Hi all,

I have invested in my first Property with Property Secrets on the Oak Terraces 2 which is due for completion later this year.

My question is simple, will the credit crunch effect my ability to get a Polish mortgage later in the year, and also will the amount available to borrow become smaller?

When I originally paid my deposit I was told by Rednet I could get enough on the Polish mortgage to cover my needs, but now I am slightly worried that when it is time to take the mortgage out the lenders stance may change due to the credit crunch.

Many Thanks
Keith

Hi Keith,

I was able to get a Polish mortgage for Westland Court 2 fairly easily. It was finally signed in January (into the Credit Crunch).

I think it really depends on personal circumstances rather than the credit crunch, i.e affordability and your employement status. As an employee I found it pretty straightforward.

Tom.

Keith,

The problem with getting a mortgage in Poland is that the acceptance criteria seem to change almost randomly. Ideally you should ensure you have a UK loan to fall back upon if you run into delays/dificulties with the Polish mortgage.

Personally I would not commit to buying a Polish property unless I could finance it in the UK if necessary - to date I have always (3 out of 3) ended having to raise finance in the UK.

Regards

Alan