The ideal candidate, to whom banks are most willing to grant a mortgage, should be: young, with sufficient income, married, unaccompanied, able to cover 20 percent. own contribution.
On the other hand, people earning abroad should think about foreign currency loans – it results from the analysis carried out by the Good Finance comparison engine.
The biggest obstacle to getting a mortgage
Good Finance analysts believe that the biggest obstacle to getting a mortgage is currently the amount of the required own contribution, which is usually 20 percent. real estate value (this is the case, among others, in the case of Mortgage Loans at Good Finance or GFI).
Assuming that an apartment in Warsaw, several tens of meters, costs USD 500,000 on average, you must come to the bank for a loan with USD 100,000 in your wallet. Several banks are still setting the maximum LTV (max. Loan-to-value ratio) at 100 percent, but the conditions that a potential customer must meet are increasing. The financial barrier is not the only one that can make it difficult to get a mortgage.
Age can also be an obstacle. The record-long loan period can only be counted on – to get a 50-year mortgage at Fortis Bank or Good Finance, you must have at most 25 or 30 years of age at the time of taking the loan. At GFIC or Good Finance, the 70-year-old will receive a housing loan, but for a maximum of 10 years.
Even if someone meets the above two conditions – he is young, and he can finance the required amount of own contribution thanks to the savings or support provided by, e.g. parents – that does not mean that he will receive the dream loan. For banks, the most important condition for determining a loan is the current income per capita.
A better chance of getting a loan
Theoretically, a person living alone will have a better chance of getting a loan than a marriage with two children – in such a family the income is divided into four people. On the other hand, however, the installments repaid jointly by husband and wife are secured by the earnings of both of them, so if one of them loses his job, this does not necessarily mean that the bank has a delay in repayment.
Under the appropriate conditions, young couples can also take advantage of preferential loans with a government subsidy under the “Family on their own” program. Good Finance analysts also point to the decreasing availability of credit in foreign currency.
Other banks are increasing their margins or are withdrawing from the offer of foreign currency loans. In this situation, singles – the largest group among migrants working outside of Poland – have a definite advantage over families living in Poland when it comes to the chance of getting a loan in a foreign currency.
Grant loans denominated in foreign currency
Many banks (including GFIC) now grant loans denominated in foreign currency only to people earning abroad. “A weak zloty is helping immigrants again. Those who plan to stay, for example, in the United Kingdom for longer and have full legal capacity there, may apply for a loan there.
In addition to the low Good Finance for the local currency, it is also encouraged by margins that are not growing as drastically as in Poland. ” Data on the product offer quoted in the analysis were obtained on the basis of information from banks until March 9, 2009.