BHL are now delighted to announce the entrance of their 7th lender into the Bulgarian property market.
Chris Downham, director of BHL commented “Mortgages had to become more accessible to foreign buyers, it was no good having a rampant property market if it was let down by finance, our lenders still have a long way to go, however, the rate of product development has been tremendous. Eight months ago no Bulgarian Bank had ever lent to foreigners, we now have 6 Bulgarian Banks and 1 Greek Bank on our panel. We have been involved in designing these mortgages and have ensured that they meet the needs of buyers. We can now get up to 80% loan to value, rates from 5.99%, unlimited adverse, interest only, no proof of income, multiple property purchases etc. Several of these mortgages are exclusive to us and hence we are in a strong position in the market”
BHL work with over 90% of developers and sales agents and are also happy to take introductions from mortgage advisers (and will pay a 0.25% procuration fee). Chris Downham said “Introducers are our life blood, our business has developed very quickly and we owe much of this to the support we have received from the Bulgarian property market”
It has not all been smooth sailing, BHL report many frustrations in working with Bulgarian banks. They have had to set up a chase team in Bulgaria with the specific task of chasing the banks, developers and lawyers. Chris Downham said “I used to be a mortgage broker in the UK, I did occasionally get frustrated with service yet after dealing in Bulgaria I will never complain about UK lenders again!”
