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SHEEN LTD. BULGARIAN MORTGAGE SERVICE
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Loan purpose |
Purchase, re-mortgage or equity release on residential property or land with planning permission in Bulgaria |
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Interest rate |
Fixed margin of 3.45% above variable ECB base rate. 3.7% fixed margin above ECB base rate for interest only option |
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Currency |
Euro |
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Maximum LTV (based on lower of the valuation or purchase price) |
75% for loans €100,000 +
70% for loans €40,000 to €99,999
60% loans on land only |
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Term |
5 to 25 years |
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Minimum loan amount |
25,000 Euros |
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Maximum loan amount |
No upper limit |
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Rental income |
Up to 20% of rental income may be taken into account on the property to be mortgaged when assessing status |
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Minimum age |
21 |
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Maximum age |
65 on maturity of the loan |
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Maximum applicants |
4 |
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Married applicants |
In Bulgaria married buyers own the property jointly, therefore the property purchase (and therefore the mortgage application) should be in joint names |
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Eligibility |
UK or Irish nationals
Expatriates retaining UK banking facilities |
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Repayment method |
Capital & interest |
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Interest only option |
For first year |
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Limited company purchase |
Optional, these should be non trading, formed solely for the purpose of this transaction |
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Loan security |
First charge on residential property / land in Bulgaria |
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Building insurance |
Via lender's nominated insurers. |
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Life insurance |
Recommended, not mandatory |
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Application fee |
£395 per application. |
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Arrangement fee |
1% of loan amount for individuals and 1.5% for Company loans (minimum £500) on successful Application |
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Valuation fee |
Payable by applicant |
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Legal fees |
Applicant is responsible for instructing a Bulgarian lawyer and all fees in this regard. In addition applicants are responsible for the Bank’s legal costs |
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Early repayment fee
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3% in year 1, 2% in year 2 |
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