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I'm buying a second home. Is it a different process?
No. Whether you need to be near the water or in the mountains, a vacation home offers an opportunity for fun and relaxation. There are many UK based companies who now offer mortgages for foreign investment. But keep in mind you'll need to identify sources for your down payment, since you're not selling your current house and using the proceeds.
Bridge Finance
This is a type of equity loan where the funds are used to "bridge" any financial gaps. This type of loan can help cover the cost of the down payment on your second home, by drawing on the equity you have in your current home.
In most cases, lenders will only give you a certain percentage of the equity you have. Most (but not all) bridge loans are limited to 80% of the homeowner's equity. Depending on how much equity you have, this could be enough to cover the down payment on your second home.
You can secure a bridge loan if you can prove to a lender that you will maintain the following payments.
• Your current home mortgage
• Your new home mortgage
• The bridge loan payments
• Other obligations (bills, loans, etc.)
Mortgages are available to foreigners in Turkey, and if you are planning to live in Turkey this may well be the best option. However, if you will be continuing to live and work in the UK you may find that it is easier to fund your Turkish property with a British mortgage or by re mortgaging your existing UK home.
There are a number of UK companies offering mortgages on Turkish properties, our UK Mortgage Broker can give you advice on all current Mortgage and Insurance products available.
Most people up till now have bought through releasing equity on their existing UK properties or indeed through hard earned savings!
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