Housing abroad: how Ukrainians can get a mortgage in Europe

The high level of migration during the war has led to an annual increase in the percentage of Ukrainians abroad who join housing loan programmes. Find out how to apply for a mortgage in different European countries on the Visit Ukraine portal

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Housing loans in Europe are a rather complicated story for Ukrainians. However, the procedure is possible. Moreover, there are relatively few factors that will affect it:

- residence status of the forced migrant;

- sources of income;

- credit history (only credit history acquired in a country abroad is taken into account);

- the terms and conditions of the bank where you want to take out a mortgage.

We have collected the most necessary information on obtaining a home loan in Europe in this article.

Housing lending conditions in different European countries

Germany

Germany offers one of the lowest mortgage rates in the EU for those wishing to take out a mortgage

For example, there are banks that can offer a home loan at 1.9% per annum.

Requirements for a housing lender in Germany

1. Long-term or permanent residence permit.

2. Stable income (approximately 2500-3000 euros per month per family).

3. Positive credit history in Germany.

Additional requests from most banks:

1. Type of employment contract (preferably an indefinite employment contract).

2. Length of stay in Germany.

In Germany, you can count on lending up to 80% of the cost of housing (the down payment will be about 20% of the cost of housing).

Poland

Housing loan rates in Poland are quite high and range from 3% to 6%. In order to get a loan, you need to have a residence card or temporary protection status. In this case, official employment will be a great advantage for you.

Please note: To get a mortgage in Poland, you need to have a steady income in the country.

The most common lending programmes in Poland are

1. ‘Bezpieczny kredyt 2%’

2. Initiatives with fixed or reduced rates for young families (the minimum deposit ranges from 10% to 20%, and the repayment period can be up to 35 years).

Czech Republic

Mortgage rate: 2-3% per annum.

Down payment: 20% of the cost of housing.

Loan term: up to 30 years.

Requirements for obtaining a home loan in the Czech Republic

1. Residence permit, preferably permanent (mandatory!)

2. Positive employment history

3. Sources of permanent income

Please note! Preference is given to those who have been officially employed in the Czech Republic for more than 6 months.

Some banks allow co-borrowers to apply for a loan, which will increase your chances.

Spain

Mortgage rate: 1-2%

Down payment: +/- 40%

Maximum loan term: 20 years

What documents are required to get a home loan in Spain?

- foreign passport;

- income statement in Spanish translation;

- a property purchase agreement.

Earlier, we told you that Spain may restrict the purchase of housing for foreigners from countries outside the European Union. For more details, follow the link.

Bulgaria

Mortgage rate: 7-9%

Down payment: +/- 30%

Maximum loan term: 20 years

Please note! Early repayment of a loan in Bulgaria is subject to a penalty of up to 5% of the remaining debt.

United Kingdom

Mortgage rate: 3-5%

Down payment: 25%

Maximum loan term: up to 25 years

Currency: pounds sterling

Requirements for a person wishing to receive a loan

- a visa allowing for a long stay;

- stable income;

- positive credit history in the UK

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Ranking of countries by annual interest rates for housing loans

1. Spain - 1-2%.

2. Germany - 1-4%.

3. Poland - 2-3%.

4. Czech Republic - 2-3%.

5. Great Britain - 3-5%.

6. France - 4-5%.

7. THE USA - 7%.

8. Bulgaria - 7-9%.

What factors affect mortgage applications?

If you have integrated into the environment and have decided to apply for a home loan in Europe, evaluate your options according to the following criteria:

1. Status in the country of residence (remember that it is more difficult for refugees to get a loan, as they are considered a vulnerable category temporarily staying in Europe).

2. Availability of official work and an employment contract (in some countries, preference is given to the indefinite type of employment contracts).

3. Possibility of providing a down payment to the bank.

4. Length of stay in the country.

5. Positive credit history in the host country.

Additional factors that may affect the housing lending procedure

1. The economic situation in the country

2. Mortgage loan terms and conditions

3. The bank's attitude to foreigners who want to take out a loan

Just to remind you. According to the results of 2024, Ukrainians are one of the most active property buyers in Turkey.

Need help getting a mortgage abroad? Contact Visit Ukraine specialists for advice!

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