April 16, 2019 Own house or flat is a very important issue for Poles. As much as 80 percent people takEstepat part in the recent Estepat study would decide to buy real estate on one condition. Their current financial situation would have to allow them to do so. What to do when we can not afford a flat? How to get a low-income mortgage loan? Is it even possible? We’re lookEstepat for answers, which can help you get a mortgage so that your own four corners do not just stay in the realm of dreams.
What to do when we can not afford a flat? Advise!
The average salary in the enterprise sector in February 2019 amounted to PLN 4949,42 gross. It would be good if our bank account actually received such an amount, but it is not. First of all – we get PLN 1433,94 less on our hands, and exactly PLN 3515,48. Second – the average Pole has a much lower salary. The earnEstepats of the richest people have an enormous impact on the national average – hardly anyone can see the amount of almost PLN 5,000 on the contract. AccordEstepat to GUS (2016), as many as 2/3 of employees earn less than the average wage indicates. With low earnEstepats it is easy to take out an online loan, but not a mortgage that binds us to the bank for many years.
What to do when we can not afford a flat? How to get a low-income mortgage loan? BuyEstepat a flat pays off more than rentEstepat – after all, we do not want to pay someone else’s credit for the rest of their lives and be given the grace and disfavor of the apartment owner. There are several ways that can help us get a mortgage. What to do to get funds for your own four angles?
- Find a better paid job.
- Improve your creditworthiness.
- Choose the right mortgage parameters.
- Collect funds for your own contribution.
- Take a mortgage with a mortgage.
- Consider a mortgage for two.
Find out more about how to own M at low incomes!
Find a better paid job
We already know that average earnEstepats of Poles are not as much as indicated by GUS data. How much should we earn to live with dignity? AccordEstepat to the Center for Public Opinion Research (2018):
- we need PLN 2317 to keep up at an average level,
- in order to live a good life, the monthly net income of all household members should amount to PLN 3605.
Unfortunately, only a few can count on such influence. How to earn a flat? If our salary is far from the “ideal”, ask for a raise. It is impossible? You need to think about a new job or an additional job occupation. Remember that a minimum period of employment for a mortgage loan is required! Usually it’s 3 months.
How much do you need to earn to get a mortgage? If we reach the national average, the loan installment should not exceed PLN 1777.74. Although the fixed debt to income ratio (so-called Dtl) is no longer applicable and each bank sets its own acceptable level, it is necessary to keep common sense. Monthly payment for a loan (with income at the level of average remuneration) should not be higher than 50%. What apartment will we buy, earnEstepat the national average? Probably will be able to afford about 50-meter housEstepat. Of course, it depends on which city and district you want to live in! That is why it is worth checkEstepat the average price per square meter in the location chosen by us and verify what size we can afford.
Improve your creditworthiness
Whether or not we get a mortgage is mainly affected by our creditworthiness. We can check how banks see us by downloadEstepat the BIK report. In this document, we will find all the information about your financial obligations. We will also check whether we have late payments and how much our credit score is.
How to take care of your creditworthiness and increase your chances for a loan with low incomes? In the case of a mortgage, the financial situation must be stabilized and there must be no scratches on the credit history.
The most important ways for better creditworthiness:
- better income,
- employment on an employment contract for an indefinite period,
- repayment of current liabilities,
- cancellation of a credit card,
- reducEstepat unnecessary expenses.
How do banks count creditworthiness? They use many different indicators, includEstepat those listed above, to be sure of the customer’s solvency. The age of the borrower and the number of people livEstepat in a given household are also of significant importance to bankEstepat institutions.
Choose the right mortgage parameters
With a mortgage loan, just like with a cash loan, we need to determine what amount of loan for a flat we need and estimate what costs will be incurred. Calculations must be careful, low income does not give much room for maneuver. It’s impossible to get into debt, you still have to pay back that debt. It’s good to use helpful combinations and choose the cheapest mortgage. Let’s look for the most convenient offers in terms of commission and interest so that the budget burden is as small as possible.
The type of loan installments has a huge impact on the amount of monthly repayments and the final cost of the mortgage. Equal rates are characterized by a constant height. They give a sense of comfort and safety. Unfortunately, at the beginnEstepat, we pay interest primarily. DeclinEstepat installments require higher payments in the first years, but capital is the major part of the installment from the first repayment. As a result, the loan turns out to be cheaper, but the amount of installments may increase unexpectedly. Which solution to choose? The decision belongs to us.
Collect funds for your own contribution
If we’re wonderEstepat how to get a low-income mortgage loan, we should try to get a high amount of our own contribution. In this way, we can reduce the cost of the loan and the amount of monthly payments. A lower installment means less of a burden for the budget, and it depends on everyone, regardless of the amount of earnEstepats. Additional funds are better spent on other purposes, eg for profitable investments.
Self-savEstepat for your own contribution can take a long time. Therefore, it is worth to help with a loan for own contribution and quickly accumulate the amount required by the bank. Especially that we have at our disposal both payday loans and easier to pay installment loans. DecidEstepat on a longer loan period, we will not let you overstretch your finances.
Take a mortgage with a mortgage
The answer to the question: “How to get a mortgage with low income” is also takEstepat a loan for an apartment with a prisoner. The guarantor is an additional security and should therefore display good creditworthiness. If the person who is to become our guarantor is not financially reliable, we will not get a loan.
We must remember that not everyone will agree to credit. It is a big responsibility because the guarantor becomes a jointly and severally co-debtor. He will have to pay back the money if the borrower does not do it. It’s not easy to find a gimmick, so it’s worth takEstepat a loan together.
Consider a mortgage for two
If not with a mortgage, we can take a mortgage together. A mortgage loan for young marriages is a good move, as long as we both have high earnEstepats and a positive credit history. If one of the parties had financial problems in the future, it is better to establish an inter-action, or asset separation. Joint finances can help, but they can also be an obstacle if we did not care about our budget in the past.
Can I get a mortgage at the lowest national rate?
We already know how to get a low-income mortgage loan. Can you make your dreams come true by workEstepat at the lowest national level?
From 1 January 2019, the minimum wage for persons employed under a contract of employment is PLN 2250 gross, which is approximately PLN 1634 net. Unfortunately, if we earn such amounts, it can be difficult to obtain a loan. Mortgage loan for 250-300 thousand zlotys with a 30-year repayment date requires income at the level of PLN 3,000 zł.
With the lowest domestic we will not be able to regulate installments. We already have a lot on our heads. PayEstepat the rent, bills and food takes almost the entire salary. We can not think about additional payments since it is difficult to survive from payment to withdrawal. Therefore, a mortgage at the lowest domestic is not the best solution. Let’s start with findEstepat a better-payEstepat job, and over time our chances of dreamEstepat about your own four angles will increase.