Pirin Golf & Country Club mortgages available
2008-05-09. London, United Kingdom

Due to the increased interest and as part of their Pirin Golf services coming free , FIRST BULGARIA™ are bringing to the attention of all potential clients the following Mortgage product , available through a UK based banking institution...


STANDARD OVERSEAS MORTGAGE PRODUCT
for Pirin Golf & Country Club , Bansko Razlog, BULGARIA
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
Property 75%
Land 60%
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

FIRST BULGARIA™ do NOT charge for liasing clients with banking institutions, or while extending additional logistic support in the sales process for its clients.
Please note that if a client does not have lawyers with experience in Bulgarian property law , FIRST BULGARIA™ will provide (on our client`s request only) a list of reputable UK or Bulgarian based solicitors to choose form and act on our client`s behalf in making the necessary mortgage and other acquisition arrangements.

Mortgage products from Bulgarian based banks are available as well.



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