If we are serious about a mortgage, it is good to know that some of our decisions can make it very difficult to get a loan. I am aware that we do not have influence over everything. However, from my experience I can say that a large part of borrowers could easily make life decisions later, after the loan is granted. If only they knew earlier that ...
This point should seem obvious, but it is not at all, or at least not for everyone. I have seen many situations in which people interested in a mortgage, unfortunately, had to postpone the submission of a loan application. It would seem that I am changing my job for a better one, for a higher salary (thanks to this I have greater creditworthiness), it will not be a problem with a loan. There will be no problem with the loan, but if we are pressed for time, the problem will unfortunately appear.
In most banks, we will have to wait a while with the loan immediately after changing jobs. This moment is about 3 months. I say "about" because it looks different at different banks. At ING, for example, after receiving your first salary, i.e. a month. But in other banks it is safe to apply for a loan when 2-3 salaries are received. Theoretically, banking procedures allow the situation that today you sign an employment contract with a new employer, and tomorrow you go for a mortgage. But I don't want to blog about the theoretical possibilities. Banking procedures are one thing, and the reality is often a little different.
This is even worse than a change of employer. One of the worst in my opinion. This "moment" when you will have to wait before applying for a mortgage is no longer 2-3 months but 12 months !!! Yes. Most banks will accept the income obtained from the running a business, provided that the company has been running for a minimum of one year. There are banks that require even a longer period - 2 years of running a business. But, as I wrote above, most banks will accept a business period of 12 months.
Sometimes it happens that before we decide on a mortgage, a credit card, installment loan - or - more often - a cash loan for own contribution will happen "along the way". If you have high income, of course there is no problem with that. You can have several credits. If you still have the so-called creditworthiness, the bank will grant you another mortgage. However, my experience tells me that often a different loan, credit card or account overdraft limit prevents you from getting a mortgage. How much does your creditworthiness decrease if you take out a different loan? If your creditworthiness is at the proverbial "contact", even a small loan or credit card can make it difficult to take out a mortgage.
On bank forms of the employment and earnings certificate there is an item often titled: "The employee is on sick leave YES NO"
Marking the YES box by the employer in some banks practically disqualifies you when applying for a mortgage. Despite the fact that you receive a salary when you are on sick leave, some banks are veeery reluctant to do so (read: they will not accept your income). In other banks, on the other hand, a credit analyst will certainly "pursue" the topic. Additional documents may be required, e.g. from ZUS. In addition, during the sick leave, the salary is lower, which can also affect your creditworthiness.
I am alerting you to such situations mainly for one reason. As long as you have a severe runny nose and you return to work after a few days, sick leave is not a problem. You just go back to work, ask your accountant or HR accountant to fill out your salary certificate and apply for a loan. It is worse when the sick leave lasts longer and you want to apply for a mortgage now. I realize that the disease does not choose ... and I wish you well, well and well again ... But often longer sick leave is related to the period of pregnancy and sometimes it is possible to apply for a mortgage before the woman goes on leave.
I always say that taxes go hand in hand with credits :). Either we pay taxes (we pay because we show income) and we have a mortgage loan granted, or we generate costs in the company and we do not have creditworthiness. Sometimes an entrepreneur has a really good income, but when applying for a mortgage there is suddenly a problem. I will give you an example situation.
A trading company from time to time buys goods, a lot of goods, which they sell after a few months and earn really nice money. Let us assume that in PIT for the previous year there was an income of PLN 150,000 thousand, a month ago, from the beginning of the year, the income was 100,000 cumulatively. But just before applying for the loan, the company bought the goods for 200,000 and suddenly there is a loss. Minus PLN 100,000. A month ago, the bank would have assumed our average income of over PLN 11,000 per month. After purchasing the goods, the income will be less than PLN 2,300.
PLN 11,000 vs PLN 2,300 - do you feel the difference? Creditworthiness at 700-800 thousand or virtually zero - do you see the difference? I will not even mention the loss generated by the company. Although it is a temporary loss, it is a loss that will have to be additionally explained to the bank. Therefore, if we think about a mortgage, it is worth considering large cost moves in the company carefully beforehand.
Remember that if you have any doubts, I am happy to offer you advice and assistance. Let's meet, you will find that my help in choosing the best mortgage can be invaluable.
Feel free to comment. Is the topic of credit analysis interesting for you? Let me know in the comment. Will be happy to help clarify all issues. It is important to me that every topic regarding the mortgage is absolutely explained.
Mortgage broker
Michal Kaplon
os.Stefana Batorego 80
60-687 Poznan
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