Turkish Security

Posted on 22 November 2011 by volkan


I want to buy a house in the UK.  I have been in london for 1 year and I am self employed.  We have a house in Turkey in my mothers name.  I want to know can I show that house as security and get a mortgage in London, my mother is happy to help?  I earn about £1200 a month and have about £10,000 deposit for a small flat?  Thank you.

Volkan

I am not aware of any UK banks or building societies who would be willing to take a house in Turkey as additional security for a mortgage in the UK.  Your Mother may be able to raise some capital on it to provide you with a larger deposit, but this would have to be arranged through her local bank.

I regret that I do not think you will be able to obtain a mortgage large enough, based on your sole income and deposit, to be able to buy a small flat in London.  You will also find that UK lenders nearly always want you to have at least 2 years self employed accounts to back up your declared income figures.

Peter

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