Best Polish Mortgage Lender?

EdWilczynskiThreads: 3 Posts: 163 Joined: Jun 6, 11 ♂	Aug 9, 11, 13:17 #1
I am paid in Swiss Francs and at the moment it makes sense for me to take a mortgage in CFH. Are there any lenders who will lend in CFH right now?

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Aug 9, 11, 13:26 #2

Are there any lenders who will lend in CFH right now?

Don't take my word as gospel, but the general opinion is - no, at least not for CHF loans which are to be repaid in PLN. This might change when the law is introduced to allow payments in any currency, though.

Your best bet might be to try and go through a mortgage broker who can attempt to set up a specialist arrangement where you repay in CHF rather than PLN.

peterwegThreads: 35 Posts: 1,997 Joined: Feb 16, 07 ♂	Edited by: peterweg Aug 9, 11, 14:32 #3
Obviously a CHF mortgage would be the best option now, I thought I read they were more popular than ever? Are there any lenders who will lend in CFH right now? Swiss banks for a start.

alexw68

Edited by: alexw68 Aug 9, 11, 15:07 #4

delphiandomine: Your best bet might be to try and go through a mortgage broker who can attempt to set up a specialist arrangement where you repay in CHF rather than PLN.

Irrelevant if you are earning in PLN and can't use savings to get ahead of the curve at times when the rates are good - you're stuck with the rate obtaining at the time the monthly payment's due.

If you've got savings, though, open a CHF account and put some into the currency when the rate is favourable (so, not today: bad time to attempt a retrofix). Even if you have to convert back into PLN to do the payment, what you lose on the spread is nothing compared to the FX risk of CHF appreciating 70%.

delphiandomineThreads: 42 Posts: 9,954 Joined: Nov 25, 08 ♂ [Suspended]	Aug 9, 11, 21:25 #5
Irrelevant if you are earning in PLN and can't use savings to get ahead of the curve at times when the rates are good - you're stuck with the rate obtaining at the time the monthly payment's due. True, but he earns in CHF ;) Apparently it will change though - there's a proposal that mortgage lenders will have to accept payment in any currency, not just PLN.

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Aug 12, 11, 12:08 #6

I am paid in Swiss Francs and at the moment it makes sense for me to take a mortgage in CFH.

Are there any lenders who will lend in CFH right now?

From a few internet searches, it looks like the following banks will still loan in CHF in Poland right now:

Bank BPH, Nordea, Multibank, mBank, Polbank, Alior Bank (cheapest margin is Bank BPH).

I found the table with information and margins etc on the following Polish-language link:

http://www.strefabiznesu.nowiny24.pl/artykul/ranking-najlepszych-kredy tow-hipotecznych-%E2%80%93-lipiec-2011-62457.html

Scroll down for the CHF table and information, it's nearer the end of the article

LwowskaKrakowThreads: 49 Posts: 504 Joined: Mar 9, 07 MEMBER ♀	Aug 12, 11, 17:12 #7
As long as the Polish government will not regulate and pass bills to protect naive consumers from bank sharks, Poland will still be a land of Savage Capitalism .

milkyThreads: 10 Posts: 1,229 Joined: Oct 26, 09 ♀	Aug 12, 11, 17:16 #8
Poland will still be a land of Savage Capitalism . That's for sure.

pipThreads: 11 Posts: 1,293 Joined: Jul 4, 11 ♀	Aug 12, 11, 17:25 #9
Poland will still be a land of Savage Capitalism . That's for sure. with the former communists leading the way.

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Aug 12, 11, 18:09 #10

with the former communists leading the way.

Which former communists are leading the way, tell us?

As long as the Polish government will not regulate and pass bills to protect naive consumers from bank sharks, Poland will still be a land of Savage Capitalism .

Bank sharks?

Cases of real "sharking" are quite rare in Poland. There's always cases where idiots have failed to read the contract before signing, but that's their own stupid fault.

LwowskaKrakowThreads: 49 Posts: 504 Joined: Mar 9, 07 MEMBER ♀	Aug 12, 11, 19:41 #11
but that's their own stupid fault. Naive consumers are not necessarely stupid ,were you never abused by some phony promises or ripped off? Look at the Madoff victims, thousands of them among whom some very very clever people!

delphiandomineThreads: 42 Posts: 9,954 Joined: Nov 25, 08 ♂ [Suspended]	Aug 12, 11, 19:46 #12
Naive consumers are not necessarely stupid ,were you never abused by some phony promises or ripped off? Phony promises? First rule of doing business is never to do anything "on a promise". Ripped off? Nope - it's called doing your homework.

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Aug 12, 11, 20:41 #13

Phony promises? First rule of doing business is never to do anything "on a promise".

Ripped off? Nope - it's called doing your homework.

Amen to this! Before we signed our credit agreement, we had to get the contract corrected 3 times before we signed. The bank apparently made a mistake. Yer right!!!

A few points.

1. Look at the repayment schedule. They will give you a simulation for 30 years but in the contract it can say anything. Ours was 46 years!

2. Taking insurance is mandatory, but you don't have to take the one with the bank. They wanted to add 28,000 PLN to our mortgage for the insurance.

3. If you take a mortgage not in PLN check that there is no clause saying that currency will defult to PLN in 2 years! Ours was in € and there was a clause saying it would automatically default to PLN after 2 years.

This was all with a top name high street bank. Just assume that everyone is out to rip you off. And you won't go wrong!!! :)

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