Quote:
Originally Posted by David howe
With all due respect Brian, mortgages here are not eaily gotten for foreigners and no one should enter into a contract before receiving written guarantee. Bank managers will promise you anything you want with the famous Romanian phrase of 'No problem' then show how incompetent they are when it comes to delivering.
Mortgages are also not available for companies unless proof of income and self employed people will not be considered.
Bottom line, mortgages are not simplistic and we have numerous clients who are testament to this.
On taking into consideratin the above, it can be done, but anyone entering into a pre-contract and reliant on a mortgage must have a clause subject to finance or they will lose their deposit
David Howe LLB. LLM
www,investmentromania.com
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Mortgages in Romania are no different then any other country when being a foreigner. Banks need to have their security for payment of the installments.
I agree totally that Romanian banks are more difficult, mortgages being fairly new to the market here.
Company wise, it is only logical, that newly formed companies will not be considered, not having any income to pay the mortgage. Its like a natural person without a job.
But for foreign investors their are many other possibilities to obtain a mortgage in Romania, and with better interest rates.