Payment Schedule

1 - 1000 Euros to reserve an apartment
2 - 25% on signing the Preliminary Contract (within 28 days
minus reservation fee)
3 - The remainder on completion

Mortgages are now available from all major banks in Bulgarian;

· Bulbank,

· United Bulgarian Bank,

· Citibank,

· First Investment Bank.

The loan to value does vary but in general banks in Bulgaria look to lend between 60 -70% of your purchase price, whilst the interest rate is approximately 7% on average at present. This will no doubt change to European rates after next year. The general rule is that you should apply for a mortgage before Act 15 stage of purchase, which means you will in effect have already paid for most of your investment by then. Lenders will therefore remit the whole sum of your mortgage directly to you rather than to the developer. This is why it is most common for buyers to raise finance in the UK and then re-mortgage later.
If you are interested in re-mortgaging within the UK or require more information about Bulgaria mortgages, please do not hesitate to contact us.