A mortgage does not have to be the end of the world if we sign an agreement with the right bank, one that offers favorable financing options. Poles are very willing to use PKO BP’s services in this area, supported by years of experience, a high level of trust and an attractive offer. What do you need to know before signing a loan agreement, and what criteria must you meet for your application not to receive a negative response?
Mortgage at PKO BP – formalities
As with any bank, the application process should begin with a preliminary assessment of our financial capabilities. The first indicator may be calculating our creditworthiness, for example during a professional consultation with a loan adviser. Subsequent procedures, the structure of the loan and the negotiations over its terms with the bank will depend on our creditworthiness.
In addition to creditworthiness, PKO BP takes a number of other factors into account, affecting the final loan amount granted and the size of the monthly installments. Employment is one of the most important issues when applying for a loan. Based on income, as well as the form of employment, the bank indicates which applications are almost certain not to be approved. If we are employed under an indefinite-term employment contract, the bank will calculate the average income from the last year. Fixed-term employment contracts are subject to more limits and criteria: they cannot be the first contracts with a given employer, nor can they be the final ones. People who have operated a business for at least two years may also apply for a mortgage at PKO BP, as may people working under a contract for specific work or a contract of mandate, provided they meet certain criteria concerning insurance with ZUS. PKO BP also, of course, considers borrowers’ age, but it is exceptionally “lenient,” as it will grant a mortgage even to people aged eighty. Compared with other banks that do not grant mortgages to people over 65–70, this is a significant advantage in favor of choosing PKO BP for seniors,” explains Michał Dawidowicz, a loan expert who devoted a separate article to mortgages at PKO BP.
Mortgage at PKO BP – down payment
Information about the down payment required for a mortgage at PKO BP will certainly please those with limited funds available for this purpose. At PKO BP, a down payment of just 10% is sufficient, although it must be insured, which may affect the total amount of the liability. If you want to choose a bank that also requires only a 10% down payment but does not require such a down payment to be appropriately insured, consulting a loan adviser may point you toward other possible options.
What are the rules concerning overpaying the loan or repaying it in full before the end of the loan term? This question concerns many people who plan to repay their loan faster when their circumstances allow, or who simply want to have that option in the future. At PKO BP, this involves paying for a special annex to the loan agreement, which may cost as much as several thousand złotys. Early repayment itself is not subject to any commission.
Is it worth choosing a mortgage at PKO BP?
If we are looking for a reputable, proven bank with clear lending terms, PKO BP may be a suitable choice. The bank accepts many forms of employment, requires a relatively low down payment and does not exclude seniors from applying for a mortgage. However, you need to watch out for a number of additional fees associated with the loan. Property insurance, the fee for an annex when you want to repay the loan early, and mandatory insurance for the down payment are factors that can significantly affect the structure and total cost of the loan.
Mortgage at PKO BP with a loan adviser
If we do not feel capable of choosing an offer from PKO BP on our own, it is worth consulting a trusted financial adviser. First, they will thoroughly assess our creditworthiness. Second, they will suggest solutions that would be difficult to find on our own. For example, they may suggest purchasing insurance from an external insurance company instead of from the bank, to the Client’s benefit. Third, they have knowledge of the bank’s mechanisms and processes and will immediately verify the possibility of obtaining a loan. Fourth, they may also suggest other banks for comparison and submit applications to several of them at once. Fifth, the services of a loan adviser are free, so instead of wasting time and money traveling to and checking the bank’s offer—and it cannot differ from the offer presented by the adviser—it is worth arranging a meeting with such an adviser, who will explain the possibilities of obtaining a mortgage, including at PKO BP.