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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:

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 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:

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
 
Bad Credit History?

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



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
 
Bad Credit History?

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