Bulgaria Mortgages

All UK and Irish residents will be entitled to a mortgage provided they are over 21 years of age or under 70 upon maturity of the loan. Mortgages are also available to companies against the personal guarantee of the company's UK beneficial owners. Other terms may apply for company loans.



Current Interest Rate

7.5%, variable

Loan to Value

Up to 70% of the valuation price


5-15 years

Minimum Amount

EUR 40,000 - No maximum (Generally)


Full status only

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Loan Security

Agreement subject to pledge over company's assets (for company loans) and personal guarantees of beneficial owners (for company loans).
Repayment Method

Capital plus interest, in equal monthly installments.

Early Repayment

For early repayment of a mortgage within 3 years of completion, you must expect a fee to be charged. This fee will be approximately 3% in the first year following completion, 2% in year 2 and 1% in year 3 of the outstanding balance of loan.


Arrangement fee

Approx 1%

Building Insurance

Fire, flood and earthquake

Contents Insurance


Life insurance

Not required


Borrower subject to legal fees, costs, as well as admin and valuation fees. In addition, the maximum Notary fee ever payable is €1,500.

Case Study

It must be noted that the example below is for indication purposes only. A full illustration can be provided by the financier at application stage. Figures are also a guideline only, as can vary between lenders.

Repayment Type

Capital repayment

Loan Amount

Up to 80% of purchase price or valuation (whichever is lower)


15 years

Interest Rate

6.2 – 9.5%

Building & Contents Ins

€200 (required annually)

Arrangement fee

€500 (1% of loan amount)

Application Fee


Legal Fees

€2,000 (Approximation)

Notary Registration< Fee




€299.00 (€53,750.00 over 180 months) *

Initial Costs

€3,100.00 (including insurance)

Annual Costs

€200.00 (insurance) **
* Changes in the exchange and interest rates may increase the monthly repayments and the sterling equivalent of your debt. Examples calculated to nearest round number.
** Annual costs do not include maintenance, tax and other fees incurred on your property outside the mortgage agreement structure.

Recommended Documents

  • For Proof of Income:
  • Copy of your passport(s)
  • Last 3 months pay slips
  • Last P60 and letter from employer confirming annual salary and length of service
  • Bank reference letter
  • 3 months bank statements
  • Breakdown of assets and liabilities and monthly commitment to borrowings
  • Self-Employed borrowers:
  • Previous years tax return
  • Last 3 years accounts
  • Letter from accountant confirming your profit figure and taxes as up to date
  • Proof of income is required in all cases and can be made up of earned income, pension, investment or rental income. Please note however, the lender will not always take all or part of this income into account when determining the maximum loan available.
  • Non-status / self-certificated or limited proof of income loans are currently not available.

How your loan is calculated

Your loan is based on your joint net income and is calculated on an affordability basis. All your existing liabilities, including any mortgage/rent payments, personal and bank loans, credit card payments (if the balance is not cleared on a monthly basis) and any maintenance payments together with your proposed Bulgarian mortgage payments must not exceed 40% of your net monthly income (Example: Net joint monthly income £2,500 x 40% of that figure is £1,000 minus existing monthly mortgage payment £300 - No other liabilities. This leaves a balance of £700 for a proposed Bulgarian mortgage payment).

Company Ownership of Land

In Bulgaria, although a foreign legal entity (Ltd, joint stock company etc) is entitled to own titles of land, a foreign person is not. However, a foreign person may have full rights on a building, as he/she may own title of a building without owning the underlying land.

If applying for a loan to a Bulgarian Company of which you are the beneficial owner, you will be required to guarantee the loan. The Lender will expect you to receive independent legal advice from a solicitor in the UK concerning the guarantee and confirmation from the solicitors that they have indeed advised you independently (both documents included within the Guarantee). Be aware that the Lawyer/Notary may be incorporating, within his charges, costs for assigning the mortgage and you should establish with the Lawyer and/or Notary the actual cost before proceeding with the loan application.

Other Procedures

You must ensure you have the full title to the property upon completion and the appropriate documents must be available for your lender. Finance will be granted only for completed apartments where the State Acceptance Commission has issued a valid “Use Permission Certificate”.
You may choose to use the lender’s solicitor in Bulgaria as your own representative. If this is the case, you will need to specify this in the mortgage application. Your relationship with the solicitor will be totally separate from that of the lender and the solicitor.

The completion of a Bulgarian mortgage takes place in front of an appointed Bulgarian Notary officer and all representatives of the parties to the mortgage need to be present. A power of attorney will need to be presented to the lender in good time before completion – a draft document will be provided by the lender.

If you intend to be present at the completion to sign all the relevant documents and you do not understand the Bulgarian language, a translator will be required to respond to the Notary. The translator will also be required to sign the notary deed.

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When considering a buying property in Bulgaria, you are well advised to get expert mortgage advice from a mortgage broker.

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