If you are considering using a mortgage to purchase an apartment, town house or Villa in Bulgaria, Euro mortgages are available for buying properties in Bulgaria with interest rates from approx 7.00%
It is important to note that if the property is being built or being purchased "off plan" the funds are not available until completion and the property has been legally registered in your name.
If you are considering purchasing a property in Bulgaria, Bulgarian Mortgages are available for UKand Irish Nationals (and non UK Nationals on a case by case basis) for either House Purchase or re-financing for Home Improvements. See below regarding Land Purchase loans. Mortgages for other purposes may also be considered.
Bulgarian Mortgages are on a Repayment basis only
Minimum advance €40,000, with no Maximum, the advance must not exceed if for House Purchase 75% of the valuation or purchase price (whichever is the lower) if the loan is over €100,000, the maximum advance is 70% or when the loan is under € 100,000. For Re-Mortgage/Equity Release the maximum is 80% of the valuation if the loan is over €100,000, or 75% if the loan is under € 100,000.
Loans up to 60% LTV are also possibly available for Land Purchase where the relevant Planning Permissions/Building Licences, etc have been obtained.
Proof of Income is required in all cases (this can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status loans or self certification mortgages are currently not available.
Term: Maximum 25 years - up to age 70
Currency: Euros only
Current Interest Rate isfrom approx 7.25% for buying a property in Bulgaria and 7.00% for Re-Mortgages/Equity Release
Typical Bulgarian Mortgage for apartment, town house or Villa Purchase would be a Repayment Mortgage of approx €70,000 over a period of 25 years at an interest rate of approx 7.25% in Euros = approx €512.50 capital and interest per month = a total approx amount payable over term of €156,610 including capital, interest, arrangement and survey fees"
If you would like to talk to an independant advisor about mortgages for buying a property in Bulgaria please Enquire
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