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Polish mortgages

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: May 31, 2022

Getting a mortgage for a Polish property

As UK property prices continue to soar, we’re regularly approached by customers who are looking to get a mortgage for a home overseas. Considering the cost of living is a fraction of the price it is in the UK, it’s not surprising that some Brits are looking to invest in Polish property. It can be a lot easier than you think when you get the right advice from one of the expert advisors we work with.

This article will be explaining how to get a mortgage in Poland, what to consider before deciding on a Polish or UK mortgage, and other key information you need to know when buying a property abroad.

Can I get a mortgage for a property in Poland?

The short answer is yes, it may well be possible to buy a house in Poland as a UK resident or British expat.

Since Poland joined the EU in 2004, it has become easier to get a mortgage in Poland as a foreigner living within the EU. At the time of writing, we’re yet to see how Brexit will impact this.

The Polish mortgage market is booming, with new housing popping up all over the country – and many Brits are jumping at the chance to buy. As such, the Polish mortgage advisors we work with are becoming increasingly adept at negotiating with overseas buyers.

Polish versus international mortgages for a property in Poland

It’s theoretically possible to get a mortgage for a Polish property from either a lender in that country or an international mortgage provider who has a presence in the UK. As a general rule, it is easier to have your mortgage in the same currency as your income, but there are exceptions.

For example, if you’re a British expat seeking a mortgage in Poland, it may make more sense to borrow from a Polish bank. For more information on expatriate mortgages click here, or make an enquiry and we’ll refer you to a specialist.

Getting an international mortgage for Polish property

For UK buyers who intend to continue living and working in their home country after buying their Polish home, a UK mortgage broker who can introduce you to the right international lender might be the best option.

There are several reasons for this:

  • You are likely to have access to a wider choice of mortgage products and more competitive interest rates if you borrow from your own country.
  • If you’re after a speedy completion, the process is typically quicker than it would be if you were applying through a Polish bank as a foreigner
  • You have the option to remortgage your existing home and buy your Polish property with cash.

Having a mortgage on Polish property using a foreign currency means your payments will fluctuate unpredictably – an international mortgage means you have exchange rate protection.

Getting a Polish mortgage as a UK resident

The choice of mortgage products available in Poland are more limited than in the UK, especially for non-residents. What’s more, foreign buyers may receive less competitive rates than residents due to being higher risk.

In terms of lender requirements, there are many similarities to the UK. Most providers loan up to 60-80% loan to value (LTV), and most affordability assessments stipulate that your outgoings must not exceed 35% of your income.

However, full repayment mortgages are the only option in Poland; interest-only plans are only available for a home loan secured on a new build.

Another consideration will be that you may have to pay for documents to be professionally translated from Polish to English and vice versa which would add to the cost.

If you’re still undecided whether to opt for an international or Polish mortgage, contact a whole-of-market broker to be referred to an overseas mortgage specialist to discuss your options.

Why seek professional help when buying overseas?

Whether you select a UK or Polish provider, getting a mortgage abroad will always be more complicated than buying in your own country. Before proceeding with any mortgage, ensure to seek legal advice from a solicitor who is independent of the seller, the developer and estate agent.

If you opt for a Polish mortgage broker, bear in mind that contracts and other official documentation will be written in Polish. It is strongly advised that you use a solicitor who is fluent in both languages to help you during the mortgage process.

If you appoint a UK legal firm, check that they’re registered with the Law Society in the UK and specialise in international transactions and property conveyancing.

Mortgage interest rates in Poland

For access to the most competitive Polish mortgage rates, contact a whole-of-market broker who has access to high street lenders and specialist overseas mortgage providers.

Other factors impacting eligibility when buying a property abroad

Aside from being able to prove your affordability and having enough deposit to satisfy your lender, there are a few other factors all mortgage providers will consider before authorising an application:

Credit history

All lenders will assess your credit history, as some have very strict rules surrounding what instances of adverse they will or won’t accept. Others are more interested in how recently the issue occurred.

Visit our bad credit mortgage section for more information on this.

Personal versus commercial mortgages in Poland

If you’re getting a Polish property for residential purposes (such as a holiday home), you would apply for a standard residential mortgage. However, if you’re borrowing for commercial purposes it’s a different ball game.

Commercial mortgages allow you to borrow far more money on a secured basis, but you will be required to put down a far larger deposit. They also differ in terms of criteria, affordability and how they are assessed.

For more information, visit our commercial mortgages hub or make an enquiry to speak with a specialist business mortgage broker.

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Why you should speak to a whole of market Polish mortgage advisor if you’re getting a mortgage in Poland

We’ve helped countless people find the right international mortgage across all parts of Europe including Poland, even for buyers who have been declined a mortgage or had bad credit history.

In fact, our customers consistently rate us 5 stars on Feefo, mainly due to our high levels of service, but also because we offer offers a 5-star service with access to expert brokers who are:

  • Whole of market.
  • Can offer bespoke advice to buyers of overseas mortgages in Poland.
  • Have a working relationship with all lenders, including those who offer international mortgage services.
  • Already know the lenders to go to as they have already successfully arranged mortgages in Poland.
  • Are OMA Accredited advisors.
  • Have completed a 12 module LIBF accredited training course.

Talk to a Polish mortgage expert today

If you like what you’re reading or require more information on mortgage loans in Poland, call Online Mortgage Advisor on 0808 189 2301 or make an enquiry.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. We don’t charge a fee, and there’s no obligation or marks on your credit rating.

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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