Real Estate / Is it possible to take out a mortgage/loan and buy a property in Poland whilst living abroad? [10]

Merged: Securing a Mortgage in Poland while Overseas

Greetings,

I was hoping to get some insight to any options that might be available for US Citizen married to a Polish Citizen currently living in USA. The threads on this site are a bit dated, and the one most relevant (Jan 2014) doesn't apply due to some new banking law that went into affect Nov 2014.

We would like to take a mortgage credit for a flat in Rzeszow. We were there over Christmas visiting family and friends. My wife's friends shared their research and found similar results. Now we are investigating a bank loan. I must of called every international bank and several Polish banks. Aloir Bank was the only one that would entertain a mortgage at 6.4% for the first two years, then 4.15% + LIBOR 3M, Plus a 2% Commission. We didn't even get to to the insurance for us or the building.

We spoke with a BNP Paribas representative said they do not but would check with the bank officials based on our guaranteed employment. We haven't heard back from this rep

Citibank may do it, this development we are looking at is in the process of completing the last two buildings. Citibank will only approve a loan for completed buildings. We will call back and inquire about the possibility of taking a loan for something that's complete just to see if plausible.

All other banks are looking for a more personal connection to Poland ie paying taxes, already living/working, or at the very least working abroad but earning salary in PLN. We do not meet any of these requirements.

Any ideas?

thank you

Real Estate / Is it possible to take out a mortgage/loan and buy a property in Poland whilst living abroad? [10]

Hi Weeg,

My reasoning is sufficient in my original post and I am not in some scheme with the developer. After rereading it ,I guess it does sound questionable. It took me awhile to find some sound information to your other questions. Here is something you might find interesting globalpropertyguide.com/Europe/Poland/Price-History. I thought it was a good read.

I do not know why you would say Rzeszow has little demand, you did not elaborate on your comments but if your comparing to larger cities like Krakow or Warsaw then sure. From just very minimal googling, I found Rzeszow to be quite the opposite for the city its size. It now has an international airport and over a dozen of international companies. The cities growth over the last 5 years is pretty substantial, I don't have a number nor could I find one but just from the sheer fact of business placing roots within and around the city shows positive speculation.

I personally like how the city is not saturated with tourists, folks from UK, excellent transit hub to east and north regions, is much more affordable to live in and retire. Honestly, whats not to like about?

Here are some other notes you may or may not appreciate

Since 2006, Rzeszów has been growing every year. Overall, in recent years, the area of Rzeszów has almost doubled in size. The city population

has grown from 159,000 (2005) to over 180,000 (2011).

During the Second National Congress of Regions, which took place in Świdnica in May 2011, the monthly magazine Forbes awarded Rzeszów
with the second place in the ranking of the most attractive cities for business in the category of 150,000 - 300,000 inhabitants. Last year in
the same competition Rzeszów was placed in third position.

google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CCAQFjAA&url=http%3A%2F%2Frzeszow.pl%2Ffile%2F14850%2FRzeszow_The_Excellent_Choice_2012.pdf&ei=RS_uVMv4FYGSyASakoH4Bw&usg=AFQjCNFSF0EVT9CCsjadWnbegtlDYFSSgA&bvm=bv.86956481,d.aWw

Cheers

mcm1 and polishmortgages,

Thanks for the info. Getin Bank did not work out. BNP Paribas is probably our best bet with medium interest rates. They are very selective based on their employment review. I'll update as the process continues.