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Firstly it is possible but not necessarily easy. If you are a contractor / self-certified it would be very difficult if not impossible. I managed to get 100% LTV from OTP Banka (Hungarian bank with network in Slovakia). I did go to a few brokers first but they didn’t think it was even possible so eventually went direct to the bank manager at OTP.
The deal took longer than expected to setup since it was done over Christmas and you have to keep on nagging and pushing people, the estate agent on the sellers side was very good and helped a lot in this process with a few stern conversations in Slovak to the bank manager.
You will need at least 6 months bank statements and you work contract in place. The work contract needs to be translated and signed of by a notary. OTP asked for translation of my bank statements but I made them realise this was pointless. All I did was to underline my income in them and they seemed happy with this. They will ask you to open a normal current account which is fair enough but there is not need to take on credit cards etc unless you need them.
The market has been moving upwards fast and as a result the valuation you get from the bank may be less than the agreed price with the seller, as I understand valuations are done by a government body in March each year and the banks tend to fall into line with what they set.
A few notes on the 100% Slovak mortgage deal:
- 4.95% fixed for 5 years.
- 3% cancellation fee if you close the deal within 5 years.
- Total charges including translations, notary and arrangement fee was £1,500
Any questions ask away.
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