How Low Income People Buy Houses

Although the flat is not a whim and the basic good that every human need, then our own four angles are still a luxury for many of us. That is why many Poles are willing to indulge themselves “under the cork.” Are you wondering how to get a mortgage despite low income? In our article, you will find hints on what you can do to take a housing loan with low earnings.

But the methods to increase your creditworthiness are only a fraction of the plan to purchase your own mortgage. Not all are effective and safe. Therefore, without coloring the reality, we will look at the following issues in our article:

What are the methods for a low-income mortgage loan?
How do banks count creditworthiness?
Or a housing loan “under the traffic” is a good idea?
What is the risk of taking out a mortgage with low earnings?


We have a job, but our earnings are not enough to take out a mortgage? There are millions of Poles in this unpleasant situation. Although a housing loan is not an ideal solution for everyone, we prefer to pay the monthly installment for our flat than a similar amount for renting. Such calculation sounds reasonable. In the further part of the article, we will deal with this dilemma.

What can you do to people who decide to get a low-income mortgage loan? Tips can be divided into those related to the household budget and the optimization of the loan itself.

Reduction Of Living Costs And Settlement Of Liabilities:

Benefits? Credit card, loans, and other obligations reduce our creditworthiness. It is obvious. With debts or bad credit history, we do not have what to think about a mortgage loan. However, there is also a limit to which banks recognize that we have reduced the cost of living. If we declare that monthly basic monthly spend is PLN 500, no financial institution will believe us. Approximately the expenses in a relationship are broken down into two people, so marriages can have life costs slightly lower per person than the single.
Equal installments and a long repayment period

Mortgage optimization is one of the most effective tips to increase your creditworthiness. However, there must also be “but” here. Thus, a longer loan period and the selection of equal installments allow you to increase the maximum loan amount. On the other hand, the costs of such a commitment increase. In short, this method increases the creditworthiness and the total cost of the mortgage loan. In addition, not every bank will agree to the maximum extension of the repayment period. The borrower’s age, but also the prospect of earnings will be important.

Collect Own Contribution:

The more we accumulate our own capital, the better. 10% of own contribution at low incomes may be insufficient. Therefore, it is safer to collect at least 20% of the value of the property you buy. The more so because for some banks this is the minimum required.

To Take Out A Loan With A Guarantee Of High Creditworthiness:

Another good solution with some obvious disadvantages. First of all, you have to have someone like that next. Secondly, you have to convince a person to become a survivor. And thirdly – if we actually pay the commitment ourselves – loss of work or other circumstances may cause the installment to jump up and the debt burden will fall on the guarantor. What everybody knows about. A certain plus of such considerations, however, may be the realization that a low-income mortgage loan is balancing on a thin line. Although this consolation has a bitter taste.

Well, there is no point in cheating, but the mortgage tips do not do little by way of miracle earnings. It is nothing more than the optimization of your expenses and the commitment itself. But from time to time there will be a “friendly adviser” who will recommend using other methods. And we desperately or unaware will follow such trap advice. It is worth knowing what’s going on because using these methods can even lead to criminal consequences.

Turning to the point, these trap councils are based on … concealing important information from the bank. Well, that sounds bad, but there are loan brokers who recommend this method. The only correct solution is then to thank such an adviser and look for a reliable one. In the twist of the hero, the self-contribution is most often made. This one cannot come from a loan or a cash loan. We shall certify it in writing to the financial institution. However, the lie has short legs and a desperate borrower risks not only losing a housing loan, but also legal consequences! The same applies to the concealment of having children.

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