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Michal Kaplon

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60-687 Poznan

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21 common seasons for a bank refusing a mortgage loan Part II

16 października 2020

4. High raise just before the mortgage loan

 

Increases are natural. From the point of view of credit analysis, situations where an employee received a significant raise just before applying for a mortgage are problematic. Analysts, although the standard periods of 3 or 6 months back, are able to ask for a certificate from the ZUS on the basis of calculating insurance premiums. If it turns out from this certificate that the applicant earned the lowest national salary a few months earlier, and now earns several times more, a negative decision can be expected.

 

5. Failure to pay ZUS contributions by the employer

 

Analysts, if they judge that the employer is not very reliable, have the option of requesting a ZUS certificate on the basis for calculating insurance contributions. Such a certificate can be downloaded at a ZUS branch or online through ZUS PUE. This document will show the amount of gross income on which the employer has paid ZUS contributions. If it turns out that the employer has delays or does not pay them at all, the bank will issue a negative decision almost 100%.

 

6. Employment by a temporary employment agency

 

Employee leasing is perhaps not a popular but common form of employment. Employment by a temporary employment agency and delegation to another entity to perform their duties creates complications in applying for a mortgage. Banks recognize this form of employment as unstable and this will certainly be the reason for refusing a mortgage.

 

7.Driver's diets, temporary pension, 500+, alimony, uniform allowances, barbara, holidays under the pear tree, etc.

 

Basic salary may not be enough or is at the limit of creditworthiness. People try to support themselves with various types of benefits they receive from the employer or the state. Depending on the allowance, it is categorically not possible to accept allowances such as, for example, 500+, temporary pensions or holidays under the pear tree. Some extras such as: uniform allowance, alimony, driver's diets may be included in whole or in part of the amount obtained, depending on the bank. This is important because the failure to take into account the allowance may determine the possibility of obtaining a mortgage in the expected amount.

 

 

8. Delays at the Credit Information Bureau

 

If you do not have a credit history or you have paid your liabilities correctly, you are unlikely to experience any negative effects related to entries in BIK. However, if you have stumbles in your credit history resulting from the so-called mistakes of youth, you must be prepared for a negative decision. The banks' approach is of course different, but follows similar principles. Any delay of up to 30 days is acceptable in most banks. However, if you violate this 30-day rule, you give the banks a chance to show off. Some banks theoretically look back 3 years, others are able to accept incidental violations.

 

9. Willingness to incur financial liabilities

 

Your income is very high. At the same time, you adhere to the principle that a loan is a cheap way to finance your whims, investments and ideas. Don't be surprised when a bank refuses a mortgage on the grounds that you have too many loans. When making a decision, the analyst may not accept your tendency to incur financial liabilities. The solution may be to consolidate the loans or pay off some of them.

 

10.  Taking out payday loans

 

If you had temporary financial problems or "for sports" you took out a loan from a non-bank institution, then in some banks you will unfortunately have serious problems with getting a mortgage. The reason is very simple. The analyst may believe that you are an unstable and unreliable borrower. Someone who needs a loan for several hundred zlotys may have a problem with the correct payment of the mortgage installment. Payday loans can be seen on bank statements. Some of them report the granted financing to BIK. You can apply for a loan at a bank that does not require statements. Alternatively, you can try to transfer the fact of taking a payday loan to the statistical part of the BIK report.

 

 

Thank you for reading. Part III coming very soon!!