Mortgage for Bulgarian property

grahambo

Does anyone know what the best place to get a mortgage for a new property in Bulgaria? It is due to be completed soon and the final stage payment is due.

herbiesjp

Do you have a UK property against which you can raise funds?

IveSeenTheLight

grahambo wrote: »

Does anyone know what the best place to get a mortgage for a new property in Bulgaria? It is due to be completed soon and the final stage payment is due.

Try contacting a company such as montpelier

http://www.montpeliergroup.com/Europe/mortgages.asp

I had a meeting with one of their reps today and they have some interesting options regarding mortgages

Jonbvn

I am sure you have done your research regarding Bulgaria and property there. However, I was quite shocked to see the number of Bulgarian properties for sale on ebay.

I honestly believe that there may be some over-supply coupled with other issues (credit crunch), a fall in prices is almost inevitable.

grahambo

herbiesjp wrote: »

Do you have a UK property against which you can raise funds?

No. I have paid the stage payments with a persoanl loan but would now like to get a mortgage which could consolidate the final payment (when the property is completed on Dec 1st) plus the loan (in total about 70% of the value of the appartnment).

maninthestreet

grahambo wrote: »

... I have paid the stage payments with a personal loan but would now like to get a mortgage which could consolidate the final payment (when the property is completed on Dec 1st) plus the loan (in total about 70% of the value of the appartnment).

Surely you investigated the chances of getting a mortgage for this property before committing to buy it and handing over any money?

dunstonh

Bulgaria was a great place to buy 5 years ago. Its over priced and oversupplied now. Sofia is really heavy on oversupply and lots of newbie property investors are losing a fortune.

I looked it myself a few years back but considered I was too late and the distance was too far and it was an area for the experienced property investor and not the casual one.

Sisyphus

maninthestreet wrote: »

Surely you investigated the chances of getting a mortgage for this property before committing to buy it and handing over any money?

:eek: :silenced:

homer_j_3

it doesnt suprise me that this has happened. I have seen it more and more of recent.

People want to own property - cant do it here, so do it abroad as they believe that property is a no lose gamble. Resale has always worried me due to the amount of advertising of new property.

I hope the OP finds help - mortgages are available or finance locally will be available subject to a high % deposit (which tells you that the banks are worried that property there is still an unknown or known risk).

Bulgaria is a great place to buy if you want cheap living and intend to live there long term but as dunston states - short term investment and with the competition for rent it only adds up to tough market for minimal returns - and there is no let up on further development continuing so it isnt going to get better. You will struggle to sell until they have finished all major development and the bulk of new build properties have been shifted.

Dan_Collins_2

You need to talk to a specialist. I have clients that brought a while back, Mr D is correct you may have missed the boat. I have clients that own land out there also, again they brought a while back and so have already made or are making money. Short term no good, however if you can get the property up and running in the long term you will make money.

Conti financial are fairly good - 01273 772811

poppy10_2

grahambo wrote: »

No. I have paid the stage payments with a persoanl loan but would now like to get a mortgage which could consolidate the final payment (when the property is completed on Dec 1st) plus the loan (in total about 70% of the value of the appartnment).

Great stuff! :rotfl::rotfl::rotfl: