The United Bulgarian Bank (UBB) is offering a refinancing option for all refinanced mortgage loans that originated with other banks.

UBB will give a discount of 1 percent of the loan amount, up to BGN 500. The promotion also includes zero fees in the application and approval process on loans disbursed before Aug. 15, according to a press release.

Homeowners can choose from two different loan products. The first offer consists of a 4 percent fixed-rate loan for the first three years, followed by a variable rate for the remainder of the loan. The variable rate is based on the six-month Sofia Interbank Offered Rate (SOFIBOR) plus a 4 percent fixed margin. The second loan choice is a 4.293 percent variable rate in Bulgarian Levs, which is based on the six-month SOFIBOR and a fixed margin.

Homeowners may also consolidate other loans or take money out of their property when refinancing existing mortgage loans that originated with other banks. The new mortgage loan requires homeowners to maintain property insurance.

The UBB promotional program is valid on mortgage loans disbursed between April 24 and Aug. 15.