Mortgages in Romania are now available to non-Romanian citizens.
For those looking to invest in a property in Romania, the most typical route (to date) for raising funds has been remortgaging or equity release on the primary residence in the UK. Such a process is common, straightforward and uncomplicated.

As always when purchasing a European property, or any property abroad, one needs a good understanding of the laws and processes that apply to that country as they will certainly differ from the UK. This is the case with Romania so good, impartial advice regarding the purchasing process including all legal aspects is vital.

Please see below detailed information on mortgages currently available in Romania:

• APR: From 6.8%
• Duration: Up to 25 years
• Minimum Deposit: 25% of the property price
• Administration fee:
• Apartment: 150 euros / House or land: 200 euros+
• 2.0% of the lent amount (minimum: 150 euros)
• Building and life insurance: 0.03% of the value of the property (re-evalued every year) To be paid on a monthly basis
• Early settlement fee: 2.0% of the settled amount (minimum 100 euros)
• Criteria of eligibility Age: < 65 years
  

How to get a mortgage in Romania: Step-by-Step Guide
You will find below a step-by-step guide to obtain a mortgage in Romania.
Romanian Properties Ltd will help you through every stage of your mortgage application.

1st Step: Gather the following documents

1. Cover Letter
• The cover letter should state: "Mr/Mrs/Ms ... is employed since ... by .... on a permanent basis with a monthly net salary of ..."
• The cover letter needs to be certified by a solicitor in the United Kingdom.
• The cover letter then needs to be translated in Romanian and legalized by a Romanian solicitor
2. Copy of your employment contract
3. Copy of your passport
   

2nd Step: Open a bank account
You will be requested to go to the local bank in Romania with your passport to open a bank account.

3rd Step: Pre-offer
The bank will provide you with a pre-offer stating the mortgage amount that you can get.

4th Step: Pre-contract
Once you have made the decision of which property you wish to purchase, a local solicitor will write the pre-contract in English and Romanian between the seller and yourself.
The pre-contract will mention the price of the property as well as the deposit payment.

1,000 euros deposit will be required to be paid when you sign the pre-contract. 25% of the property price (minus 1,000 euros) will be required to be paid cash when you sign the final contract. 75% will be transferred by the bank to the seller once the final selling contract is signed.