Bulgaria Mortgages
Those buying a property in Bulgaria are now able to benefit from mortgages, a recent addition to the financial market. Ensure you obtain up to date information on mortgages available from your Bulgaria solicitor.
Bulgarian mortgages are generally available to EU, North American and Eastern European nationals, subject to approval and valuation, and are obtainable from Bulgarian banks and lenders.
Your legal advisor can provide you with the appropriate Bulgaria mortgage information, but as a general guide, interest rates start at around 6.7%, the maximum amount available is in the region of 75% of the property price, lending terms are 25 years or up to age 70 - whichever comes earlier, and interest-only mortgages are also available in Bulgaria. Mortgage fees and expenses vary depending on the lender.
Bulgaria Tax
Buying property in Bulgaria is not necessarily the same as buying in the UK or Ireland and you should take independent legal advice, particularly with regard to Bulgarian tax information. As a general guide, you should allow between 3% and 4% of the purchase price to cover taxes and fees associated with the purchase. These include 2% Bulgarian state tax, similar to stamp duty.
Property buyers in Bulgaria require a local tax number and property owners may be liable for local and state taxes.
