rsbukowski
2/21/2015 08:55 EST
Hello everyone,
I was curious if any expats have experiencing purchasing a home. My wife is Polish and we live in the USA. After another year of saving we are hoping to purchase a flat in Rzeszow to live/work permanently. We have already inquired a bit with Polish banks and they will not lend money unless one individual is earning PLN and paying Polish taxes. From my understanding its a new law that went into affect 2014.
Alior Bank officially gave us a mock up of 4.4% + LIBOR then another 2.2% until the building is finished on top of many fees and a 2.5% commission. I don't believe this included insurance for the property or ourselves. Its a lot more then we anticipated but they are the only bank willing to entertain the idea of lending to nonPolish residents
We spoke with a BNP Paribas and an agent in Rzeszow said it might be possible. He has not responded to our email.
Citibank and Deutsche Bank give the impression that they will offer you a loan but I don't believe the front line phone agents are familiar with this. My wife read on another forum that a nonPolish resident did get approved for a Deutsche Bank loan. The reps we spoke with said this was not possible.
Does anyone have any success stories to share?
thank you
Robert
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Andydomelow
2/25/2015 07:56 EST
Hi
We have just bought a place near Gdynia and we found it hard to get a mortgage. The only bank that would do a martgage in GBP was Aloir Bank and they did make us jump through a few hoops to get it but in the end we got one and we are currently have the house finished off ready to move in September. I am not sure how they go with Dollars but it is worth pushing on.
Good luck
Andy
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mawaukltd
3/19/2015 10:26 EST
Well good luck it is possible, try one of the brokers, Open Finance seemed the best for one of our clients who is non resident and lives in the UK> I managed to get a mortgage after living here for 8 years paying Polish tax and having a business here. That was with ING bank. Do beware of the fringe banks and any advance fees for valuations etc this is almost 100% guaranteed to be a fraud.. One client got ripped off to the tune of 5000 pln by the WBK bank. Also check very carefully the repayment terms and the security they are after.
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nickknock
From: Ireland
4/2/2015 04:59 EST
Good luck, Polish banks are not foreigner friendly, in fact they are not even local friendly. This even after they have greatly improved. You think they would with every other business being a bank. The most friendly foreigner friendly banks currently (they change) Alior (great exchange rates), and M-Bank. Its far better to get a USA loan if you can stretch it. Be careful when hunting. Real estate agents are like street walkers and their brokers like pimps. It still needs a lot of reform (and it is better then it was). Pay no commissions! If you buy a flat, do your homework, and talk to the building rep and admin people.
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nickknock
From: Ireland
4/2/2015 04:59 EST
Good luck, Polish banks are not foreigner friendly, in fact they are not even local friendly. This even after they have greatly improved. You think they would with every other business being a bank. The most friendly foreigner friendly banks currently (they change) Alior (great exchange rates), and M-Bank. Its far better to get a USA loan if you can stretch it. Be careful when hunting. Real estate agents are like street walkers and their brokers like pimps. It still needs a lot of reform (and it is better then it was). Pay no commissions! If you buy a flat, do your homework, and talk to the building rep and admin people.
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nickknock
From: Ireland
4/2/2015 05:01 EST
Also not, a lot of banks like Citibank, are aimed toward the wealthy and rich expats. They tend to charge way to much, and are not great for normal people. I do not know your situation.
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