It has become easier to find a mortgage in the Czech Republic over the last several years. The addition of their currency to the European Communities and a stable government are just two of the main reasons that over the last several years it has become easier.

It should be kept in mind by buyers that funds for the property is not to be available until the property is complete in construction and the home has been legally registered in the community.

Loans are somewhat hard to come by at times although mortgages are available for residential property purchases. You can also find a remortgage if you plan to repair or upgrade homes once you own them.

If you are non-Czech nation then there are extra steps that you must go though. Your citizenship must be with an EU country and it will be necessary to buy through a Czech Limited Liability Company for the proper process.

You must also provide the bank with certain documents such as copies of passports, proof of income, a declaration of outgoings, p/60 Tax return, 3 bank statements, a purchase contract and a reference letter from your current Bank.

The minimum mortgage that most companies in the Czech Republic is usually around 5 years with the maximum at 20 years. You can purchase property up until the age of 70.

Lenders in the country are currently charging mortgages rates that range between 6.32 and 7.05% as a norm, with a maximum of 3 years interest only period. The loan must not exceed 40% of your monthly income according to most standards.

Although it might be hard to secure a loan in the country, it’s not impossible if you’re willing to do the extra work.