I live and work in the UK every day. However, I plan to buy a flat in Poland. I have about USD 80,000 for this purpose. The rest, or about 120 thousand, I would like to borrow and buy an apartment.
The question is where to do it? I have quite a good income in the UK, the question is, will banks take this into account when calculating creditworthiness?
I guess we are talking about a mortgage because the mortgage is taken to buy an apartment. Cash loans are usually associated with higher interest rates and smaller amounts.
Theoretically, with such own contribution I think that they would be willing to grant loans because for them it is no risk, but as it will be in practice, it is best to ask the credit advisors at the bank.
In the UK, you can earn enough money to buy a flat or another property in PL in a relatively short time.
Losing money on credit
I don’t know if it is worth losing money on credit. But who likes what. Because taking a loan in PL while working in the UK is possible. There are several banks that offer such loans, although let’s agree – it is much easier to obtain financing for a loan earning in euros. I don’t know where it comes from, but it is. A mortgage at a Polish bank is possible, but you need a large down payment.
The conditions get similar to if you were working in Poland. Own contribution when working in the UK should not be a problem, I mean, bam earns on average 3x to 4x more than in Poland.
Working in the UK, I took out a quick loan several times in several companies in Poland, because it was more profitable for me to take out and pay off my current liabilities than to send money to Poland, convert currency.
Paid off debts
I paid off debts when I arrived a few weeks later in the country. 0% promotion loans? Can you? You can? I do not know if I will help, but I have a friend who took out a mortgage for a flat a few years ago while still working in Poland, later they went to the UK, they pay the loan from the UK, and they rent the apartments.
If you can’t get a mortgage from the UK, maybe this way will be helpful, though certainly breakneck, because you will have to build your credit history from scratch.
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