Kibkom North Cyprus Forum

I am in the process of getting a mortgage from Is bank would it be wise to get a Sterling loan or a TL loan?..I earn TL..

Regards
Serks

Hi Serks.

With a Sterling mortgage, you are gambling somewhat.

Yes, Sterling could keep dropping in value and you could save yourself lots of money.

On the other hand, this could be a glitch and Sterling becomes stronger than ever, meaning you'll have less money after your mortgage payment.

If you get a TL mortgage, you'll know exactly how much will come out of your account every month with no unexpected surprises.

I hope this helps.

Thanks alot Grockle

it was very helpfull

serks

its not so much the £ it all revolves round the $ so you have to wonder if the $ is going to drop and buy the state of the USA at mo i would not count on that , I did here once however that the interest rate was lower on the £
If you don't mind me asking just out of curiosity what are the rates they have offered you and over what period is it the same as UK 25yrs
Not trying to pry but would be interesting
How ever i think that the Lira will change and become more stronger once the problems with the government change and the war in Syria has sorted it self out Turkeys ecomany is it a very good state and growth will continue due to the low lira
Best of luck in your new house

Maximum term here is 10 years if you are lucky