UK loan versus Foreign loan

kittie_Blue

Does anyone have any experience of obtaining a loan from a Bulgarian bank?
Would they advise against loaning from a foreign bank?
I own land in Bulgaria & am looking for a loan to finance the development of this land but don't know if borrowing from a UK bank is preferable.
Any suggestions or personal experience would be greatfully received.

Ian_W

No experience at all of Bulgaria and no wish gain any - but each to their own!

When we bought a property in Spain a few years ago the basic standard advice always was to obtain the finance in the currency your income is in. So if the bulk of your earnings are going to be in Sterling cos you still work and live here then get a UK loan. If you're going to live and work over there or are renting it out and receiving the income in the local currency then you may be better using an overseas loan. This avoids adding currency fluctuations to the things that can work against you - though of course they can also move in your favour, but it's a gamble.

Seems that's still considered a good TIP [No.8]
They also have a specific Bulgeria section - HERE.
Please note this is not a recommendation for Conti, TBH I found their fees expensive and we went direct to RBS [Gibraltar] but their website is informative.

HTH.

jonesMUFCforever

Do you have funds in a Bulgarian account to meet repayments?

If not then I would suggest getting a loan in UK .

Currency fluctuations can make what seems a good deal very expensive indeed.