General Terms and Conditions

General Provisions

These General Terms and Conditions regulate the rules for using the services provided by “Newton – Mortgage Consultants” OOD (NEWTON) in its capacity as credit intermediary who provides assistance and intermediation when applying for a bank credit, as well as the relationship between NEWTON, the consumers and the commercial banks.

By accessing the web page of NEWTON – www.newton.bg you declare that you are acquainted with these General Terms and Conditions, you understand them, you accept them completely and you undertake to comply with them.

Who are we?

“Newton – Mortgage Consultants” OOD, UIC 203517550, is a commercial company with its seat and management address in Sofia, Sredets District, 91 Vasil Levski Blvd., floor 2, apt. 8, represented jointly and severally by its managers Mayia Ivaylova Nencheva and Maria Ivanova Muhchieva.

NEWTON is a registered credit intermediary under the Act on Credits for Immovable Properties of Consumers and Ordinance No. 19 of 20 October 2016 about the credit intermediaries. The Company is registered at the Register of Credit Intermediaries of the Bulgarian National Bank (“BNB”) under Reg. No. № BCI00005 and order for registration 17405/06.02.2017. You can check the registration of NEWTON as credit intermediary on the web page of the BNB, section “Bank Supervision”, subsection “Credit Intermediaries”.

NEWTON is authorized to provide intermediation with products and services offered by any commercial bank which is exercising its activity in the Republic of Bulgaria in compliance with the bank legislation and which under a signed contract with “Newton – Mortgage Consultants” OOD has accepted to grant bank credits through intermediation according to its credit policy and credit legislation.

NEWTON does not offer a service for giving advice in providing individual recommendations to the client in relation to the client’s choice of a specific credit.

Who is the consumer of the credit intermediation services provided by us?

“Consumer” of the credit intermediation services provided by NEWTON is any individual or legal entity who are cooperating with their selected credit consultant with “Newton – Mortgage Consultants” OOD in order to obtain assistance and intermediation when applying for a bank credit.

The consumer has the right to contact their selected credit consultant with NEWTON and seek the consultant’s expert opinion about the opportunities to receive a bank credit within specific parameters, respectively – to apply for such credit.

When applying for a credit the consumer shall provide complete and correct information to the credit consultant – including without limitation: personal data, property and marital status, employment, income, credit status, copies of the necessary documents, etc.

Who are our credit consultants?

“Credit Consultant” with NEWTON is any employee of NEWTON employed under an employment or civil legal relationship, who is an expert in the area of banking or crediting and who has undertaken in good faith and competently to assist and mediate with the consumers of NEWTON when they are applying for bank credits under the effective legislation.

The credit consultant may request from the consumer all necessary information in relation to its application for bank credit, the consultant shall not be responsible for the integrity and truthfulness of the information and the copies of the documents provided by the consumer and he or she may refuse to assist if the requested information or copies of documents are not provided or incorrect or incomplete documents and information are provided.

The credit consultant undertakes to provide competent assistance and intermediation to the consumer in relation to their application for a bank credit on the basis of the information and the copies of documents provided by the consumer, by disclosing objectively and thoroughly in a manner understandable for the consumer all terms and conditions and circumstances in relation to the bank credit for which the consumer is applying.

The credit consultant with NEWTON is not responsible for the outcome of the application for the bank credit. The responsibility of the credit consultant is limited to providing competent assistance and intermediation.

Payments to NEWTON

The consumer – borrower shall not pay any commission and/or any fees to the credit consultant of NEWTON or to NEWTON for the information and/or assistance provided to it.

NEWTON receives commission by the partner – commercial bank only in the event of an actually granted bank credit – in amounts agreed upon by NEWTON and the respective bank.

The consumer shall transfer to the bank selected by it all fees and expenses in their full amount due by it for processing documents, surveys, assessments, etc. which the respective bank charges according to its commercial policy and tariffs.

Procedures for filing and handling complaints

A complaint is any objection received under the rules and conditions of these General Terms and Conditions by a consumer regarding the breach of its legal rights and interests in relation to services for credit intermediation offered and provided by NEWTON.

If you wish to file a complaint or you are not satisfied with the service provided by NEWTON, you may inform us in the following manners:

• At the management address of the Company (on site or by post) – Sofia 1000, District of Sredets, 91 Vasil Levski Blvd., floor 2, apt. 8;
• By e-mail at– office@newton.bg;
• By telephone – 0898 526 826;

The complaint shall be prepared in Bulgarian and it shall contain:An addressee;

• Full name of the consumer;
• Your mailing address, email address and current telephone number for contact;
• Statement of the circumstances on which the complaint is based;
• The substance of your request;
• Manner to receive a response;
• Signature and date.

A copy of a notarized power of attorney shall be enclosed to the complaint when it is filed by a proxy.

The time for response depends on the complexity of the issue and the necessary inspection where we shall comply with the legally established term for response of 30 (thirty) days.

Manners of Alternative Dispute Resolution

When the decision within the internal procedure for filing complaints is not satisfactory to you, you may refer the dispute to the respective competent authority for alternative consumer disputes resolution under Art. 64, Paragraph 1 of the Act on Credits for Immovable Properties of Consumers /sector conciliation commission, established under chapter nine, section three of the Consumer Protection Act/. The filing of objection or complaint in relation to a credit agreement for real estate property is not a mandatory prerequisite for initiating a conciliation procedure.

You may refer to the sector conciliation commission with the Consumer Protection Commission by filing a written complaint to the Consumer Protection Commission. The application and its accompanying documents may be submitted by email or online through the internet page of the Consumer Protection Commission.

Additionally, in the event when you consider that your lawful rights have been breached, you have the right to request assistance from the Consumer Protection Commission (CPC) by filing a complaint or alert to its official email address: www,kzp.bg

Rights and Responsibilities

The team of NEWTON reserves the right to change the design, content, technologies and functionalities of the web page at any time, including to suspend part of or all of the services temporarily or finally in order to redesign, include an additional functionality or in any other manner.

The team of NEWTON reserves the right to publish advertising materials on the web page in a manner it finds appropriate and it shall not be responsible for the content of the advertising materials – as far as they do not constitute an obvious breach of law.

The team of NEWTON limits its liability to the provision of correct and objective intermediation when applying for granting a bank credit based on the information and copies of documents expressly submitted by the consumer. The team of NEWTON shall not be responsible when the consumer fails to provide complete, correct and timely information to the credit consultant and it shall not be responsible for the assessment of the respective commercial bank or for changes in its credit policy.

Additional Provisions

All disputes resulting from these General Terms and Conditions or referring to them, including disputes regarding their interpretation, invalidity, performance or termination, as well as the disputes for completion of omissions in them or their adaption to newly occurred circumstances shall be resolved by reasonable negotiations between the parties and in the event of failure to find a resolution – by the Bulgarian court in compliance with the applicable Bulgarian law.

NEWTON preserves the right to amend these General Terms and Conditions whereof you will be notified through publication on the web page.

These General Terms and Conditions shall come into effect on the date of publishing their latest update on the official web page of NEWTON.

The latest update of the General Terms and Conditions was made on 31st of January 2020.