Getting a Mortgage In Poland

If you need a mortgage to buy a Polish property, you may wonder what options you have available to fund your purchase.

Here, we explore if UK residents can get a mortgage in Poland and what criteria you’d likely have to meet. We also identify how much you could potentially borrow, how a broker can maximise your prospects and which lenders could be an option for you.

Can UK residents get a mortgage in Poland?

To get one through a Polish mortgage provider, you generally need to earn an income in the Zloty. Polish law requires mortgage loans and income currencies to match. However, if you are making a joint application, and your partner is earning a Polish salary, part of your income from abroad could be considered to increase your borrowing capacity.

You may encounter other restrictions, too, as a foreigner. Lenders may want you to have a ‘connection’ with Poland, which can mean one of the following:

An alternative borrowing option is to get a mortgage in another currency to fund your purchase. Two main Polish banks, Pekao Bank and Alior Bank, may consider this type of application from foreigners.

They offer mortgages denominated in the following:

• Pekao bank – Euros, US dollars, British Sterling, Swedish Krona, and Norwegian Krone
• Alior bank – Euros, US dollars, British Sterling

If neither of the above options is suitable, you could approach an international lender or potentially remortgage your own UK home and then buy the Polish property you want in cash —provided you have enough equity to fund the purchase.

Getting a mortgage with a Polish provider

To borrow from a local mortgage provider, you will typically need to meet the following criteria:

How a broker can help you get a mortgage in Poland

Trying to purchase a home in Poland adds an extra layer of complexity to your mortgage application. Seeking the advice of a specialist broker so you can take advantage of their experience in buying properties in the country can be invaluable.

Their knowledge can help you decide whether it’s possible to secure a mortgage through a Polish bank or which international lender is an option for you, ultimately helping you to maximise your borrowing potential.

Plus, they can make your application easier, less stressful and more likely to go through – by only suggesting lenders who should extend you a loan. They do so by taking into account your entire financial situation.

Their experience will know every lender that is an option for you, which broadens the range from which you can finally choose, especially as many specialist brokers have access to more products than the general public. You can then pick the best competitive rate.

Contact us so we can put you in touch with a broker who specialises in Polish mortgages.

How much can you borrow?

Lenders who offer mortgages in Poland won’t typically lend above a loan-to-value ratio of 80%, so your final amount will be tied to how big a down payment you have. When it comes to income, most providers will conduct an affordability assessment. Generally, those assessments ensure that your outgoings after a mortgage payment do not exceed 35% of your income.

How much your mortgage will cost

There will be additional costs and fees to factor in, but you can work out the cost of the monthly repayments on your Polish mortgage by using our calculator below.

Which lenders offer Polish mortgages?

Bank Millennium is just one example of a local bank that could be an option if your salary is Zloty denominated. Or, in addition to the aforementioned Pekao and Alior banks, you could use an international lender such as Santander to help you buy a property in Poland.

With any of these options, the majority of lenders typically charge a higher interest rate for foreigners. As a result of higher rates, your monthly repayments will be more expensive, so to reduce them, you may have to borrow less.

You should also consider the type of mortgage you could secure. Polish lenders generally only offer repayment products, not interest-only mortgages.

Speak to a broker who specialises in Polish mortgages.

While getting a mortgage to buy a property in Poland is far from impossible, it is tricky to do on your own. Your knowledge of the local and international mortgage lender market may not be in-depth enough to access the best available product and interest rate. That can adversely impact how much you can borrow if you do not secure a loan that minimises your interest repayments.

Using a broker with specialist knowledge in Polish mortgages is highly beneficial as their expertise can quickly identify your best borrowing option. They’ll consider every factor in your situation to target the right lender for you, improving your chances of being approved the first time. As a result, they maximise what you can access while minimising how much you pay back each month.

Our free, no-obligation broker matching service will put you in touch with the right specialist for your Polish purchase. Call us on 0330 818 7026 or make an enquiry with us today so we can connect you.