Hi,

Myself and a business partner are looking to invest in a off-plan apartment, most likely in Cluj. We have a budget of around €70,000.

Im self employed here in London (I.T Consultant) and even though my wage is relatively high, I do not have an employment contract or 3 years worth of my company accounts. Does anyone know if Romanian lenders give non status mortgages? 75% of 70K is only €52500 so it isnt a bit mortgage anyway.

Any info on this topic would be appreciated.

many thanks
Cal

Hi,

For the moment this is not possible in Romania. No bank gives you mortgage but it will happen soon. It's just a matter of time.

Why don't you take the mortgage in UK because the APR is much better there. Here is about 8% as the loans business started in 2005-2006 and now it is very low but the competition is increasing.

2nd step is to open a local company here..it's very easy and it costs only 300 EUR.

Why do you opt for Cluj? The best area are Bucharest, Black Sea and mountain (Brasov)...Cluj is almost dead for the moment.

Should you need more help, don't hesitate to contact me. triplew.intnet.ro

Cheers

Hi thanks for the info

Is it possible to get a mortgage here in the UK for a property in Romania? I do not own a property here.

Also, yes we are intending to start a company in Romania. We like Cluj because we think it has good potential for growth in the future.

IT IS POSSIBLE to get mortgage in Romania even as a non-resident. One of the banks who provide these financial means is Volksbank, and they are probably the best since their competition doesn't cover 70% of the property value.
If you chose to become resident, then almost all the Romanian banks offer these services. However, becoming a resident implies a few taxes you have to pay to the Romanian state, so you should think about it and talk with a Romanian financial consultant before you jump into that train.
Regards,
Diana Marinescu

They do not, yet. But if you are buying off-plan then it is highly likely you will be able to get them in time. If not then you will have to buy through a company that you set up - very easy to do and then you can raise money, currently 80% LTV through that.

I don't know what sort of information you use, but we had clients who got mortgage in Romania.

There are mortgages available to non residents

__________________

Just to clarify - yes you can get mortgages as a non-resident, no you cant get self cert.

Eppiblue - As for investing in Cluj - an excellent idea, ***** are building there and need 15,000 people to start working for them by the end of next year. They are also funding part of the UNi and there are two other major players moving to the area. So if you are going to invest there, now is the chance, I just ran a development there and it sold out in 2hrs.

In fact everything is going up all over Romania, better to be more concerned about who you are buying from and what terms it is on.

I agree with you Accession. Cluj is very good opportunity and from next year, Brasov will develop greately.

Your right Trans, bought there already in Brasov, and just about to do it again - on the East side I think, where the motorway is coming anyway - also waiting for a good op in Cluj, so if you know of any....