Regency View Luxury Apartments


		When purchasing an apartment in Bulgaria, there are local property purchase tax and legal fees to pay. These amount to around 3% of the purchase price. Additionally on transfer of the title deeds, there is a legal requirement to pay the Bulgarian government VAT at a rate of 20%. It is common practice in Bulgaria for developers to declare a lower sale price on the notary deeds than that actually paid by the buyer . This is termed ‘under declaration’ and is employed by the developer to avoid payment of full VAT. This can have serious repercussions for the purchaser at a later date. For this reason Broad Development Ltd’s price is fully inclusive of VAT.

		Mortgages are available to UK buyers wanting to invest in the Bulgarian property market and more recently ‘buy to let’ mortgages have also become available. The availability of the new ‘buy to let’ mortgages open up the market to the many UK buyers who previously wanted to invest in ‘buy to let’ properties but were restricted by lack of funding. Unlike the previous mortgages available which were based on annual income and featured fairly restrictive terms, the ‘buy to let’ mortgage is based solely on the value of the Bulgarian property and its rental potential. The mortgage rate is around 7% variable and the loan value available is 30%-70%, with a maximum loan value of 200,000 euros. All mortgages are full repayment types and the loan period is between a minimum of 5 and a maximum of 20 years. Applicants must be at least 21 years of age on mortgage commencement and no more than 70 years old on completion. After six months the client may apply for another mortgage with the total credit available being 300,000 euros. For further information please contact Peter Chapell on 0151 356 9443 or e-mail www.mortgageforce.co.uk Please remember as in the UK your home is at risk if you do not keep up repayments on a mortgage or other finance secured on your Bulgarian property.