Intro
Mortgages are available through international lenders and local
banks. Terms on Polish mortgages are some of the most attractive
offered on an overseas property purchase, reflecting the
comparative maturity of this investment market. Typical LTV
mortgages of 85% are available with interest rates from 5%. Self
certification is available but with less desirable rates. Banks
will include foreign income in their assessments and there is even
a specific buy to let mortgage which takes account of expected
rental returns. Mortgages are available over a thirty year
term.
Availability
There are now 5-6 banks with 2 polish banks recently opening
offices in London. Some lenders are willing to offer up to 100%.
Buyers can borrow in different currencies but it is recommended to
take out a mortgage in the currency you will be receiving your
rental income in.
Cost
The bank charges can vary depending on which lender you choose
but will typically be between 1%- 3%.
Application Process
The application process is quite straight forward although some
lenders may request that some documentation is notarised. The
mortgage will take approximately 3 weeks to be agreed. It is
normally advised for you to assign a power of attorney to a lawyer
so that you don't have to travel to Poland to sign all documents.
This will help your mortgage to progress quicker.
Mortgage Finance from Frontiers Financial Services
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