Bulgaria Ski discussion board
Mortage for Buying a place in Bulgaria
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posts : 13 (Beginner)Date : 04-08-06 12:36Mortage for Buying a place in Bulgaria
Hi,I am currently looking at buying a place or two in Bansko, but am unsure as to where to go for a mortgage. Do i need to get one over here (UK) or over there (Bulgaria)? If so which places are good to use for getting a morgage for buying a new build in Bansko?
Warm Regards and Thanks in advance!
Ben
re: Mortage for Buying a place in Bulgaria
I havent bought in bansko, but did in spain the company we went with for the inspection tour would arange a morgage if you needed one, look into how much deposite you need to leave and what you stage payments are, because bear in mind you might have to pay 75% of the price of the property months before completion and if you have a morgage you will have no rental income to pay it off until its finished and even then it will depend on the state of the area weather it would be rentable in the ...
I havent bought in bansko, but did in spain the company we went with for the inspection tour would arange a morgage if you needed one, look into how much deposite you need to leave and what you stage payments are, because bear in mind you might have to pay 75% of the price of the property months before completion and if you have a morgage you will have no rental income to pay it off until its finished and even then it will depend on the state of the area weather it would be rentable in the first year, try going to an exibition on buying property abroad, if you look at chris h post from earlier there is one on this weekend.
re: Mortage for Buying a place in Bulgaria
Much much cheaper to obtain an extension to your UK mortgage if you can. Rates are at least 2% higher than in the UK.Please, do not factor any rental income into your calculations, the martket is in its infancy, I had 4 weeks in total this season. Next year I expect zero due to the huge number of properties being completed.
BanskoBoy
re: Mortage for Buying a place in Bulgaria
completly agree with that you will be told you can make x amount a week rental by the agents, dont use that as a way to buy, suprised the morgage is cheaper in the UK in spain the interest rate is a lot lower than herere: Mortage for Buying a place in Bulgaria
Bulgaria is not Spain. If I was thinking of buying in Bulgaria I would wait until the end of the year. I reckon there are going to be a few people flipping their properties and due to the amount of surplus properties you may get a very good dealre: Mortage for Buying a place in Bulgaria
Bulgaria is not Spain. If I was thinking of buying in Bulgaria I would wait until the end of the year. I reckon there are going to be a few people flipping their properties and due to the amount of surplus properties you may get a very good dealre: Mortage for Buying a place in Bulgaria
daveI know bulgeria is not spain. But I doubt very much that the prices will go down
re: Mortage for Buying a place in Bulgaria
The prices are speculative and don't reflect the poor quality and the lack of good infrastructure.Anyone buying property at these ridiculous prices stimilates the criminal speculation! It hurts the BG people.
re: Mortage for Buying a place in Bulgaria
lenny, what do you mean. I didnt understand a word of thatre: Mortage for Buying a place in Bulgaria
Ben,
You cannot get a mortgage on a property that isn't built yet. You will have to but off plan in Bansko or pay well over the odds. In effect you will be buying a property that is not built. However, you can take a mortgage to cover the final payment (because by the time you make that payment the property is built).
At the moment Bulgarian mortgage rates are about 6-7%. However, if Bulgaria joins the EU next year (I am sceptical as to whether they will be ready) interest rates are ...
You cannot get a mortgage on a property that isn't built yet. You will have to but off plan in Bansko or pay well over the odds. In effect you will be buying a property that is not built. However, you can take a mortgage to cover the final payment (because by the time you make that payment the property is built).
At the moment Bulgarian mortgage rates are about 6-7%. However, if Bulgaria joins the EU next year (I am sceptical as to whether they will be ready) interest rates are ...
Ben,
You cannot get a mortgage on a property that isn't built yet. You will have to but off plan in Bansko or pay well over the odds. In effect you will be buying a property that is not built. However, you can take a mortgage to cover the final payment (because by the time you make that payment the property is built).
At the moment Bulgarian mortgage rates are about 6-7%. However, if Bulgaria joins the EU next year (I am sceptical as to whether they will be ready) interest rates are forcast to drop and could well represent better value than in the UK.
My advice is to look for something with a final payment of 60 or 70% (that way you only have to find 30-40% deposit and can mortgage the rest) and that will not be completed for a couple of years (that way you will know whether Bulgaria has joined the EU and where the best mortgage deals are).
You will not be able to use a Bulgarian property as collateral against a UK mortgage. If you want a UK mortgage it will have to be taken against UK property.
Lenny, there is nothing criminal about speculation, it is a legitimate economic tool. Investment in any area generates growth and generally that is good for the people in that area. But may be you're right, perhaps if you ask the people of Bansko they long for the heady days of communism to return?!
You cannot get a mortgage on a property that isn't built yet. You will have to but off plan in Bansko or pay well over the odds. In effect you will be buying a property that is not built. However, you can take a mortgage to cover the final payment (because by the time you make that payment the property is built).
At the moment Bulgarian mortgage rates are about 6-7%. However, if Bulgaria joins the EU next year (I am sceptical as to whether they will be ready) interest rates are forcast to drop and could well represent better value than in the UK.
My advice is to look for something with a final payment of 60 or 70% (that way you only have to find 30-40% deposit and can mortgage the rest) and that will not be completed for a couple of years (that way you will know whether Bulgaria has joined the EU and where the best mortgage deals are).
You will not be able to use a Bulgarian property as collateral against a UK mortgage. If you want a UK mortgage it will have to be taken against UK property.
Lenny, there is nothing criminal about speculation, it is a legitimate economic tool. Investment in any area generates growth and generally that is good for the people in that area. But may be you're right, perhaps if you ask the people of Bansko they long for the heady days of communism to return?!
