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Bulgaria Mortgages
Q. How much mortgage can I have to buy a
residential property in Bulgaria ?
Unlike in the UK there
are no non-status/self-certification mortgage facilities accepted by the
mortgage lenders in Bulgaria. All applications need to be supported by a
minimum requirement of proof of income. If employed, copies of your last
three month's payslips & copies of your latest P60/Employer’s Reference
together with copies of your last three month’s Personal Bank Statements
will be required or alternatively if you are self-employed, copies of your
last three years Audited Accounts & copies of both your last 3 month's
Business and Personal Bank Statements will be required whem making your
Bulgarian mortgage application.
The Bulgarian mortgage lenders will NOT take into consideration any proposed
Rental Income from the property for mortgage purposes/repayments.
Your loan is based on your joint net “take home” pay and is calculated on an
affordability basis. All your existing liabilities including any
mortgage/rent payments, personal and bank loans and any maintenance (ie:
Divorce) payments together with your proposed Bulgarian mortgage payments
must not exceed 40% of your net monthly income.
Bulgarian Mortgage Example:
Net joint monthly income £ 2,500 times 40% of that figure is £1,000 minus
existing monthly mortgage payment £ 300 – No other liabilities. This leaves
a balance of £700 for a proposed Bulgarian Mortgage payment.
Mortgage details:
·
Maximum loan to value 80% -
Re-mortgages/Equity Release
·
Maximum loan to value 75% -
Bulgarian House Purchase
·
Maximum mortgage term for a
mortgage in Bulgaria is 25 years
·
€40,000 minimum mortgage
amount
·
Euros mortgages only
·
Repayment mortgages only
·
Rates from approximately
6.50%
details are subject to change, so you must check with your
broker on the link above before committing |
