Summary:
Urgent identification of mortgage lenders for real estate purchase in Bulgaria.
Details:
My wife and I would like to purchase a property in a skiing resort
town in Bulgaria. This should be relatively straightforward, however
it is complicated by the fact that we are Australian expatriates
living in Dubai. Neither Dubai banks nor Australian banks will lend
for mortgages in Eastern Europe. UK banks do appear to lend freely for property
purchases in Bulgaria, however it appears that you need to be a UK
citizen or resident in order to qualify for such mortgages.
We have a property in mind and we?re traveling to Bulgaria next week
to finalize, but we have been unable to identify a bank which will
lend to us. While we could purchase the property outright (and we will
if we have to) we are reluctant to have so much capital tied up in a
single property, and would much prefer to put down a sizable deposit
and to take out a mortgage for the balance.
We are in a high income bracket, pay no taxes due to our residency in
Dubai and have significant assets. In short, there will be no issue
with us meeting normal mortgage requirements if we can locate a
suitable lender.
Key points:
Target property: Bansko, Bulgaria
Property type: Apartment/condo to be purchased off-plan
Value: 200,000 Euro
Deposit: Any amount required (ideally 40% or less)
Loan period: 15 years+
Nationality: Australian
Currently resident: Dubai, United Arab Emirates
As we are flying from Dubai to Bulgaria in less than a week, please
consider this urgent. Please feel free to send us partial information
as it is obtained, we don?t expect a written report, just a qualified
list of financial institutions which in principle would be prepared to
lend in this situation.
I look forward to hearing from you. |
