Your questions answered from 'How much can I borrow?' to 'How long does it take to arrange?'

How much can I borrow?

The maximum is 3x single income or 3.5x joint income up to 40% of joint net take home pay. All your existing liabilities including any mortgage/rent payments, personal and bank loans, credit card payments (if the balance is not cleared on a monthly basis) and any maintenance payments together with your proposed Bulgarian mortgage payments must not exceed 40% of your net monthly income. Example: Net joint monthly income €2,500 X 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

Who can own land in Bulgaria?

A foreign legal entity (Ltd, joint stock company etc) is entitled to own land, a foreign person is not. However, a foreign person may have full rights on an edifice, as he/she may own title of an edifice without owning the underlying land, e.g. you can own an apartment in a development without the need to own the land.

How long does it take to get a mortgage arranged?

Typically, it takes around 2 to 4 weeks for a mortgage offer although we can often obtain a decision or indication based on the financial aspects of your application within a few days of the lender receiving your application from us.

Can a non-earning partner or spouse join in a joint application?

Yes, assuming the non-earner has not had any serious past credit problems they can join in a mortgage application with an earning spouse or partner.

Can I let out my property in Bulgaria?

Yes, letting out the property for short term holiday lets, several weeks at a time is fine with all our panel lenders. If you wish to let out for long periods with a formal tenancy agreement, you will need to ask the lenders permission before creating any long term tenancy. You will need to check your buildings and contents insurance covers you during any third party occupation of the property, including short term lettings.

Will I need to be present at the signing of the Notary Act (Contract of Purchase) in Bulgaria.

The completion of a Bulgarian mortgage takes place in front of an appointed Bulgarian Notary and all representatives of the parties to the mortgage need to be present. A power of attorney will need to be presented to the lender in good time before completion - a draft document will be provided by the lender.

Disclaimer

Important please note: receipt of these particulars do not form part of any contract and are for guidance only. Drawings and maps are for illustration purposes and are not drawn to scale. Intending purchasers must satisfy themselves as to the accuracy of the details given to them. Offers are subject to contract/contract denied.