29.01.2010 A Place in the Sun Magazine: BULGARIAN PROPERTIES' Mortgage Expert Says

A Place in the Sun Magazine, January 2010

In its first issue for 2010 the British magazine A Place in the Sun published an article about the property market in Bulgaria, as well as buying advice given by local experts.

Galya Zlatanova is the Mortgage Expert of BULGARIAN PROPERTIES and she is one of the specialists quoted in the magazine:

"Unfortunately, at the moment all the banks in Bulgaria have stopped lending money to foreign people and it is not possible for a British person to obtain a mortgage, no matter what type of property they are buying.

"One year ago, before the crisis hit Bulgaria, it was very easy for British people to get a Bulgarian mortgage. The banks also used to consider it a plus if the applicant were British. The whole procedure took around one to two months. The client just sent us the required documents for the mortgage application and we represented them in front of the bank so there was no need for the client to even come to Bulgaria. However, things are different now and foreign mortgage financing has been completely frozen by all the banks in Bulgaria.

"I should also add that during 2009 mortgages have been very hard to obtain even for Bulgarian clients. Banks now have many more requirements for applicants to meet, interest rates are high and they only lend 50-60 per cent of the property price, the rest being covered by the buyer.

"As soon as the banks in Bulgaria start granting mortgages to foreigners, we will be the first to announce this and be able to help."

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