Mortgage of Mortgages is a loan designed for repaying an existing mortgage loan, society loan, or American Mortgage loan with a long-term maturity of up to 30 years.
We will repay your mortgage for you!
Have you been repaying a mortgage loan for more than six months, is the end of your fixing period approaching, and has your bank offered you a higher interest rate than you had expected? Switch to LBBW Bank! Trade your mortgage for a better one!
Advantages of a LBBW Bank Mortgage of Mortgages
- No processing fee
- Long-term loan repayment periods up to 40 years! American Mortgages up to 25 years!
- Low guaranteed interest rates fixed for up to 20 years
- In case the applican's amortization history in the Credit Bureau Register has been excellent in the last 8 months, it is not required to present an income statement.
- Possibility to acquire a top-up along with refinancing the current balance if the property's value is sufficient
- Assistance with paperwork
- Maximum age of applicant in the year of loan maturity up to 70 years
Mortgage Mortgages Parameters
| Maximum LTV * | 90 % |
| Type of interest rate | Fixed |
| Floating* | |
| Minimum loan value | CZK 250,000 |
| Maximum loan value | CZK 12,500,000 |
| Minimum repayment term | 4 years |
| Maximum repayment term | 30 years (25 years for American Mortgage) |
| Interest rate fixing period | 1, 2, 3, 4, 5, 10, 15, and 20 years |
| Drawdown | Lump sum or gradual |
| Repayment | In case of fixed interest rate, the loan is repaid with annuity installments |
| In case of floating interest rate, the loan is repaid with linearly installments** |
|
| Current account | LBBW Bank CZ a.s. current account required *** |
| Required insurance | Insurance of the mortgaged property |
* LTV = the ratio of the loan and the property collateral value
** applies only to purpose version of the product
*** Opening and closing the current account is free of charge!
Is a mortgage loan for you?
A mortgage loan is available to:
- Czech citizens
- Slovak citizens
- other foreigners with permanent or temporary residence in the Czech Republic
Note:
Up to four applicants from two households may apply for a loan jointly.
Examples of using a Mortgage of Mortages
Refinancing the current balance:
- of an existing mortgage or loan, including accessories, issued by another bank or a building society
- an existing American Mortgage
Acquiring a top-up to the current balance
- Purpose of the top-up mortgage must coincide with the building’s purpose - i.e. housing, recreation, renting, or no specific purpose in case of an American mortgage refinancing)
- examples of using a top-up mortgage
- purchase
- reconstruction and refinement works
- property shares settlement
- no specific reason (in case of an American mortgage top-up)
Collateral
The loan must be secured by a lien on a property located in the Czech Republic.
- If the loan is used for refinancing a mortgage or loan, the mortgage property doesn't need to be owned by the applicant for a Mortgage of Mortgages, with exception of version without income statement - then mortgage propety must be owned (or co-owned) by the applicant or close relatives.
- If the loan is used for refinancing an American Mortgage, the mortgaged property must be owned (or co-owned) by the applicant or close relatives (parents, children, spouse) and these persons must reside at the property permanently.
Requirements for obtaining a mortgage loan
- Minimum age 18 years
- Minimum income
- 10.000 CZK in case of 1 applicant
- 15.000 CZK in case of 2 or more applicants (altogether out of which a minimum of 10.000 CZK from the main applicant)
- Current employment must last at least 3 months (self-employed persons must have been conducting business for at least two years)
- Verifiable contact telephone number for the applicant's employer
- Contact telephone number for the applicant
Documents required for processing a mortgage application
- Completed application
- One identification document
- Income statement
- employees must provide a statement confirming their salary
- self-employed persons must provide a tax return for the last taxation period
- documents pertaining to the mortgaged property / purpose of the loan
Note:
If the property is co-owned by spouses, a mortgage application must be made jointly by both spouses.
Additional documents may be required in the case of non-standard income, loan purpose, or collateral.
Less paper work with mortgage refinancing!
- A new appraisal of the market value of the property is not necessary; we will accept your original appraisal. *)
- It is not necessary to show the actual title certificate.
*) The Bank reserves the right to review the parameters of the original appraisal and demand a new appraisal if discrepancies are ascertained.
Additional information
- Documents pertaining to the mortgaged property / purpose of the loan
- List of fees
- Current interest rates - a table of interest rates for Private and Personal Banking (Page 6)
For detailed information on mortgage loans visit any LBBW Bank branch.
Note
For this type of mortgage can not be applied tax optimized version.
