Where can foreigners get financing in Poland? I will be purchasing a small home.

I will be purchasing a small home in Poland in a few months and am trying to figure out how I might finance it. I understand that it is very difficult to foreigners to get a bank mortgage in Poland. I have a large down payment, and my income is actually more than twice the purchase price of the home, but I will still need to borrow approximately 60,000 PLN. Are there any small banks or businesses that might finance this, even at a higher than normal interest rate?

Why not just wait and buy it on cash if your income is twice the price of the home?(ie if its yearly)

I have considered this, but it would require waiting an additional 6 months and I would like to be able to use the home during a few trips to Europe I will be making at the end of this year.

Many, but some of them are ones you wouldn't want to deal with. One reputable one is Oppenheim Kredit on Gornoslaska in Warsaw who used to be very good about sourcing credit for people without Polish citizenship who want to buy real estate. The amount you want might be a bit small and I'm not sure how the credit crunch has affected them, however they might be worth checking out.

Why not raise the finance in your home country? Or just rent in Poland?

I don't know about other countries, but Belgian banks do not readily offer mortgages for real-estate not located in Belgium.

Given the very small amount, 60,000 pln, would he need a mortgage. It's possible on a personal loan or even by maxing out credit cards.

That's what I did. I got a personal loan for 50k to finish my place. I had to pay insurance, though. The Polish banks are still pulling that scam.

Hi. Don't waste your time trying to get finance in the UK to buy a property in Poland. I moved to Wroclaw with my family 8 months ago, the stock answer at ALL UK banks is that they don't do overseas mortgages or loans secured on overseas property, No 1 reason, how do they get the property valued.

Another reason given was, should you (for whatever reason) de-fault on the mortgage or loan how do they (the bank) recover the property.

Do you have an email address for them? I am having a hard time finding it online because I only know English.

This is them: oppen-kredyt.pl/strony/kredyty_hipoteczne_1.html

Worth mentioning that my only knowledge of them was a. second hand and b. a few years ago before the credit crunch, but they were OK with a very non-standard mortgage they got with a bank that had previously refused the applicant directly.

Something is strange about your plan. You have most of the money, you earn twice as much as the property's value. If you earn as much as you say you do, you should be able to get a bank loan, if you're from the U.S. for 20,000 dollars or from the U.K. for 12,000 pounds without any problem and repay it in a year or whatever. Why fiddle with Polish banks and mortgages?

It is very difficult to get a $20,000 unsecured bank loan here. I might be able to put a few thousand on credit cards but not the entire $20,000. The UK probably won't lend to me because I am a foreigner with no UK income.