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Poland Mortgages
Q. How much mortgage can I have to buy a
residential property in Poland ?
Unfortunately, there
are no non-status/self-certification mortgage facilities available in Poland
(although renting out your property is permitted), all loans need to be
supported by a minimum requirement of proof of income, i.e. if employed -
copies of your last 3 month’s Personal Bank Statements will be required to
obtain a Polish mortgage, or alternatively if you are self-employed - copies
of your last two years Audited Accounts, Tax Returns & copies of both your
last 3 month's Business and last 3 month’s Personal Bank Statements will be
required when making an application for a mortgage to buy property in Poland
Also, in Poland the local Lenders will NOT take into consideration any
proposed Rental Income from the property for mortgage purposes/repayments.
Your loan is based on your joint net “take home” pay and is calculated on an
affordability basis. All your existing liabilities including any
mortgage/rent payments, personal and bank loans and any maintenance (ie:
Divorce) payments together with your proposed Polish mortgage payments must
not exceed 38% of your net monthly income.
Example of a mortgage to buy property in
Poland:
Net joint monthly income £ 2,500 times 38% of that figure is £ 950 minus
existing monthly mortgage payment £ 300 – No other liabilities. This leaves
a balance of £600 for a proposed Polish Mortgage payment.
Polish Mortgage details:
·
Maximum loan to value 85%
·
Maximum term 30 years
·
£20,000 minimum loan
·
Sterling, Euros, US Dollars
and Swiss Francs only
·
Repayment mortgages only
·
Rates from approximately
5.20% variable n Euros, approx 6.50% in Sterling and approx 3.20% variable
in Swiss Francs
details are subject to change, so you must check with your
broker on the link above before committing |
