Latest News from Bulgarian Hot Property

New Mortgage Deal Available From Bulgarian Home Loans

Bulgarian Hot Property is pleased to announce their latest partnership with Bulgarian Home Loans. Mortgages can now be secured on Bulgarian or British property at very preferential rates.

Bulgarian Home Loans, the UKs first specialist Bulgarian Mortgage broker. We are committed to providing you with the highest standard of service and have an unrivalled knowledge of the UK and Bulgarian residential finance market.

OPTIONS

1) Release equity from your UK home(or possibly a foreign property) in order to purchase the Bulgarian property in cash. Our sister company Simplicity Financial Services www.simplicityfinancial.com is an independent UK mortgage brokerage that can provide any U.K. mortgage solution. There are thousands of options available and as independent advisers we are able to advise on the whole of the market. This may well be the most cost effective option but depends on your current arrangements etc. Call or mail us to discuss this option further.

2) Secure a mortgage on your Bulgarian Property. The first lender is a Greek bank called Piraeus, they were the first lender to enter the market. It takes
approximately 12 weeks to complete a mortgage with them so do not leave things to the last minute. It is a good mortgage however, they use a full status calculation to decide how much you can borrow, this can be quite restrictive. They will take 40% of your monthly net income and then deduct from this your UK monthly payments for personal loans, credit cards and mortgage. The amount that is left over (if any) is the amount you can commit towards a Piraeus mortgage on a monthly basis. This product is often hard for the self employed, low income earners and those with high monthly commitments to obtain.

3) The final option is via DSK bank. The largest retail bank in Bulgaria it is owned by Hungarian bank OTP. DSK are the first Bulgarian bank to actively target the UK market and are doing so by using the packaging services of ourselves. The mortgage only went live on the 1st of July 2005 and we are expecting some teething problems as the bank get used to dealing with UK customers. The language and cultural barriers are significant yet we are working hard to ensure that our clients receive a good service. The advantage with this mortgage is that it is not strict regarding the status of the applicant however, it is not self cert. They are also prepared to meet staged payments so long as the developer is approved by the bank. We are working with them to ascertain which developers are approved and how new developers become approved.

September 2005

New Flights to Bulgaria

New low cost airline Wizzair fly from Manchester and Luton to Sofia (Bulgaria) via Budapest.

Preferential Currency Exchange Rates From Currencies4less

Investor News

Bulgaria - "The Next Real-Estate Hotspot"

Novinite posting

Business

Villas overlooking the Black Sea and flats in the Bulgarian capital, Sofia are temptingly cheap properties for sale in Bulgaria, writes Matthew Lynnm, a columnist for Bloomberg News, in an article entitled "Bulgaria Looms as the Next Real-Estate Hotspot".

"Now you can take a chance on the market without going to the trouble of dealing with real-estate agents and lawyers. Several recent initial public offerings in London have been designed to raise money for the booming property market of Bulgaria. Some other share sales were aimed at the Russian market."

According to the author it is a long time before Eastern Europe's real-estate boom stall as population growth wanes. Until then rapidly modernizing economies, rising investment and asset prices, and booming tourism, guarantee that property values will be climbing for years.

The article cites a Bloomberg News survey of five economists in August, according to which the Bulgarian economy may expand 5 percent.

"Inflation is subdued and the government aims to join the European Union by 2007 and to sign up for the euro by 2010. There is little to make investors feel nervous."