Advices

ADVICE #174

How to receive mortgage in Finland?

Receiving mortgage in Finland by a Russian-non-resident is an extremely difficult task, although it is theoretically solvable. Finnish banks are extremely wary of are borrowers who buy an apartment or a house for permanent residence, as well as to foreigners. However, even if the credit is to be issued, its terms will be much more stringent than for citizens of Finland or at least permanently residing on its territory aliens.

The Russian can at best count on a mortgage loan in the amount of 40-60% of the collateral value of housing, issued for a period of 5-10 years. The amount of credit payments should not exceed a third of a regular income. The interest rate will be 3-5 p. p. higher than for local residents. Some banks will require a guarantee from the citizen of Finland.

The Bank is considering a loan application when specific embodiment, the purchase of real estate, backed by the preliminary agreement. The evaluation of the object is held by the borrower (several hundred Euro). In addition, the Bank requires documents proving the identity of the borrower, the documents on the property owner and proof of sufficient solvency of the potential borrower. These documents may include proof of income from Russia and information about the availability of a large property in Russia and other countries. Finnish banks can explore financial history depth for a year or two. All documents must be officially translated into the Finnish language, although the communication with the Bank may be held in English.

Every Bank and even each individual responsible person in the Bank have their own ideas about the reliability of customers, so the denial of credit in the same Bank should not result in the termination of attempts to receive mortgage in Finland: you can apply to other banks and other offices that have already refused credit by banks.

Финляндия

Comments

Share your advices

Have your own method for choosing a bank? Know the best way to open a bank account, get a loan, establish a company or make money-transfer to another country? Share your expertise with other users!

Advice #45
How to receive residence permit in Croatia?
Хорватия
Advice #132
How to receive permanent residence permit in Estonia?
Эстония
Advice #244
How to choose a Bank in Ireland?
Ирландия
All advices
Alekseev Alexandr

Austria 
Andorra 
United Kingdom 
Denmark 
Liechtenstein 
Luxembourg 
Switzerland 
Nikolay Rozhok

MoneyPolo CEO

United Kingdom 
Germany 
Slovakia 
czech 
Sweden 
Alena Novakova

Marketing and communication director Expobank CZ

Czech Republic 
All experts

Virtual Affairs: the bank of the future has no borders - it's where its clients are

Read now