Applying for a mortgage in Poland (wife and husband)

Got one for those who have applied for a mortgage in the last year or so.
The people applying are like this: husband is employed full time and running a small company, as well, with the wife.
The wife is working but on some crazy contract coz I'm sure her boss is a typical tax dodger.
They have raised about 30 000zł and looking to borrow about 150 000zł to purchase a property.
What documents do they need to show the bank for the extra income which comes from their small company besides bank statements?

Unless something has changed, you'll need to go to your accountant and get a copy of your latest tax statements covering the past year (or two years) - which he/she will sign and stamp as being truthful. That's normally enough, although individual banks may want something else. You really have to ask the individual banks - but when I got mine, all the bank wanted was details of the average income from the last 12 months as well as the statements about tax.

It's worth pointing out that the bank will look at net profit in regards to the business.

Merged: Chances of getting a mortgage (kredyt hipoteczny), loan for young Polish couple.

My colleagues, Przemek and Dobrawa, want to apply for their first mortgage to purchase a flat.
The flat will be 200 000zł maximum.
They have saved up more than 10% of the value of the flat.
Their source of income is like this:
He works permanently and earns a yearly "brutto" of 21 600zł.
They run a small business together which brings in about 36 000zl yearly.
She is not working at the moment and they have a 6 month old baby.
What are their chances of getting a loan on such an income in a family of 3?

Thank you all.

You have to ask a bank.

Government is recommending banks raise deposits to 15% for 2016 but not all have decided to do so straight away. Banks prefer people tied down to long term contracts but will accept self employment although the bar is higher. As long as they dont have too many liabilities (personal/car loans), then they should be able to get a 25/30 yr loan for a flat of 200k and keep monthly repayments below 1000zl/m going by current rates (3-5% is the range for loans these days). The MDM program may be something of interest if flat is between 50-75m2. We recently sold our last flat by this method - the government fronts about 30% while the bank the remaining 70%. There are income limits and it does add about 3 to 4 weeks to the processing time.

Merged:

Applying for a mortgage / no credit history

Hi,

I am currently living in Poland and am looking to buy a flat with my wife. In order to do so, we will need to take a mortgage; however, I am slightly concerned about my chances of being approved - mainly due to a lack of credit history.

As far as I can tell, I will no longer be able to get a credit report from the UK, as I am no longer a resident there. Is this the case - and do most banks ask for a foreign credit history from non-Poles? Also, has anyone got any advice or useful information etc. about credit histories/Polish mortgages? Is it possible to get a mortgage without one - I've got little or nothing in terms of a credit history in Poland.

I've heard it might also be possible to write to my bank in England for a letter saying I have no mortgage or other credit from them - but this seems a bit pointless to me. Does anyone know anything about that kind of thing?

Any info on the subject would be much appreciated. And, for the record, we will be putting in a little over 26% in terms of a deposit, which is higher than the minimum, might that help?

In Poland banks don't care about your credit history. They look what monthy income you have, perm job, expenses, kids, your prospects.
They even don't care what properties, cars, boats, planes you have. The most impotant is well paid, steady job.


no, don't do it. It is a drop in the ocean. Save it for instalments.

It would be more accurate to say that Banks throughout the EU can choose how they take your credit score into account. My employers, for instance, doesn't care about your credit score much, because we lend against the property. So we aim for a maximum LTV of 70%.

The LTV means everything, the bigger the deposit we have, the less risk we are subjected to. Obviously you need a stable job and regular income and the payments have to be affordable even with a rise in interest rates.

Some banks can choose to take your credit score into account and charge you more interest, but a higher deposit will reduce the rate and make both your and the lender more secure. So save as much as you can, reduce the LTV and you will get a better rate.

The reduced risk - by putting your money up rather than the banks - will make them ignore your credit score. Shop around for the best deal, a Broker helps in the UK, not sure about Brokers in Poland.

Generally speaking, without a documented, stable source of income in Poland, you're not getting a mortgage. It's different for commercial property, but residential property is going to rely solely on documented Polish income.