| Valid from |
18th April 2008; Supersedes previous product offerings |
| Currency |
Euro |
| Loan security |
First charge on residential property / land in Bulgaria |
| Loan purpose |
Purchase, re-mortgage or equity release on residential property or land with residential planning permission in Bulgaria |
| Repayment method |
Capital & interest, or Interest Only
Collected by Direct Debit in Sterling from UK bank accounts or in Euros from Irish bank accounts |
| Interest rate |
One month Euribor plus fixed margin of: |
Initial rate (Current Euribor 4.37%) |
Overall cost for comparison* |
| Property - Capital & interest |
3.00% |
7.37% |
APR 7.98% |
| Property - Interest Only |
3.25% |
7.62% |
APR 8.34% |
| Land - Capital & interest |
3.50% |
7.87% |
APR 9.51% |
| Land - Interest Only |
3.75% |
8.12% |
APR 9.20% |
| |
* APR is calculated on a maximum term, minimum loan amount, non-company mortgage on an apartment at a Euribor rate of 4.37%
Updated 18th April 2008 |
| Maximum LTV (lower of purchase price or valuation) |
Property |
75% |
| Land |
60% |
| Term |
Property
- Capital & interest
|
to 25 years |
| Property - Interest Only |
to 10 years |
| Land - Capital & interest, or Interest Only |
to 5 years |
| Minimum loan amount |
Single or joint applicant(s)
|
€40,000 |
| Maximum loan amount |
No upper limit |
| Application fee |
Non-refundable: £125 for individual, joint or company applicants |
| Arrangement fee |
1% of loan amount for individuals; 2% for companies |
| Valuation fee |
£100 for apartments or land; contact us for houses |
| Legal fees |
Applicant is responsible for instructing a Bulgarian lawyer and their fees; and is responsible for the Bank’s legal costs |
| Early repayment charge |
3% in year 1, 2% in year 2, 1% in year 3 |
| Eligibility |
UK or Irish residents; or,
UK or Irish expatriates retaining UK or Irish banking facilities
Must be at least 21 years old at application (70 or under at loan maturity) with a clean credit history, and stable earnings
Applicants are assessed on individual affordability (up to 30% of projected certifiable rental income on the property to be mortgaged may be included when assessing status)
Companies: must be non-trading, incorporated in Bulgaria solely for the purpose of this transaction; a maximum of 2 members, who meet individual eligibility and guarantee the mortgage |
| Maximum number of joint applicants |
2 individuals - the property purchase and the mortgage application must be in joint names for married buyers |
| Building insurance |
Required |
| Life insurance |
Recommended, not mandatory |