Half of Bulgarian Borrowers Not Informed of Mortgage Loans Terms

Business | April 15, 2014, Tuesday // 12:07| Views: | Comments: 0
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Bulgaria: Half of Bulgarian Borrowers Not Informed of Mortgage Loans Terms File photo.

Some 46 % of Bulgarians lack information as to how interest rates on their mortgage loans are calculated, according to expert Ivan Stoykov.

Loan frauds are common, however in some cases consumers are the ones to be blamed as they are not interested enough in the credit terms, Stoykov told Bulgarian National Radio.

According to a survey of the financial website MoitePari.bg, 44% of borrowers believe that their interest rate is fixed for the entire term of the loan, although such a product is not available at all.

A total of 42% of the polled are not interested in mortgage loans, which is a curious trend, senior analyst Ivan Stoykov said.

Stoykov notes the positive tendency of an increasing financial literacy among consumers who choose to turn to credit consultants for advice and recommendations when applying for loans.

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