Quote:
Originally Posted by C_B_H
Hi
I recomend you to purshase a Buy to Let property in Bulgaria. You can find a bank to finance 100% from the purshase price to your property,but I recomendet a banks with 20% mortage deposit.
THERE IS EASY TO RENT AND RESALE.
IF YOU ARE INTERESTED SEND ME PERSONAL MASSAGE
|
Hi CBH,
I refute your assumptions. I have a colleague who owns 17 properties, and 18 months ago put down 30% deposits on 3 apartments in Bulgaria. The developer now can't raise the 70% mortgages he needs to complete, and he stands to lose his total deposits if he can't complete within a month (that's a potential loss of around £60,000!)
He has sufficient capital to buy two outright, but he didn't plan to use this capital for Bulgaria. I have spent the last week asking a forum of 3,300 investors for help. He has three leads - 2 in London and 1 in Bulgaria, but it's not right to say, in February 2008, that you can easily get a mortgage for Bulgarian property.
If you can help me by directing me to a mortgage company that you KNOW has been able to produce 70% mortgages for UK investors for their Bulgarian properties, I would be grateful to be proven wrong.
This does not only apply to Bulgaria. As the credit crunch bites worldwide, many lenders are changing their criteria, with little notice to investors who have committed their deposits, expecting to obtain the remainder funds required on a mortgage, and some are now finding they have to complete for cash.
Moral of the story - don't buy offplan what you can't afford to buy at completion, or risk your deposit monies.
It's also not right to advise that these can be easily resold. They can't. There are thousands of them being built, and there's currently no apparent resale market out there, especially for flats.
