The lowest national and mortgage?
Minimum wage in 2022-how much is it?
The minimum wage, also referred to as the national minimum wage, is specified in the Council of ministers regulation on the minimum wage and the minimum hourly rate, updated annually. According to its provisions, each employer must provide its employees hired under an employment contract with wages that can not fall below a certain level.
Poland has seen an upward trend for several years. In 2018, the minimum salary was PLN 2,100 gross, which gives approx. 1530 PLN net. In 2021, the lowest national level was already PLN 2,800 gross, so that each employee received “on hand” approx. 2 061 zł. From January 1, 2022, new rates apply-according to the updated regulation, the lowest monthly salary is already PLN 3,010 gross, so each qualified employee receives approx. 2364 zł. However, the question remains, is this enough salary to apply for a loan for a house or apartment?
Mortgage-what conditions should be met?
Mortgages are bank products that can only be obtained if very strict conditions are often met. This is due to the fact that such commitments are usually very high. In order to protect against the insolvency of potential debtors, financial institutions introduce a number of requirements aimed at verifying their reliability.
To seek a home loan, you must demonstrate adequate creditworthiness. Its amount is made up of several key factors, among which one can distinguish the monthly salary. Specialists also take into account the type of contract concluded with the employer, as well as the employee’s seniority. Household maintenance costs are also important. The most disadvantaged are childless couples.
You should also check your credit history before applying for a loan. Any outstanding obligations and delays in instalment repayments work to our disadvantage, as does the inability to make an own contribution, which most often outweighs the chance of a positive review of the application by the bank.
Mortgage and the lowest national-is it possible?
Many potential borrowers earning above the minimum wage have difficulty obtaining a mortgage. Similarly, even more difficulties will be faced by those earning the lowest national income. However, this does not mean that they are in a completely losing position.
Singles applying for an apartment loan with the lowest monthly salary have to reckon with the fact that they are unlikely to be granted one. The only solution that increases their chances of improving their credibility in the eyes of specialists is to make a commitment with another person, provided that their monthly earnings are higher than the minimum wage.