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Even if you have no initial deposit, when you buy with MKS you still may be able to purchase that dream home
Our UK sister company is a leading finance organisation who specialises in Mortgages, Loans and Insurance Policies.
If you are looking to buy your home but have not saved enough for the 10-20% deposit, you can use Bridge Finance to help bridge the gap between when you choose you new home to when your Mortgage on the new home is agreed.
How it works:
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.)
Example -
PROPERTY SALE DETAILS
Property Value Price - £100,000
Property Sale Price - £80,000
Deposit Required - £20,000
FINANCE DETAILS
Bridge Loan - £20,000 (this option is very quick and the funds can be in your account within two days)
Mortgage Application - £80,000 (80% of the property value price)
PAYING MKS and REPAYING BRIDGE LOAN FINANCE COMPANY
Bridge Loan Deposit, received within 2 days and paid directly to MKS - £20,000
Upon Mortgage being received - £60,000 payed to MKS and £20,000 re-payed to Bridge Loan Company
There are a number of UK companies offering Bridge Loan to help bridge your waiting time for the mortgage on Turkish property. Our sister UK Mortgage Broker can give you advice on all current Mortgage, Insurance products and loans available.
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