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100% buy to let mortgages now available in Bulgaria
It is common knowledge that the Bulgarian property market is experiencing a property boom fuelled mostly by UK buyers .Bulgarian low prices, impending EU membership, increased tourism, and a growing stable economy has added to the popularity of the Bulgarian property market. Overseas property investors appear set to make good returns on their investments. The type of property investor has also changed with many first time overseas property buyers getting involved in the Bulgarian property market.
Where to invest in Bulgaria
There are in fact three main areas for investment: Coastal, Ski and City. The capital city of Sofia is set for a period of exciting sustained growth and is already an ideal centre for outsourcing with many blue chip multinational companies such as Capital One, Ford, General Motors and Sony etc that have set up their business in the large business parks in the city. In addition retail giants such as Marks & Spencer and Intersport have begun investing in Sofia, attracted by the large new malls that opened there recently.
This corporate activity has created a large demand for rental property to accommodate the 10,000 plus workers from these 165 plus companies, with the emphasis on high quality houses.
The first Bulgarian 100% mortgages
Getting on the first rung of the property ladder has never been harder with many Bulgarian mortgage providers requiring large deposits. One company has broken the mould with its offer of 100% non status mortgages on high spec detached houses aimed at the corporate rental market in Sofia. AJ Property Europe Ltd has made the move towards arranging 100% financing and with Bulgarian property demand still high it should prove a success. Steve Hodgson of AJ property ‘we are proud to announce a very unique and previously unheard of investment opportunity in one of the world’s biggest emerging markets Bulgaria. The standard purchasing method in Bulgaria is 70% mortgage and 30% deposit.
Not any more we can now offer for a limited period 100% non status Bulgarian mortgages’
The British overseas property agency is working exclusively with one Bulgarian property developer and together they bring an opportunity for potential investors to establish an overseas property portfolio without putting down a cash deposit.
Profits up for Bulgarian Banks
The Sofia Echo reports that Bulgarian-American Credit Bank (BACB) issued a report on October 9 on its third-quarter performance, saying that at the end of its September, its credit portfolio was 180 million Euros. Assets rose to 234 million Euros from 167.6 million Euros a year ago. Interest income was 16.9 million Euros. Profit increased to 12.4 million Euros against 7.5 million Euros a year earlier.
Young buyer’s mortgages
On October 5, Postbank announced a new product, a 35-year mortgage loan. This is the longest maturity offered by a local bank on this type of product. Only people younger than 30 may apply for the loan. Most mortgages offered by Bulgarian banks have a maturity of only up to 25 years.
On October 5, Postbank announced a new product, a 35-year mortgage loan. This is the longest maturity offered by a local bank on this type of product. Only people younger than 30 may apply for the loan. Most mortgages offered by Bulgarian banks have a maturity of only up to 25 years.
23/10/2006
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