper than other loans and there are mortgages for every type of situation. It may even be possible to borrow more than the purchase price of the property, which will enable you to visit your new home again and to furnish it. At present, house purchase finance for UK citizens secured by a mortgage on a Turkish property is virtually unheard of as no Turkish banks as yet offer a mortgage service although several of the banks may soon enter the market. Because quality is reflected in everything that we do, Motif Homes are pleased to announce that we have teamed up with a financial services company in the UK who are able to offer the following services to both individual and corporate clients:
Our association is with a well-established elite group who are registered with the Mortgage Code Compliance Board and who operate strictly within the guidelines of the Mortgage code, therefore giving you the peace of mind that you are receiving high quality advice that you can trust. With over 150 mortgage lenders in the UK, finding the best mortgage for your needs is not an easy task. Our partners however are qualified to give Professional advice on a wide range of mortgages and moreover, because of the large volume of mortgages arranged by them, they have Access to exclusive mortgage products which are not directly available from any lender other brokers. Many of our customers who are on holiday are in a position of having to make a quick decision about a property and therefore we have arranged that after completion of a quick application form at our Office (all personal information is treated as private and confidential), subject to approval an initial offer will be made within 24 hours or you can contact them directly to discuss your plans and requirements. So now there is EVERY possibility that you can own your dream home in the Sun! We aim to provide excellent customer service and in order to broaden this we are now pleased to advise we have been appointed as the Aviva General Insurance Agency for the area. Aviva is the 6th largest insurance group in the world has the No 1 market position in the UK and Ireland. The Company has a history of over 300 years and the group Aviva was created in May 2000 by the merger of CGU and Norwich Union. Norwich Union is the largest general insurer in the UK, with a market share of 14% and operations in more than 25 countries. The group insures one in five households, one in seven motor vehicles and more than 800,000 businesses in the UK. Also, Norwich Union was voted the Best Insurer for service in a survey by Professional Broking magazine and won the award for most trusted insurance company in the Readers Digest 2004 trusted brands awards. The main benefit of this alliance to our customers is that you have the confidence of knowing that when you insure your house you are knowing who you are dealing with. Household insurance is as important for your home in Turkey as it would be anywhere else, especially if you will be using the property just as a holiday home and the property will be empty for long periods of time - the risk is higher the same as the Premium if unoccupied for less than 60 days a year. Insurance against the risk of earthquake is compulsory even though the main earthquake zone is a distance from this area - the compulsory insurance is limited so it is advisory to take out cover for the full reconstruction of the building (unless it is an apartment then you should only need contents and public liability insurance). Just as anywhere else if you under-insure your home and the worst happens the Company will not pay out for the full extent of your loss. Property Tax The tax is calculated on the basis of the notional value of the property and the amount may be appealed against but the sums are usually very small and any appeal is not worthwhile. The amount charged is the notional value of the property multiplied by the tax rate fixed in the locality. No demand for payment of tax is made in Turkey. It is the tax payer's responsibility to learn the amount and the latest payment date from the local council Office. Capital Gains Tax Unless you have been living in Turkey for some time it is unlikely that you will be able to benefit from a Turkish pension. You can however continue to claim your UK pension. State Pensions Private / Company
Pensions Government Pensions Unemployment and means tested Social Security benefits are not generally payable once you have moved to Turkey. Most Turkish banks offer excellent banking facilities for residents and non-residents alike. Most people operate a simple current account (Vadesiz) and utility bills, e.g. electric and monthly maintenance payments, can be paid direct from that account. This account pays very little if any interest but you can arrange with the bank to transfer in your absence any sums into an interest bearing account. Most banks also offer useful internet banking facilities. Personal cheques and bankers drafts are not an acceptable form of payment in Turkey. Cheques are not widely used in Turkey, usually only by business people. There are no such things as cheque guarantee cards but the issue of a cheque without sufficient funds in the bank to cover it constitutes a criminal offence here - bounced cheques are unacceptable! |
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