Getting a Mortgage in Slovakia can be tricky but here is our expert opinion in doing so. Are rates rising post covid?
Getting a mortgage in Slovakia
I have saved over €15,000. I am a long-term tax resident of the Czech Republic. I qualify for a mortgage of €200,000. Can I get a mortgage on this sum? We do believe so, at least in Slovakia. But getting a mortgage is not easy in any country. This is especially the case when you have an out-of-country bank account, an offshore passport, or no proof of income. You will have to show adequate funds. You will also have to meet your lender’s standards for paying your bills on time and making regular repayments. One major factor is whether you have credit. You also have to demonstrate that you can make mortgage payments (interest and principal) and prove that you can pass the property title inspection.
What are the ideal requirements?
You have to be a local resident, at least 18 years of age. In addition, you should have a minimum monthly income of about €600 per month. If you have income from a foreign country then it
What is the process?
The process of getting a mortgage in Slovakia is a long one but it can be quite simple to break down. Loan Approval When it comes to getting a mortgage there are two key milestones in the process which I will explain. Bank Approval — the first one is to make sure that your mortgage bank approves you. With no previous credit history or any history of late payments, this can be tricky. Your first stop should be to take out a free internet mortgage calculator like the one available at hypomo.sk. It will show you all of the paperwork that you will need. Existing Mortgage — The next stage is to make sure that your existing lender agrees with you. One thing to watch out for is the fact that the lender will typically have the right to increase your interest rate after two years.
What are the costs?
Once you’ve been approved for the mortgage, the next step is to find out what your mortgage costs are going to be like. This is where it gets a little complicated because mortgages in Slovakia are different from the mortgage in other countries. Each bank offers its own mortgage deal, and all prices are different, but one thing is certain, mortgages are currently quite cheap.
What are the benefits?
If you have a good credit score and you’re ready to settle down in Slovakia then it’s worth considering getting a mortgage. You can buy a home for much less than you would in the UK or Europe and you’ll find that there are lower interest rates on offer. For a large deposit, you could find yourself buying a brand new home. Who should consider this? Anyone looking to move here.
