Mortgages Uncovered

Recently, a friend of mine has been looking at Bulgarian real estate and this raised a few questions about getting mortgages for property abroad. If you’re looking to buy property in Bulgaria or anywhere else, for whatever reason, here are our basic tips:

Professional advice

Be sure to take professional advise for a stress free purchase. Be sure your lawyer can speak both English and the native language. There are often different laws in other countries, such as in Spain you have to have a will before you can buy a house, and you can inherit debts from the person you buy the house from.

Costs

Be sure your lawyer can advise you on all the legal costs and issues. Be careful not to miss any payments – foreign banks can be worse than ours. Another tip – if you’re buying that house for a holiday let, check before advertising in the UK what the tax implications are as you could be liable in both the UK and the foreign country

Making an offer

The offer process can be different in other countries, so be very clear about what you want to pay, the deposit and when you can complete and pay. Put everything in writing, including what you think will be included in the price.

More mortgage information:
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