Includes Bulgarian residential property. Please note, that if the property is being built, 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 UK and Irish Nationals (and non-UK Nationals on a case by case basis) for either House Purchase or re-financing for Home Improvements. Mortgages for other purposes may also be considered – contact us for further information.
Type of Bulgarian Mortgage: Repayment basis only
Minimum: ?25,000 – Minimum Purchase Price ?36,000, No Maximum, but must not exceed 70% of valuation or purchase price (whichever is the lower).
Proof of Income: 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 20 years – up to age 70
Currency: Euros only
Current Interest Rate: approx 7.00%
Example Bulgarian Mortgage:
Repayment Mortgage of approx ?70,000 over a period of 20 years at an interest rate of approx 7.00% in Euros = approx ?551.00 capital and interest per month = a total approx amount payable over term of ?135,140 including capital, interest, arrangement and survey fees”
Bulgaria interest on home purchase credits reaches 9.18%
Long-term home purchase credits saw interest rates go up by some 3% to 9.18% in July, central bank data shows.
Bankers commented that the rates will continue to trend upward over the near run as the softer terms under which a large number of loans were disbursed expire.
In an attempt to attract clients most banks offer interest of 5.76-6.5% for the first 12 months of the credit?s life, a rate that may reach up to 10% for the remainder.
However, the central bank said a sharp spike of more than 0.30% in the interest rates is unlikely as the credit/deposit interest spread is still wide, leaving the banks room to increase the interest on deposits instead. Neither does the eurozone interest outlook support fears of a hike in Bulgaria.
According to central bank data, mortgage loans added up to 1.6 bln levs by end-July, up a hefty 140% year-on-year. The series of measures to cool credit growth can already be seen on real estate prices which have dropped by 7% from the first quarter, said the bank.
Information ABOUT Property Mortgages Bulgaria
Bulgaria investment off plan development Sofia Vlas Sunny Beach Pamporovo Bansko
Mortgage for Bulgarian properties – Mortgages for Bulgaria
We are delighted to announce the first and only mortgage product for property.html”>Bulgarian property.
The mortgage is available on qualifying properties purchased through us. Terms are summarised below:
Up to 70% loan to value
Term of up to fifteen years
Minimum mortgage value of ?40000
Variable interest rate of 7.5%
Pre-approval 6 months prior to building completion
Funds available upon building completion
Lending is subject to status.
Combined with our rental management this mortgage allows our clients to increase the returns from their properties in Bulgaria.
We are able to offer this mortgage product direct from Piraeus Bank without mortgage broker fees.
Some key facts about Piraeus Bank.
Founded in 1916
Privatised in 1991
The third largest commercial bank in Greece
Leading commercial lender to Balkan region
Office in City of London
Potential borrowers are able to liase directly
Piraeus Bank
Some key facts about Piraeus Bank who now offer the only mortgage product for Bulgarian property:
One of the largest commercial banks in South-Eastern Europe
Founded in 1916
Privatized in 1991
277 total branches, 11 in Bulgaria
Leading commercial lender to Balkan region
Office in City of London, London
