Czech mortgages getting more expensive

New financial regulations are being introduced in the Czech Republic on the 1st December 2016, for example, mortgage banks will no longer be able to charge such high penal fees on mortgage redemptions (only on new mortgages after the 1st Dec) and banks can be face high fines for not properly credit checking borrowers.

Such regulations are increasing banks costs and thus these costs are being passed onto the consumer.

The result for new mortgage borrowers after the 1st Dec 2016 is that interest rates will be 0.2-0.5% higher than has been previously possible (though mortgage redemption fees will be substantially lower).

Contact us for more information about how this may affect your mortgage situation in the Czech Republic.