Mortgage Options

Last activity 06 February 2021 by GuestPoster745

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DreamCatcher213Member04 February 2021 21:50:12

Hello,

My wife and I have had a a difficult time with obtaining real estate financing in Poland and are in need of professional assistance. My wife is Polish and I’m American. I’m currently retired and receive two pensions from the US federal government; both paid in USD and on a monthly basis. The first being from Social Security and the second from the US Department of Veteran Affairs (I’m a military war veteran).

Additionally, my wife is a homemaker so we live solely off my income. Despite having two US based incomes, no Polish bank has been willing to consider giving us a mortgage. I’d be grateful if you could share some advice or perhaps share some personal experience in successfully obtaining a mortgage for retired US citizens such as myself that are interested in purchasing a flat in Poland.

We are not interested in paying in cash or securing a personal loan in the US because the interest rates and repayment terms are simply unfavorable for us compared to a traditional mortgage, which offer lower interest rates and longer repayment terms. We believe that it’s in our best interest to find a way to secure a traditional mortgage either through a Polish bank or perhaps through an international banking institution who is willing to finance Polish real estate. We are looking to purchase in either Warsaw or Krakow.

Would love to hear some credible suggestions. Thank you in advance.

DeidreBNew member05 February 2021 07:29:36

Have you tried talking to a lawyer??

GuestPoster745Guest05 February 2021 09:13:33

214245

You won't get a professionnal response here. Ask a Polish banker and a lawyer.

DreamCatcher213Member05 February 2021 12:50:17

Not yet...I’m trying to research as much on my own before I go that route.

DreamCatcher213Member05 February 2021 12:50:57

Could you recommend anybody that might be able to assist us?

GuestPoster745Guest06 February 2021 12:23:37

214245

Ask Mbank over the phone first. They deal a lot with foreigners being paid in Euros or dollars for instance. But a bank is a bank. They all tend to push their own solution.

DreamCatcher213Member06 February 2021 15:25:12

I’ll give them a ring. I really wish that there was a bit more flexibility in being able to qualify for a mortgage in Poland taking into account my unique situation. Other countries within the EU are more willing to work with foreign retirees from what I’ve read. This roadblock might push us further west

GuestPoster745Guest06 February 2021 15:47:11

214245

Unemployment figures are far worse in Western Europe than in Poland. Especially for seniors, even with an excellent CV and a good degree. I was extremely lucky to find a proper job in my 50s. But that was because nobody else could do it.
A modest pension in USD takes you quite far in Poland. While you may suffer with less than say 3000 Euros per month for you two in France.

DreamCatcher213Member06 February 2021 15:49:39

Yes you are correct. I was thinking about the Spanish coast. The fact that I can get a mortgage there will be able to carry my family and I well into our golden years

GuestPoster745Guest06 February 2021 15:55:14

#10

214245

Golden Days spent on the concrete Spanish coast? Desperately empty in winter, horribly over populated in summer..and not that cheap..

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