Hungarian mortgage – getting one

L

Lolita

Guest
I am living in Dublin but trying to get a mortgage for an apartment in Budapest, Hungary, which I am buying. The apartment is being built at the moment, and I have put down an initial deposit, and now I need to get a mortgage on the rest of the price. I am in touch with a mortgage company in Budapest, and am trying to figure out if they are offering a good deal.
First, if anyone has done something similar before (bought an apartment in Budapest/Hungary from Ireland) any advice would be greatly appreciated.
Secondly, and more specifically, the mortgage company I am looking at would like to charge several hundred euro for the arrangement fee (if they agree to give me the mortgage and I accept). Then I would be charged for the solicitor's fees. Then, the bank I would be using would charge an administation fee of 1.5% of the amount borrowed, as well as several hundred euro. Do all these fees sound reasonable?
Thank you for your time!
Regards,
Lolita
 
Hi Lolita,

My answer is: yes, it's reasonable. All bank charge fee for credit granting, of course the measure is different. There are other fees as well, for example settlement fee, monthly handling fee which should be add to the interest fee. So many construction...If you had choice a good broker I think it's worth the money.
You would like to buy only one apartment or more? You would like to rent or use for your owen purposes? There cases whent it worth to set up a Hungarian company.

If you have any other question related to property finance in Hungary I try to help.

Regards,

Szilvia
 
Defaulting On loans In Hungary

I have a mortage with Unicredit for 80% value of a property in Districr 7.
and it has become very expensive with the rent it is bringing.
If I default on the loan can or will they chase me in Ireland for the difference
Does anyone have any experince of how far the bank will go?
 
Hi Looita

Erste bank charge a maxium of 600euro for this admin expense it sounds like you are dealing with Unicredit get your broker to negotiate it down
 
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