Head of Retail & Personal Banking in İşbank London Branch, Ethem Berk Türköver told exclusive services of İşbank for Turkish citizens:
İşbank London Branch gives Long-Term Collateralized Consumer Loan to the people who want to buy a house in the UK. Properties in Turkey can be mortgaged for this loan with a maximum maturity of 15 years. The product appeals to the possible buyers who want to utilize own properties in Turkey or do not have loan score in the UK. In this way, the properties in Turkey which could not be sold or are not preferred for selling in recent years because of the market conditions, but have guarantee value can be used.
If the loanee is the customer of İşbank, his/her loan evaluation can be performed more quickly. Guarantees of several customers kept by any İşbank branch In Turkey can be accepted without any need to extra process. İşbank London branch is very familiar with the loan scores of its customers in Turkey and assesses their credibility, considering their income in Turkey as well. Thus, these points generate advantage during the loan process of İşbank in the UK. Repayments are performed either through an account to be opened in London branch or direct debit instruction.
The product of İşbank for buying property in the UK does not have the characteristics of “mortgage.” This loan is in the form of “a long-term consumer loan” and the properties bought in the UK are not accepted as loan guarantee, therefore it is not important for the house to be purchased to be “leasehold, freehold or shared ownership.” When use of the loan is preferred evaluation process depends on the competence to pay back the loan. Additionally, blocked deposit, bail or usually, the mortgages on the properties in Turkey are accepted as guarantee.
Some of the İşbank customers who try to arrange own affairs newly and whose income is expected to rise in the following years are offered to pay only interest, and then the principal in the first year and the next years, respectively. For example, in case of a 15-year loan, the monthly payment amounts are quite low in the first year while a bit higher monthly amount is paid in remaining 14 years based on the principal repayment.
İşbank London Branch offers a product called “Overseas Mortgage” for buying of the properties in Turkey, as well. Its process is the same with the standard process of mortgage loan applied in Turkey. There are various loan options in British Pound with a maturity up to 15 years. It is an appropriate alternative for the Turkish citizens in the UK who want to invest in Turkey.