"The Easy Way to Get Your Best UK Mortgage" |
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Getting A Mortgage In Bulgaria
Should
I Get A UK or Bulgarian Mortgage?
The
choice of UK or Bulgarian mortgages is a difficult
one. Both countries have only a limited number of lenders who
work with the Bulgarian/UK market.
Perhaps a better option for many UK buyers is to consider remortgaging
their present UK home and using the equity to purchase their
Bulgarian property in cash.
Given the low prices of many Bulgarian properties, this can
be surprisingly practical and should allow you to benefit from
fairly favourable terms on your UK mortgage - probably more
favourable than those on a Bulgarian mortgage.
Getting Mortgages In Bulgaria
The
mortgage market in Bulgaria is not as well-developed as in some
other European countries and there are only a restricted number
of lenders in the UK and in Bulgaria who will approve a mortgage
on a Bulgarian property for a foreign non-resident.
It is worth noting that it can take up to 12 weeks to get approval
for a mortgage in Bulgaria - make sure you start this
process in good time, as you may face penalties if you are not
ready for the scheduled completion date on your property.
On the other hand, the situation is better than it used to be
and it is possible to get reasonably competitive mortgages for
a property in Bulgaria. Typical mortgage terms from a Bulgarian
bank might be:
-
70% - 80% of property's value
-
Fixed interest rates
-
Repayment mortgages only
-
Mortgages in either Euros, US Dollars or Bulgarian Levs
-
20 year mortgage term
- 1%
- 3% arrangement fees
-
Bulgarian bank account required
Employed people looking to buy in Bulgaria will have to provide proof of their income and employment - just as in the UK. Typical requirements are at least: Last 3 months' payslips
-
Last 6 months' personal bank statements
-
Employer reference stating salary
-
Last 2 years' P60s
- Copy of passport and proof of permanent address
If You're Self-Employed
Self-certified (non-status) mortgages do not exist in Bulgaria and self-employed applicants will have to provide full details of their business, as in most other European countries.
Typical requirements might be:
-
Last 2 years' audited accounts
-
Last year's tax return
- Last 6 months' personal and business bank statements
You will also need a copy of your passport and may be asked for a letter from a chartered accountant providing details of your drawings from your business.
Rental IncomeWhile renting properties in Bulgaria is popular and can be profitable, Bulgarian lenders will not normally take into account potential rental income when considering a mortgage application. To read more on buying in Bulgaria pls see list below or your mortgage guide or home buying guide
Read enough? Just want a quote for buying in Bulgaria?
To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
Read On
•
Introduction
• Buying A Property
In Bulgaria – 4 Easy Steps
• Should I Get
A UK or Bulgarian Mortgage?
• Getting
A Mortgage In Bulgaria
• Other Things
To Consider Before Buying In Bulgaria
• Glossary of
Key Bulgarian Terms
Buying Overseas Property and Mortgages
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
