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Bulgaria

At a glance:

 

Mortgage

Refinance

Equity Release

Buy to Let

Maximum Loan to value

70%

70%

N/A

N/A

Maximum Interest only period

2

0

N/A

N/A

Maximum Term

20 years

20 years

N/A

N/A

Maximum Age on completion

70

70

N/A

N/A

Average interest rates

7%

7%

N/A

N/A

Average monthly price per thousand

7.75

7.75

N/A

N/A

Process:

Due to the relative infancy of the market, there are limited options in the Bulgarian market. With a large volume of documents and licences required by the developer, before the mortgage can be approved, delays are quite common. With a general lack of experience with non resident clients looking for mortgages in Bulgaria , delays are commonplace. Bulgarian banks occasionally change their criteria during the mortgage process affecting all clients.

Approximate timelines (weekends not included):

1.Approval in principleInstant
2.Final licencesDay 1
3.Property registration detailsDay 28
4.Application (receipt of documents)Day 1
5.Power of attorneyDay 1
6.Confirmation of approval in principleDay 7
7.ValuationDay 12
8.Formal offerDay 40
9.Arrange signingDay 45
10.SigningDay 50
11.Transfer of deedsDay 50
12.Payment to developerDay 60
13.Agency of service

Day 51

14.First mortgage paymentDay 51
15.Commission receivedDay 80

 

Costs:

For guidance purposes, as costs vary from lender to lender:

Cost

Amount

Payable

Broker fees495Up front
Application / bank fees200Up front
Valuation fee500Up front  (refundable)
Opening commissions2% of loan amountOn signing
Registry / Notary fees1% of purchase priceOn signing
Agency of Service120Annually on signing date

Currencies:
Bulgarian Mortgages are available in euros and Lev.

 

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