The decision to apply for a mortgage is difficult and this is explainable by the fact that the credit recipient undertakes a long – term money engagement for a real estate mortgage, without having a guarantee for their financial stability in a long-term aspect. We completely understand the troubles of our customers and we want their decisions to be correct and well-considered.
The mortgages can be different types according to their purpose: for purchase of a dwelling house, for construction, for repairs and reconstruction, for current needs, etc. The common between all of them is that for securing on the credit is used a real estate, not with standing whether it shall be purchased with the loaned resources or it is already owned by the credit applicant. It is important to be pointed that the credit can also be received against security (collateral) – a real estate that belongs to a third person, e.g. a relative of the credit applicant.
Depending on the ability of the credit applicant to prove his income, the mortgage credits are divided into proven and unproven income. This, of course, also predetermines the differences in the price and the interest rate of the loan, which is secured by the market value of the property. The interest rates at loans with proven income are two times lower from compared to these without proven income. Provide strong and certain income has been proven, banks can finance up to 90% of the market value of the property, while with insufficient creditability the amount is between 60% and 80% from the value of the property. The criteria of the banks for acceptance of the income of an applicant differ considerably. For instance, income considered proven by one bank, may not be acknowledged by another, and the client may be offered a product corresponding to the criteria applicable for the riskier clients with unproven income. There are often cases of different interpretation of the documents proving the clients’ income even within the branches the same bank, which is ironic but true.
It is important to find the right home and loan to match your plan or budget. Mortgages are used by investors wishing to make large value purchases of real estate without paying the entire value of the purchase up front or by individuals with limited financial capabilities. With available low interest mortgages, home ownership is not only a great source of pride, but can generate rental income and profits through price appreciation or can mean significant tax savings. Bulgarian mortgages with no lender fees are available for almost all the apartments offered by Nedev Ltd.
Increase your property portfolio
Why not consider using your capital to increase your property portfolio by buying several apartments instead of one? As an investor you should consider that you’ll gain money on the investment not only by price increases but also by renting out the property. The demand for rental properties is very high and therefore there is good income earning potential. The capital gains and rental incomes will most likely exceed the cost of the money used to finance your investment properties.
Earn profits by making alternative use of your money
If you chose to save your money and take out a mortgage you would have the alternative to invest the money in business which can provide returns much higher than the mortgage interest.
Increase your protection
The bank does a survey of the property to ensure that it acts as suitable collateral for the loan.
Using services of Nedev Ltd. you could save up to 100% of all lender fees
No additional collateral requirements
The only collateral needed is the apartment that you are buying itself — not other existing property or other assets.
Simple procedure, flexibility, and personal service
Nedev`s experts and solicitors handle all the administrative and legal paperwork on your behalf FREE of charge. You can apply before choosing a property so we can give you an approval in principal. You can arrange everything from home by telephone, or by email.
Use “All under one roof” service, offered by Nedev Ltd.
Our consultants give guidance throughout the entire process of searching for the right property, and, working to our customer’s requirements. The same team will make it possible to find the most reasonable conditions to obtain a mortgage, perform examinations of the money market, organize the book-keeping, provide legal services, maintenance, manage, repair, furnish, build, and resell property.
Sample list of Required documents
- Passport copy of the loan applicant
- Credit report consumer loans – credit cards overdrafts leasings for the last 12 months
- Credit report House mortgage loans for last the 12 months
- Statement from the main Bank Account for the last 12 months
- Copy of the labour agreement
- Certificate for paid taxes and absence of other government collection charges, issued by the Regional Tax Department
- Income tax form P 60
- Last employer’s payslip