Is it more difficult to get a loan for your own apartment?

One of the changes resulting from the pandemic is the tightening of the rules for accepting mortgage loans by banks. Who will have a much harder time getting a mortgage? 

Mortgage in 2020

Currently, it is much more difficult to get a mortgage. Banks have announced that each application, as always, will be considered individually, but it is already known that the greatest difficulties will mainly concern the group of entrepreneurs and employees from the industries most affected by the pandemic. They mainly include: trade, services, industry, construction and transport. The situation becomes more complicated also among people employed under civil law contracts. An additional difficulty is that most banks increase the amount of own contribution even twice. Currently, it may be as high as 30-40%. During the pandemic, banks also began to withdraw from earlier promotions. They also decided to lower interest rates on deposits or introduce or increase fees for simple operations, such as deposits or withdrawals. In addition, document requirements have been increased and credit limits have been lowered.

How to increase your chances of getting a mortgage?

An argument that will certainly work in our favor and will make it possible for us to receive a loan is to prove that our earnings have not decreased. For this purpose, it is worth presenting your income for March and April and compare it with those obtained in January and February. Certainly, IT employees or people who could start working remotely can count on leveling or better results

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