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Mortgages Popular with Bulgarians

Dnevnik today reported that "Bank loans remained the most popular means of payment" for property transactions in Bulgaria, quoting data from Fincitybg. Fincity is a comparison portal for financial products and services in Bulgaria.

The report went on to say that even in the current economic downturn buyers of Bulgarian property were still using the standard mortgage to buy property as it gave both purchasers and vendors the most security. Buyers who were taking advantage of funding deals offered by the developers were usually those who could not provide proof of income to the banks or other lending institutions. Developers' finance packages were taken as the last resort.

Fincity's data went on to estimate the average amount borrowed was 9,100 BGN during the month of February and that most loans were for a five to ten year period.