Take advantage of combining your loans into one special mortgage.
Are you repaying a mortgage and other loans and credit debts at the same time?
Are you paying various installments and fees to different banks every month?
Are you aware that you might be paying unnecessarily high fees and interest?
We have a smart solution for you - consolidating your existing debts. Combine your loans obtained for the same purpose into one new mortgage loan from LBBW Bank!
Advantages of IQ Mortgage Multi
- reduce your monthly expenses thanks to combining several debts into one
- optimize your monthly credit burden by spreading repayment over a longer period
- obtain a new mortgage without documenting your income*
- get a lower interest rate compared to consumer loans if you consolidate non-specific purpose loans into an American-style mortgage
*) subject to positive credit history and compliance with the bank's conditions
IQ Mortgage Multi Parameters
| Maximum LTV* | 90 % |
| Minimum amount of loan | 250 000 CZK |
| Maximum amount of loan | CZK 12,5 million |
| Minimum maturity | 4 years |
| Maximum maturity | 30 years - housing* and purpose other than housing 25 years - non-specific purpose |
| Interest rate fixing period | 1, 2, 3, 4, 5, 10, 15 or 20 years |
| Drawing | Lump sum or successive |
| Repayment | Monthly installments |
| Current account | LBBW Bank CZ a.s. current account required** |
| Required insurance | Insurance covering the mortgaged property |
LTV = Loan-to-value ratio that expresses the proportion between the loan and the collateral value of property
*) Applies to the borrower's dwelling.
**) Opening and closing a current account is free of charge!
Who can apply for a mortgage loan?
Mortgage loans are intended for:
- Czech citizens
- Slovak citizens
- foreigners with permanent or temporary residence in the Czech Republic
Note:
A mortgage application can be made jointly by up to four applicants from up to two households.
For what purpose can IQ Mortgage Multi be used?
- Are you repaying one or several housing mortgages and building society loans? Your best solution is IQ Mortgage Multi - housing.
- If you are repaying one or several mortgage loans obtained for a purpose other than housing (such as purchase of rental or recreational property), the best option is IQ Mortgage Multi - purpose other than housing.
- If you are repaying one or several American-style mortgage loans and consumer loans (general purpose), the optimal choice is IQ Mortgage Multi - general purpose.
IQ Mortgage Multi - Housing
You can consolidate the following loans:
- Mortgage loans and building society loans used for acquiring a property used as your dwelling (family house or apartment), where the original loans were obtained for example for buying, building, or reconstructing the dwelling where you live.
Tax advantage: The above loans allow you to reduce your personal income tax base by interest you pay up to CZK 300 000 per year.
IQ Mortgage Multi - Purpose Other than Housing
- Consolidating mortgage loans used to acquire a property for recreational (cottage, country house) or rental purposes.
IQ Mortgage Multi - General Purpose
- Consolidating loans used obtained for a purpose of which you did not inform the financial institution. A typical example is American-style mortgage or consumer loan.
Note: Due to tax-related considerations, only loans obtained for the same purpose can be consolidated/combined.
What can be used as collateral?
A loan must be secured by a lien on a property located in the Czech Republic.
Conditions for obtaining a mortgage loan
- age over 18 years
- minimum income
- one applicant - CZK 10 000
- two and more applicants - CZK 15 000 (the main applicant's minimum income must be CZK 10 000)
- Current employment must last at least 3 months (self-employed persons must have been conducting business for at least three years)
- verifiable employer's contact telephone number
- applicant's contact telephone number
What do you need for processing a mortgage application?
- filled-out application
- one identification document
- document showing your income
- employee - confirmation of your employment income or your last three payroll slips
- self-employed person - income tax return for the last taxation period
- documents for the mortgaged property / loan purpose
Note:
As to joint-ownership of spouses, both spouses must apply for a loan jointly.
Additional documents may be required in case of non-standard income, collateral, or loan purpose.
Additional Information
- Table of Fees and Commissions
- Current Interest Rates - Table of Interest rates for Private and Personal banking (page 6)
For detailed information on mortgage loans, call 800 700 800 or visit any LBBW Bank branch.
