Buying on pay monthly

Welcome to the forum.

Could you please give more information as to what you are looking to buy. That way others may reply.

We are hoping to buy a property as initially a holiday home with a view to moving over permanently within the next 5 years
The pay monthly option is attractive but can't help feeling there will be problems with it
The pros for this is we would get more house/better spec than buying cash as it increases the budget available
Helen

You are looking for mortgage. You won't have any problems with this option. Keep in mind that the banks will want the first installment to be between 20-30% of the property's price.  After that you'll have monthly installments agreed on a payment plan. The property will be with mortgage to the bank as for leverage.

Hi Lotsofwalks!

If you are referring to buying from an owner, thru a realtor, the slope can get slippery.
This program will give you excellent advice.
https://youtu.be/pcYy16yHJpQ?t=15https://youtu.be/pcYy16yHJpQ
If my link doesn't pop up, just use t your search engine
It's called buying property in Bulgaria, and it's in 3 parts. it's an interview conducted by a British journalist, with a Bulgarian lawyer
Hope this helps.
Cheers.
V

I did it and had no problems paying monthly.

Thankyou
I will definitely check that out

Thankyou
How long did you pay it over
Did you live in it or use for holidays
Sorry to be so nosey 🤣

I bought a house near Pleven on pay monthly  with Mowlem.Eu
Just completed last month after 2 years with no interest paid. I did wonder at the start if it was too good to be true but I had no problems. They were very helpful with airport  transfers, accommodation and viewings.
That's my honest personal experience.
Gerald

I had 2 properties one near Pleven and one near Ruse district, one I decided being too small with more work than I wanted to do, I had payment terms for 36 months, near the latter payment I went out to sign the notoriety, everything was done at the local town hall the payments went directly out my bank via bacs transfer check out your bank charges my bank was £30 more than my partners so I set it up with her bank, I have had the house around 5 years 95% renovated I have had a few security issues but I have a local guy who looks after the house when I'm in the UK, if I was able to come out and live permanently I know I would not have any issues. Any questions I can help you with I will? Cheers Steve.

That's brilliant
Thankyou
Coming over next month
Very excited to see the country
Helen

That's great
We are very keen to have a look around
My partners friend lives there and has for a few years so we are coming over next month for a few days to stay with him and look around
I really like the pay monthly idea
I'm glad people have had good experiences
Helen

@trnrger hi I have awful credit thank you my ex partner which I'm trying to sort but have a deposit will they still look at monthly option

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@Lotsofwalks

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@taggartlynn0211 that sounds good are they 3/4 beds at all

@Damyan Vasilev

Where are they pls hunxx

@taggartlynn0211 brillant what are u selling now then or what company did u use plsxxx

@amyellashay

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@amyellashay where in B.G are you thinking of living.

@amyellashay where in B.G are you planning

Maybe somewhere close to a town. Or the sea. Or a village

Hello everyone,

Please note that if members are looking for property or have property for sale, a proper advert should be created in the Housing in Bulgaria section.

Thank you in advance

Bhavna

hi I have awful credit thank you my ex partner which I'm trying to sort but have a deposit will they still look at monthly option
   

    -@amyellashay

If you go with pay-monthly, for example with some of the UK ebay sellers who offer this, in most cases it's not a mortgage but more like a rent-to-buy scheme. There's no credit check. You get the right to use the property straight away, but ownership transfers after the final payment.

There will be a clause in the contract saying that if you miss payments, all rights to the property revert to the seller and you lose what you already paid, so only go this route if you're sure you'll be able to meet the repayments.

If someone offers you a pay-monthly arrangement but there's no proper contract laying out all the conditions and the time period for monthly payments, be cautious. The company I used to buy mine (Bulgaria Direct) have a very thorough pay-monthly contract in both English and Bulgarian.

@janemulberry

We had our paper work drawn up by a Solicitor in Vratsa that we use. She is Bulgarian but speaks English. We have a lovely 2 bed house with 21/2 acres of land and a large out building that needs doing up. We are now selling on rent to buy . Our solicitor will do all paper work

@taggartlynn0211

Excellent! I wasn't trying to imply anyone posting here was doing anything dodgy, just that there are people out there who are.

Your place sounds wonderful.

@janemulberry

We know that too well had a buyer for the house paid for all paperwork to be done then they pulled out at last minute. Researched into them and they had done it to 4 other people.

@janemulberry

Yes that is true the contract is in English and Bulgarian. If you miss payments then anything you have paid is then null invoid this should all be written in the contract. Also you do not get the deeds until the house is paid for.

I'm sorry you had the bad experience with that buyer who let you down, Lynn. There are dodgy game-playing buyers out there, too.

The contract you're offering buyers sounds very much like what the seller I bought from offered. Expectations and responsibilities on both sides laid out clearly in both languages. I think a properly done pay-monthly is a wonderful option for buyers who know they can meet the repayments but either don't have the cash to pay up front or don't want to pay upfront.

I hope you find a good buyer soon.

@janemulberry

Thank you  jane

@Lotsofwalks

We lived in it

@Lotsofwalks

We paid it off in less then a year. We are giving the option 2 or 3 years on our house.