Refixace offers mortgage services for expats

Mortgage specialists have expertise in getting the best deals for foreigners in the Czech Republic

Getting a mortgage can be tricky, especially for expats. The company Refixace has independent mortgage brokers that cooperate with Czech banks. They are independent specialists who compare and arrange mortgages with 15 different banks to find the optimal solution for clients.

Refixace is a modern mortgage broker company with 10 years of experience on the market. It does not charge clients for its expertise and services. The company focuses on mortgages and has a main principle of treating each case individually.

The company also provides investment loans for property developers and other business loans for corporates. This year the company has provided clients with investment loans in a volume of Kč 400 million. Regarding mortgage loans for persons, the team has provided more than Kč 480 million in the last 12 months.

“We are able to find a solution for developers and also for private borrowers. For example, we are able to arrange a loan for developers and then provide mortgage services for potential buyers, including the internal valuation and favored interest rates. This is good for developers and also for their clients. They get better conditions and faster easier process,” Ondřej Marek of Refixace said.

“The advantage with us is our know-how. We know all the principles, methodology and structures of interest rates. … We often know the items and methodology better than mortgage bankers in mortgage banks. Mortgage banks have complete applications from us, which saves their time and costs. This is how we can negotiate and obtain better conditions and interest rates,” he added.

Marek has been focusing on foreigners for the last few years and has clients from all over the world. “Most clients are from Europe, have residence permits and work in the Czech Republic. But also I have clients from outside the EU or from the US without any residence permit and with incomes from abroad,” he said.

Cases where expats only have income from abroad are the most difficult. “A better case is when the client has an income from employment. If there is a solution, we will find it. It is hard work, but it is also a challenge. I enjoy managing these complicated cases,” he said.

The brokerage's services include a comparison of all Czech mortgage banks, assistance when collecting the documents and filling in the application forms, negotiating individual advantaged conditions and a better interest rate, consultation when signing the loan agreements, assistance when collecting documents for transferring and disbursement of the mortgage. “For example we help the client with documents at the Land Registry, and we help with insurance,” Marek added.

There are also some new changes in mortgages that Refixace says people should be aware of. These are due to regulations by the Czech National Bank (CNB), which wants to slow down the increasing prices on the real estate market. One of the tools the CNB wants to use is mortgages. The CNB now strictly recommends that all mortgage banks in the Czech Republic reduce the maximum Loan To Value (LTV) parameter for all new mortgages.

The maximum LTV level of 100 percent was reduced as of Oct. 1, 2016, to 95 percent, and from April 1, 2017, the maximum LTV parameter will be reduced to 90 percent.

This means clients will need more of their own financial resources. Also, interest rates have increased about plus 0.3 percent to 0.7 percent per annum in October for mortgages with and LTV level of 85 percent to 90 percent. A similar increase in interest rates can be expected in coming months for mortgages with an LTV level above 80 percent.

Buying a house or flat is an important decision and Marek recommends setting aside enough time so that people don't rush into a bad purchase. He also recommends considering the various options such as repaying over a short or long time based on each individuals financial situation.

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