The cost of mortgage lending in Bulgaria continues to increase, reaching a growth of 1.5% in some cases so far in 2008, Tihomir Toshev, chairman of the association of credit consultants, was quoted as saying by news agency BTA.

He said the growth momentum on Bulgaria's credit market comes mainly from loans extended in 2007. Toshev noted that some banks have adjusted upwards their mortgage rates on no less than three occasions so far in 2008. He blamed the trend on resource constraints, cracks in the mutual trust between banks and the international financial crisis.