Mortgages for residential property in Bulgaria can be arranged but generally only on a repayment basis. Please note, that if the property is off-plan, mortgages can only be provided once the property has been finished and legally registered in the owner's name.
If you are considering purchasing a property in Bulgaria, Bulgarian Mortgages are available for UK and Irish Nationals (and non-UK Nationals on a case by case basis) for either House Purchase or re-financing for Home Improvements. It is sometimes possible to arrange mortgages for other purposes - contact us for further information.
Type of Bulgarian Mortgage: Repayment basis only
Minimum: €40,000, No Maximum, but must not exceed if for House Purchase:-
75% of valuation or purchase price (whichever is the lower) if the loan is over €100,000;
or 70% if the loan is under € 100,000;
if for Re-Mortgage/Equity Release:-
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 (Loan to Value)can sometimes be available for Land Purchase where the relevant Planning Permissions/Building Licences, etc have been obtained.
Proof of Income is required in all cases (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 are currently not available.
Term: Maximum 25 years - up to age 70
Currency: Euros only
Current Interest Rate: from approx 7.00% for both House Purchase and Re-Mortgage/Equity Release
Example Mortgage in Bulgaria:
Repayment Mortgage of approx €70,000 over a period of 25 years at an interest rate of approx 7.00% in Euros = approx €501.20 capital and interest per month = a total approx amount payable over term of €153,220 including capital, interest, arrangement and survey fees"