What about a mortgage when selling an apartment?

Along with the development of the financial market in Poland, the number of apartments bought on credit increases. And because few can afford to buy a dream apartment only thanks to the resources saved, many of us gladly use such a solution.

The only question is, if there is a change in life plans, it is possible to sell the apartment before the loan is repaid? It turns out that yes and in addition without problems in concluding transactions with a new buyer.

Very often it happens that the first flats are bought by very young people, paying attention only to current needs, not counting on the fact that their requirements will grow over time, e.g. a child will appear and one more room will be needed. The existing flat is becoming too small and does not meet the basic needs for the functioning of a new family. And then the problem arises …

How to do it?

How to do it?

After determining your own expectations for buying a new apartment, you should estimate the value of the current one. This can be done in two ways – by browsing the offers of other apartments, comparing their parameters with the conditions and location of our apartment, or more sensibly and professionally, with the help of a property appraiser who will provide us with information about the possible amount of own contribution. The next step is to examine our credit standing. After positive verification, you can start actions to change the apartment.

Minor differences

Minor differences

Differences related to formalities when buying an apartment on the primary market, and such with a housing loan, are insignificant. Before we start signing the contract, we should ask the seller for a certificate from his bank about the amount of the loan to be repaid. On the basis of the data obtained, we will be able to properly conclude a preliminary purchase and sale agreement, specifying what amount will be repaid to the bank and how much money is due to the seller. Assuming that we will also use the loan at least in part, we must remember that the said certificate will be required by the bank financing the transaction. The seller will not receive the funds intended for him until he presents a letter from the bank, indicating full repayment of the loan and consent to delete the existing mortgage.

It’s important – protect yourself


The basic determinant when selling and buying a new apartment is time, which is why we should pay attention to it in the first place. It is important to determine the place of stay in the time between the sale of the old and the purchase of a new one, because not every prospective buyer gives the seller a chance to stay in the current apartment until he purchases and arranges for the new apartment.

When applying for a loan, we pay attention to which of the offers is the cheapest, but we must not forget that in the bank, the best-priced loan process can suddenly extend the loan process, thus exceeding the time available to us. In this case, it is useful to secure yourself with one more loan application so as not to miss the chance to buy your dream apartment. To make the credit process quick and efficient, it is best to complete all required documents as soon as possible. This will make it easier for the bank to analyze the application, but, most importantly, make the situation more comfortable for us – we will obtain a credit decision much faster than we need.

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