Why is it so difficult to get a mortgage or a loan in Bulgaria?

What's an EGN?

@SimCityAT National Insurance number mate us lot dont get them.

@PedjaLU same thing if a Bulgarian rocks up to a bank in Luxembourg wanting a loan

There are countries that you have to be resident for 10 years until you can get a mortgage, this is so you can prove that you are valued customer of the bank and also to show a good credit score.

@SimCityAT way

it should be!

    @SimCityAT way
it should be!
   

    -@mickeyhart

The bank is only protecting it's interests, so yes it makes sense.

@SimCityAT whats it like up your way in austria then?

    @SimCityAT whats it lik up your way in austria then?
   

    -@mickeyhart

People tend to rent more, but it has been made harder to get a mortgage recently even for Austrian citizens. So the market has slowed down somewhat.

A few years back it was relatively easy to get one. I've never needed one, although I was offered one when I was buying my house the full purchase price while I was waiting for the money transfer from the UK. I declined as I was not going to pay on interest on something that I didn't need. Saying that, it was up to the bank managers discretion and he was a family friend of my other half.

@mickeyhart well,at least they will have a chance to obtain a loan there.

@SimCityAT Even if I was a resident for 10 years or more. They would still refuse it for not having a national insurance number. Also what is the point of having a permanent resident then? Somehow it doesn't make sense.

    @SimCityAT Even if I was a resident for 10 years or more. They would still refuse it for not having a national insurance number. Also what is the point of having a permanent resident then? Somehow it doesn't make sense.
   

    -@PedjaLU

Make sense? Well if it is the law/rules then it must make sense to someone.

I am not sure a lawyer could do much either for you.

Could you get a loan from your home country?

@SimCityAT At the end, nothing makes sense here. It kinda sucks to get a lawyer for all of this.. in my home country I am able to get a loan if I have an income or at least a working contract. I thought that an EU permanent resident and a BG citizen have basically the same rights except for voting in this country, no?

You can get your wife to open an account in her name, and then add your name to the account, giving you full powers to operate the account as though it were your own; you can use your foreigner's Personal Number (ЛНЧ) and/or passport number as ID.  You can then also open another account at the same bank, with you as the main named account holder and her as the subsidiary if you want/need to.  That's how I run my accounts here in BG.

@JimJ We have tried it this method, unfortunately it is not possible as a self-employed. She is self-employed and has been on a maternity leave. She is not able to get a mortgage at all. This means she will have to be employeed by a company to work as an employee there or to be an owner of a business, then she will be eligible for a loan.