I've got an unusual dilemma. I bought 2 off plan apartments in a ski resort (Bansko). I had calculated that I'd be paying the normal 6.5% interest, so everything looked great.

However, I have lived in Asia for 6 years and this had seriously affected my credit rating. So the finance company is saying I have to pay 9.9% on my 2 x 20 year mortgages !

I've already paid 30,000 pound the 30% desposits on both apartments. I've never missed a payment on my student loan (which is paid) and have very rarely even used my credit card. However, the lack of a P60 seems to give the Bulgaria bank an excuse to strong arm me into this 9.9% interest mortgage.

The finance company says that this is the only bank that will give me a mortgage, too be honest I don't know whether to believe them. Has anyone else had a similar problem ?

I have a few questions I hope someone could kindly help me with:

I have 6.5% five year rental guarantees on both properties (170,000 Euro combined), however if I'm paying 9.9% then those guarantees wont cover the mortgage payments.....I'm planning to keep these properites for at least 5 years

* Is it better for me to do an interest only mortgage for 3 years to get a credit history and then get a better rate after that ?

or

* Get a full mortgage at 9.9% for 3 years (which I can cover) then go for the better rate ?

* Is it possible to switch the mortgage to a joint mortgage with my father ? or would the mortgage have to be solely in his name ?

I'd apprieciate any input on this...thanks in advance