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Mortgage Interest Rates - Best Options



vndunneThreads: 72
Posts: 340
Joined: Jan 12, 07 		  Jul 18, 08, 06:56 /  #
Hi. i have just come back from a mortgage broker and was surprised to see some of the mortgage interest rates given. And it was not a good surprise. Loan in Eur was coming in at over 8 % and loand in CHf coming in at over 6 %.
Can anyone tell me if this is normal for poland. I am espeically surprised at the EUR as you can get EUR interest rates of about 5.85 % in ireland so i am not sure where the extra 2 per cent is coming in.
Any recommendations on good interest rates welcome...
miranda   Jul 18, 08, 08:44 /  #
the first one is in PLN
-----------
Bank Rata Prowizja RRSO
DomBank 2 068,96 z³ 1,50% 7,78%
Pekao 2 099,70 z³ 0,00% 7,87%
ING Bank ¦l±ski 2 120,29 z³ 0,00% 7,90%
Fortis Bank 2 130,61 z³ 0,00% 8,02%
Bank Zachodni WBK 2 130,61 z³ 0,50% 8,02%
BO¦ 2 109,98 z³ 1,50% 8,07%
Bank BG¯ 2 109,98 z³ 1,20% 8,08%
Kredyt Bank 2 109,98 z³ 1,35% 8,08%
Nordea Bank 2 109,98 z³ 1,50% 8,09%
Santander Consumer Bank 2 140,95 z³ 1,50% 8,20%


Kredyt we frankach szwajcarskich



Banku Rata Prowizja RRSO
ING Bank ¦l±ski 1 477,61 z³ 0,80% 4,09%
Deutsche Bank PBC 1 460,67 z³ 2,00% 4,09%
mBank 1 456,29 z³ 0,00% 4,30%
Polbank EFG 1 528,47 z³ 1,50% 4,35%
Bank BG¯ 1 514,36 z³ 1,20% 4,37%
MultiBank 1 501,16 z³ 1,50% 4,45%
Millennium 1 514,47 z³ 0,00% 4,45%
GE Money Bank 1 519,89 z³ 2,90% 4,46%
DomBank 1 580,81 z³ 1,50% 4,46%
Bank Zachodni WBK 1 560,77 z³ 0,50% 4,49%


Kredyt w euro



Bank Rata Prowizja RRSO
Deutsche Bank PBC 1 871,67 z³ 2,00% 6,39%
Millennium 1 912,47 z³ 0,00% 6,65%
MultiBank 1 882,22 z³ 1,50% 6,66%
Bank Zachodni WBK 1 967,58 z³ 0,50% 6,72%
GE Money Bank 1 931,27 z³ 2,90% 6,74%
Raiffeisen Bank 1 991,35 z³ 1,80% 6,80%
Bank BG¯ 1 972,98 z³ 1,20% 6,88%
Nordea Bank 1 962,42 z³ 1,50% 6,98%
mBank 1 953,00 z³ 0,00% 7,03%
PKO BP 2 015,02 z³ 1,80% 7,14%


Kredyt w dolarach



Bank Rata Prowizja RRSO
MultiBank 1 470,44 z³ 1,50% 4,34%
Millennium 1 497,28 z³ 0,00% 4,44%
GE Money Bank 1 514,99 z³ 2,90% 4,44%
Bank Zachodni WBK 1 544,86 z³ 0,50% 4,48%
Raiffeisen Bank 1 561,25 z³ 1,80% 4,49%
Nordea Bank 1 557,52 z³ 1,50% 4,67%
mBank 1 533,52 z³ 0,00% 4,79%
BO¦ 1 603,13 z³ 1,50% 4,90%
Bank BG¯ 1 642,42 z³ 1,20% 5,10%
DomBank 1 702,86 z³ 1,50% 5,13%
Grzegorz_Threads: 81
Posts: 6,213
Joined: Nov 16, 06 		Edited by: Grzegorz_   Jul 18, 08, 08:57 /  #
vndunne:
Mortgage Interest Rates - Best Options


Take WIBOR/LIBOR (~6.7% for PLN, ~3% for CHF, ~5% for EUR) and add to that 0.5-1% for PLN and 1-1.5% for foreign currencies... anything else is rip off...

vndunne:
a mortgage broker


They are not really brokers but rather agents... so they usually offer those of banks, which pays them better cash... also It's better to go directly to the bank...
GodandBrownThreads: 4
Posts: 68
Joined: Jul 7, 08 		  Jul 19, 08, 01:43 /  #
The credit market has become crazy for foreigners in Poland. To get a mortgage loan you need at least 40% own capital. You have to show your last six pay slips and there is a special risk factor for you what makes the interest rate higher. It prolongs your pay off period. On the one hand the rise of the zloty has to do with the good economy situation in Poland, but on the other hand it is policy to fight against the inflation. In my opinion it is a small bubble ready to be pricked.
kneehawkThreads: 1
Posts: 49
Joined: May 17, 07 		  Jul 19, 08, 04:36 /  #
I have just had a number of mortgage applications accepted by Metrobank (a subsidiary of Noble ).Loan to value or in reality loan to cost price 90-10.Interest only period 5 years .CHF base.6.6% until registered in loan book( 1-3 months )then 5.6%.Have to pay a one off higher lending charge ,but would not pay this if i put down 25% deposit.From a buy to let perspective the figures stack up and i will be in a positive cash flow situation,i am not unhappy.I have also been able to leverage 10% (put down 20% deposits originally).I use a broker who i am very happy with ,it saves a lot of time and hassle for reasonable cost.
LwowskaKrakowThreads: 49
Posts: 504
Joined: Mar 9, 07  Gold Member MEMBER  Pictures: 1 		  Jul 20, 08, 12:12 /  #
vndunne:
Any recommendations on good interest rates welcome..

Be Careful guys, don't take a mortgage if it is not with a FIXED RATE because you could easily encounter negative equity .

Who is trusting banks nowadays?
GodandBrownThreads: 4
Posts: 68
Joined: Jul 7, 08 		  Jul 21, 08, 08:05 /  #
Latest News: The zloty is under pressure. Polish experts fear that an ongoing revaluation of the zloty has bad impacts on Polish exports. It will also have an impact on bank policy. Poland is threatened by stagflation, so banks will have to ease credit conditions as well as mortgage rates. Of course, fixed rates!

If anyone has read the newspapers during the last weeks, he will have observed that nearly every day a new analysis was given by the so-called experts. I know that I know nothing, but I do it, provided, people do exactly that what they don't know. I hate experts.
Guest   Jul 22, 08, 07:12 /  #
halo

i am mortgage broker and i am first time on this forum and i am really surprised that you are talking about the loans in metro bank or dombank. these bank are the most expensive banks in poland. in Metro bank your margin is 2,95% and this give you 6,66% with bridging insurance when your investment is off-plan.

instead of margin 2,95% i can offer 1,4% or lower. instead of 5% redemption charge i can offer at least 3% and in some bank it is 1,5%. sounds good??

there is one advantage of metro bank that is flexible but nothing more. i ma really shock when somebody who have full time employment is going to metro.

if you need any assistance please contact me in to daniel.podpora@rednetproperty.com or daniel.podpora@gmail.com

rednetfinance.com
vndunneThreads: 72
Posts: 340
Joined: Jan 12, 07 		  Jul 22, 08, 07:19 /  #
Thanks for all that information. I will look and digest it. i suspected that i was getting quoted very high rates. I am living and working in poland.
Rednet..i might drop you an email to see what you can offer.
Regards
vndunneThreads: 72
Posts: 340
Joined: Jan 12, 07 		  Jul 22, 08, 08:02 /  #
Miranda, Many thanks for those figures.
kneehawkThreads: 1
Posts: 49
Joined: May 17, 07 		  Jul 22, 08, 09:30 /  #
Hi Daniel,
The situation you are painting is not so straightforward.As i have already mentioned,the rate with Metrobank drops to 5.6% within a short period of time.The percentages you quote are accurate if you are employed,but never in a million years will you get those rates if you are self-employed.Metrobank is the only bank that i am aware that offers a 5 year interest only period ,although it is possible that Raiffeison may also do this but at present i am not sure.The redemption charges are of little consequence since the CGT that you would pay if you sold up without reinvesting within 5 years and any additional charges incured on remortgaging make the 5 year interest only term worth its weight in gold ,and that excludes the increased yield you would make compared to a repayment mortgage.
My final comment is that i regularly trawl the property secrets forum and the comments i have read regarding the rednet group of companies ,do not fill me with confidence.
vndunneThreads: 72
Posts: 340
Joined: Jan 12, 07 		  Jul 22, 08, 14:07 /  #
Hi Kneehawk, would you care to expand or direct me in relation to your comments on Redent? Very interested in hearing peoples experience.
kneehawkThreads: 1
Posts: 49
Joined: May 17, 07 		  Jul 22, 08, 17:10 /  #
Hi Vincent,
I have no direct experiance of rednet myself,but you can google Property Secrets and join as a lite member that will give you access to the forum.You will find a lot of threads regarding Polish properties including mortgages,accounting,legals,fitouts etc, although most of the forum relates to off plan new builds.Rednet are discussed many times by investors in Poland and you can form your own opinion.You can go back in some cases many months on one particular thread .I forgot to mention that it costs nothing to be a lite member ,but should you wish to read detailed reports by the company then you would need to become a pro member which will cost £7.99 per month.
vndunneThreads: 72
Posts: 340
Joined: Jan 12, 07 		  Jul 22, 08, 23:30 /  #
Great. Many thanks. Just looking around at the moment and nice to get all feedback.
GodandBrownThreads: 4
Posts: 68
Joined: Jul 7, 08 		  Jul 23, 08, 02:18 /  #
It doesn't seem to be too serious at all. Be careful with guests' comments here who have always a better offer. I would not trust them.
daniel.podpora   Jul 23, 08, 07:57 /  #
halo Kneehowk

metro is not the only bank which are doing loan for self-employed investors but it is the most popular bank but as i mention and you notice that as well that every applicant situation is different and adviser must be able to offer the best possible offer , not only the easiest for the adviser.

about the rednet: there are a lot of opinions about the company: positive and negative but based on rednets recommendation a huge number of investors starts investing in poland, rednet also found the property investment. this is a first company with a such profile and there was no way to avoid some mistakes but now many issues was changed to bring customers a very high service.

kind regards
daniel.podpora@rednetproperty.com

rednetfinance.com
daniel.podpora   Jul 23, 08, 08:01 /  #
halo GodandBrown

i am not u quest in this business :)

when you check my CV you will find out that i worked with open finance/metro bank and now rednet so i am not a ghost
ParisJazzThreads: 2
Posts: 196
Joined: Oct 23, 07 		  Jul 23, 08, 09:54 /  #
daniel.podpora:
this is a first company with a such profile and there was no way to avoid some mistakes but now many issues was changed to bring customers a very high service.



How times have changed.. I remember rednet as a mere clumsy real estate website 4 or 5 years ago, with an even clumsier boss, robert something I believe, who was harassing all UK based property brokers trying to sell them the latest off-plan deals.

I must say he did VERY well for himself and rednet is now barely recognisable.

Hats off to his entrepreneurial genius.


PJ.
daniel.podpora   Jul 23, 08, 12:18 /  #
i do not remember what was 5 years ago, because i work here not even a year

i hope you bought some apartments 5 yrs ago

kind regards
DP
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