| Polands transition from a State run economy to a | | | | Bank statements for six months |
| market based economy has been hailed as one of | | | | Credit card statements for six months |
| the best transitions made since the break up of | | | | Evidence of rental income |
| the USSR. There are some lingering issues not | | | | In Polands particular instance the Bank account |
| uncommon to any emerging country with Poland | | | | requirement is a rather critical element of the |
| tackling each as they find it best suits their long | | | | mortgage process. This requirement is important |
| term time schedule. One of the market sectors | | | | because the repayment of the loan will be |
| that is currently in a transition is the financial | | | | automatically deducted from the account by the |
| services market. Lending is occurring with little | | | | bank. This is not usually done elsewhere around |
| problem as critical institutions are slowly given | | | | the world. |
| more latitude in how they operate. In the banking | | | | Watch rental income closely |
| world this is best illustrated by the offering of up | | | | One particular area where one may want to pay |
| to a 20 percent share of some Polish banks. As | | | | attention in the mortgage process is if the |
| these banks begin to offer stock they are and will | | | | mortgage is for rental property. Unemployment is |
| continue to offer mortgage loans and other | | | | among the highest in the European Community |
| financial services. Current loan opportunities include: | | | | and is further exacerbated by the drain of |
| Stage payment financing | | | | intellectuals to other neighboring countries. |
| Commercial financing | | | | Reaching just past 19 percent at the end of 2006 |
| Re-mortgage | | | | this drain is having profound effects on middle |
| Capital re-payment mortgage | | | | class incomes as research and development |
| Interest only mortgages up to three years | | | | positions dry up due to the lack of skilled |
| How will banking grow? | | | | employees and a drain on funding. Once more |
| How the banks are received in the stock offering | | | | Poland is finding a growth of unskilled information |
| is still in question and may have a more | | | | oriented employees that should be slated to fill |
| conservative affect on current rates as the | | | | positions in an expanding information technology |
| banks continue to offer interest rates at well | | | | economy. Ultimately this will, if it has not already, |
| below average rates of the countries neighbors | | | | lead to lower rents and a more difficult time |
| and the European Union in particular. Current rates | | | | meeting mortgage payments. |
| are 3.21 percent CHF and 4.8 percent EUR. | | | | Poland is making the structural changes that are |
| There are other interesting items that find | | | | needed for the country's long term growth. Their |
| Poland's financial institutions varying slightly from | | | | remarkable changes made as they began the |
| more standard forms of mortgages | | | | process have been successful to a very large |
| documentation requirements. The overall | | | | degree due to the speed with which they were |
| requirements include: | | | | made. If, as the country opens more strategic |
| Completed application | | | | industries for investment with that same zeal |
| Self declared self worth statement | | | | middle class incomes should return as the |
| P60 or three years audited accounts if | | | | investment flows in. If not, rental incomes may |
| self-employed | | | | not match expectations and mortgages could |
| Copy of passport | | | | wind up in peril. At the moment it is a wait and |
| Letter of recommendation/ references from | | | | see game which nobody involved wants. |
| bank | | | | |
