I hope this is useful to you. I'll keep it short and to the point.
The Market: The Romanian mortgage market is growing extremely quickly at present, with most of the growth in products for domestic buyers.
Two banks are in the market for offering finance to non resident foreign investors, and the number and quality of products available continues to improve, however to my knowledge there are no refinancing mortgages available yet.
If you are a resident, situation changes, as you can ask credit from any bank that has this service available.
Piraeus could potential offer a great service to UK investors, as they have a London base and could theoretically do credit risk analysis from the UK, with lending in Romania. This has been 'on the cards' for the last year, so we're not holding our breath. However a small degree of action from their side could result in a large flow of business in their direction. We'll wait and see.
Volksbank are very open and approachable, and willing to offer products to foreigner investors.
They maintain that they may be able to offer mortgages in the 75-100% LTV range (subject to status), and it would be a major development if they could. They are also looking to give the nearest thing possible to an offer in principle (a non-binding indication of likelihood for an investor to get finance based on a short summary of their affairs).
To obtain a mortgage clients need a minimum of 2,000 Euros after all debts have been deducted from their income. Typical rates remain in the 7+% range, with offers in Swiss Francs or Euros being the common lending currencies.
Another reliable banks in Romania are ING and BRD (Group Societe Generale).