Bulgarian Mortgages - Cheap Mortgage Deals

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Some Points to Consider for Buying in Bulgaria!

Bulgaria still has some of the lowest property prices in Europe. You can pick up a property of around £10,000 if you venture of the beaten track.

Securing a mortgage in Bulgaria from the UK's lenders is not easy. Bulgarian banks are not yet fully geared up to offer mortgages to foreigners and local interest rates are higher than those within the eurozone. You could arrange a mortgage in euros using a specialist lender such as Conti Financial.

You will need to have a deposit of 30% and rates start at 7.5%. Many UK residents are remortgaging their UK property and this would then release cash for you to use. If you wanted to buy a property off plan you would need to do so with cash as you would not secure a mortgage on a property that does not currently exist. You could enter into a phased payment deal wifh means that your first payment schedual may only require as little as 10% deposit. If you choose to go for an off plan deal make sure that the developer is respectable and that the project is bank guaranteed.

Why we Love Bulgaria!

One of the main reasons why thousands of prospective buyers are currently looking to invest in the Balkans is because Bulgaria is set to join the European Union in 2007. This will mean that property prices are sure to soar due to EU investment. In fact property prices have risen by around 25% in the past year. There are some popular resorts that have grown in value by 100% and this is partly due to an increase in popularity in some resort destinations such as Bankso where skiers are flocking and Sunny Beach where a cheap summer holiday can be had.

Bulgaria has one of the lowest costs of living in Europe, thanks to its communist past. Tourism in general is picking up and the Association of British Travel Agents have said that it is the fastest growing holiday destination with around 200,000 British holiday makers visiting in 2004.