I purchased a property off-plan in Bulgaria over a year ago. I paid a 40% deposit and the balance I planned to take out a mortgage. I started this procedure a while back with a Morgage Broker In Bulgaria. But this seemed to be taking forever. In the meantime I got information from another source that the Banks over there were not paying out on the full valuation of properties in the Ski resorts and the Sunny Beach.
To quicken the mortgage I looked at mortgage companies here in England and I came across Connect Overseas on an Internet Search. They came up with a mortgage offer at the very high rate of 9%. So I paid an initial fee of 400. When I received the application I realised the Bank in Bulgaria (Invest Bank) would not pay out on the full valuation (from my previous source), so I called them and told that this was the case.
I was a little annoyed that they should already have this information surely, as they claim they are overseas mortgage experts. If I proceeded with this application it would have cost me another 600 Euros, on top of another 300 pounds to completion. Therefore I demanded my money back. They seemed unwilling to do. After making a fuss I was put through to a higher level Manager and promised he would come back to me with another mortage deal.
A few days later I got an offer of around 6.75 % repayment over 20 years and guaranteed the full amount. 3 weeks later I am still waiting for the application form. My emails go unanswered from this company. In the meantime my initial mortgage with the Bulgarian Brokers came (giving me 45%) and I have taken it. With the remaining 15% of the balance due in cash.
I have informed Connect Overseas on what has occurred and since no application has come through on this 2nd mortage offer that I do not wish to proceed any further, and I want my 400 back. I think the second offer was bogus, there was no proof, only an email with figures. I want to stop other people been taken in by this company.
Martin ****
London
United Kingdom
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