Bulgarian Mortgage

If anyone has taken out a BG mortgage on a new build apartment as opposed to equity release can they advise the best way to go about it.

You can get mortgages for new builds - involves similar to getting a mortgage anywhere else, proving funds, plans of new build, valuations, contracts for build and so on....But if you are looking to get a mortgage on a new build here in Bulgaria how are you looking to make payments. If you are unable to afford cash purchase, please think carefully about what you are doing as it is very risky. Many people cannot afford their mortgage payments on new builds here as they thought they could rely on guaranteed rental agreements (not worth the paper they are written on), thought they could sell on or flip and can't. Be careful

Rachel

Good advice Rachel, I know that we don't always agree but now you're telling it like it is.

I've just about taken out a Bulgarian mortgage and it's a nightmare. €860 to set it up which I wasn't advised of until about a week before closing. Theres an early repayment penalty of 5%, You have to pay to maintain a registered address over there , Costing about €150 a year , though I didn't shop around for that and the LTV is 70% or the amount due to the developer so even your booking deposit counts against that , reducing your LTV to about 67% in my case.

I bought in Bulgaria with [broken link removed]

and they arranged everything with my mortgage