UK or Bulgarian Mortgage? Getting Mortgage Bulgaria

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

In reality, these terms are not that different to those offered for foreign buyers in several other European countries, and as the Bulgarian property market continues to develop and open up, competition amongst mortgage lenders is likely to improve the deals that are offered to foreign buyers.

If You're Employed

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

You may also have to provide a copy of your marriage certificate (if appropriate).

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 Income

While 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


Value of Property	£
		(eg 125000)

Borrow How Much?	£
		(eg 92500)

Your Mortgage Type

First time buyer?		Yes No
Have you found property?		Yes No
Country

Sorry ! The amount you want to borrow is less than £25,000. This is the minimum allowed for a mortgage. But don't worry! You could get the money via a personal loan. I want a free no obligation loan quote Click OK No thanks. I will change my borrow amount to more than £25,000 Click Cancel

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


Value of Property	£
		(eg 125000)

Borrow How Much?	£
		(eg 92500)

Your Mortgage Type

First time buyer?		Yes No
Have you found property?		Yes No
Country

Sorry ! The amount you want to borrow is less than £25,000. This is the minimum allowed for a mortgage. But don't worry! You could get the money via a personal loan. I want a free no obligation loan quote Click OK No thanks. I will change my borrow amount to more than £25,000 Click Cancel

[improve this article]

Getting A Mortgage In Bulgaria

Read On

Browse over 200 Free Mortgage Tips

Site Help