The Polytechnic Institute, s

Introduction

A reasonable place to live is an important need for everyone. The question is how do we finance this need? This is a question which, sooner or later, we all face. Debt financing this need is not a very common way of financing housing, but also an important element in contemporary advanced economies, which affects and is itself influenced by. Being explored in this work is to answer the question from selected countries to the most advanced mortgage market and what factors are present. Today there is already a number of different and various forms of credit. Best and certainly the most common variant is a mortgage loan.

The aim of this paper is to highlight the various advantages and disadvantages of mortgage loans in the CR and in selected European Union countries. Furthermore, an analysis of mortgage loans on the basis of analysis to evaluate the level and effectiveness of selected mortgage lenders.

The first chapter deals with various types of loans. Describing them and some advice as how best to choose the right type of loan for you.

The second section gives a deeper insight into the heart of the mortgage loans. What can be exploited to carry out mortgage and what options it offers clients.

In the third chapter I know the portfolio of mortgage loans in the Czech Republic. Given
on how many mortgage lenders in our Republic, I selected only the six largest and most popular mortgage lenders. They include the Czech Savings Bank, CSOB, Commercial Bank, Postal Savings Bank, GE Money Bank and Raiffeisenbanks.

The fourth chapter deals with a number of mortgage loans in selected countries of the European Union. They are Germany, Slovak Republic, Spain, Italy, Sweden and Ireland.

The fifth chapter is a comparison and analysis of all these mortgage loans.

In all calculations, which are in Pound Sterling, I used the universal rate of 26 CZK.

1       Types of loans

Bank loans can be divided by a number of criteria in several categories. The most important and decisive element is distributing the period for which the credit is granted.

1.1    Basic distribution of loans

According to maturity
            • Short-term (up to 1 year)
            • Medium term (from 1 to 4 years)
            • Long-term (more than 4 years)

According to the given currency
            • Crown (CZK Credit)
            • Exchange (in other currency)

According to the guarantees
            • Secured (mortgage loan is secured)
            • Unsecured (the bank does not require collateral, provided the only good customers    of the bank)

According to the method of drawing
            • One-off loans (the client exhausts a predetermined amount at once or gradually            over a set time)
            • A credit line (the client can repeatedly borrows money to finance their own needs        to set the credit limit)

According to the organization to which the loan
            • Loans for business purposes (to finance the operating and investment needs of                         firms)
            • Loans to citizens (can be either targeted or non-specific)
            • Interbank loans
            • Loans to municipalities and cities

If you look closely at the credits, divided according to maturity, into different categories, we can assign the following basic forms:

1.2    Short-term loans (maturity exceeding 1 year)

            • Overdraft Loan - a loan that the bank provides the moving of the current account        of the client.
            • The Lombard loan - a loan that is secured by a pledge of movable property or                        rights. This loan is provided at a fixed amount and a fixed repayment terms.                        Lombard loans can have different forms of collateral, such as securities, goods                     receivable, etc..

• Bill credit - as the name says, this loan is subject to a promissory note as security.
• This guarantee loan - in the form of a loan the bank usually takes a one-time commitment to his (excellent) client to a third party.

1.3 Medium-and long-term loans (maturity over 1 year)

• Mortgage loans - usually long term loans with longer maturities, which is secured by a lien on property.

• Share credit - a loan that is granted on the basis of repurchase securities issue (mostly bonds), which emits the borrower to obtain funds.

Among the most popular loans, which are becoming more popular include consumer loans. The maturity of these loans is very variable, and therefore may be included in any of the above categories.

In the banking sector can also use the special financial lending, to which we can include:

• Factoring - the purchase of short-term debts before their due date

• Forfaiting - purchase of medium-and long-term debt prior to maturity

• Leasing - a lease of capital equipment, consumer durables and other items as agreed rent for a definite or indefinite.

An important criterion in choosing a bank is the interest rate of credit granted, together with the length of the guaranteed period. Integral part of decision making should also be indicative calculation, if the client is able of his income to repay the loan.

2 Description of the mortgage loans as a whole

2.1 What is a mortgage loan

Bonds Act No. 190/2004 Coll. Which came into effect on EU accession, 01.05.2004 ie, defining the mortgage loans in this way:

"Mortgage loan is a loan whose repayment is secured facilities including a lien on the property, and construction. A loan is considered to be a mortgage on the legal effects of lien. For the purpose of covering mortgage bonds can claim the mortgage loan or its part to use only the date when the issuer of mortgage bonds on the legal effect of a lien on real estate knowledge. " [32, § 28]

Mortgaged property must be located within the CR, EU member state or another state, forming the European Economic Area.

Mortgage banks offer basically two types of loans: mortgages, which are assigned to the acquisition of real estate and U.S. mortgages called on anything. It is true that conventional mortgages are better than non-specific parameters.

The current wording of the law also allow the possibility of granting mortgage loans to meet the needs of the living - to buy a cooperative apartment, composed of member's interest in housing cooperatives, ... Still, however, that in all cases the guarantee of real estate.

2.2 Mortgage Lenders

Mortgage loans can provide any bank in mortgage bonds issued and income from them used to fund mortgage loans. Currently, the mortgage loans in the Republic Bank:
•          Citibank Europe plc.
•          Czech Savings Bank
•          Czech Insurance
•          ČSOB
•          GE Money Bank
•          ING Bank
•          mBank
•          Commercial Bank
•          LBBW Bank CZ
•          AG Oberbank
•          Postal Savings Bank
•          Raiffeisenbank
•          Volksbank CZ
•          UniCredit Bank
•          Mindful von 1842
•          Wüstenrot Mortgage Bank

2.3 Types of mortgages

Mortgage loans can be distinguished into two types depending on the purpose and use of credit:

• Focus
• Non-specific, so-called American Mortgage

Special-purpose mortgage loans must be used only for client pre-defined purposes. Summary, it can be identified as meeting the needs housing.

Utility (classical), a mortgage can be obtained on the following projects:
• Purchase of property, building land
• Construction Property
• Renovation, modernization and repair of property
• Repay the loan or loans used for investments in real estate
• The acquisition of ownership of property (such as an estate ,...)

Object of a mortgage loan can be for example:

• Building Land

• Property used for housing

• Property serving for individual recreation

• Residential building, operating house

• Immovable equipment that is part of the above property (garage, pool, sauna, landscaping, land, etc.)

• The business objects

Non-purpose mortgage loan, American Mortgage, not the client uses any restrictions. Thus, the loan can also finance movable. Interest rates are roughly
2 % above condition is the mortgaged property.

Mortgage as a percentage of collateral value

Mortgages can also vary according to the maximum amount that the client can get. This amount is based on a percentage of the value of the mortgaged property or acquisition. For neúčelových loans that amount is around 60 % of the normal price of the mortgaged property, the purpose of housing loans, the client can meet with loans of up to 70,80,90,100 or even exceptionally well over 100 %.

Mortgage by way of repayment

• annuity (the client for the duration of the loan pays the same monthly payment amount)
• progressive (the client pays at the beginning of lower monthly repayments, which had gradually increased over the years)

• regressive (the client pays at the beginning of a higher monthly payment, which it gradually decreases)

There are also other ways according to what can distinguish mortgage loans. For example, depending on whom they are intended way pumping, according to maturity or rate fixation.

2.4 The processing of mortgage loan

A mortgage loan may require a natural person, business, community and city.

Before applying for a loan

This section includes the selection of banks to provide credit to him. An important criterion in choosing a bank is the interest rate of credit granted, together with the length of the guaranteed period. Often the client will bypass some of the institutions before the encounter, at which he is able to meet all requirements and obtain a loan. An integral part should also be indicative calculation, and a list of all documents that are in his particular case needed for loan approval.

After applying for a loan

The bank keeps some time to process the application. If the loan is approved, the client is invited to sign the contract.

When the conditions (eg, immobilization insurance, registration or lien in the Land ,...) can begin to take out a loan.

Following the exhaustion of credit

After the exhaustion of credit the client receives a notice of termination of a definite amount of annuity payments when the loan is repaid in this way. Begins to pay interest and amortize the principal.

When entering into mortgages they also negotiated the so-called fixation rates. If fixation eg 5 years, interest can be changed up to 5 years. Before changing the interest rate the client is informed and the bank has the option of partially or fully repay the loan without penalty. In the case of non-specific mortgages, which fall under the regime of the Consumer Credit Act (No. 321/2001 Coll.), Can ever make an extraordinary payment of all or part of the loan.

Documents required for mortgage loan

The basic condition for a mortgage loan is proof of loan applicants that are able to the credit of their income to repay.

The bank will always ask:

• proof of income

• valuation of the pledged property, a statement from the Land of the introduction of
a lien immobilization and insurance of the property to the bank

• other documents (sometimes immobilization life insurance or credit to the bank)

If the loan is used for investment property, the bank also requires evidence the property.
the purchase of real estate:

• Purchase Agreement

• extract from the cadastre

for construction, reconstruction, repair, etc.:

• Building permit (with the acquisition of legal authority)

• design documentation

• project budget

• any agreements with suppliers

• extract from the cadastre

List of the documents may vary from case to case. For example, there mortgages without proof of income, a mortgage negotiated in part by the Internet, etc.

2.5 Securing a mortgage

The basic condition for a mortgage loan is the collateral mortgage. The mortgaged property may be the object of direct loan, or it may be another or other property. The property must be located on the territory of the Republic, European Union member state or another state, forming the European Economic Area. Property must be
a pledge, for example, banks will not accept half of the house. On the property also must not flag any easement to prevent use. Another means of ensuring that the Bank is required immobilization insurance property pledged to the bank.

2.6 Drawing a mortgage

Drawdown of the mortgage loan is performed without cash, non-specific credit for sending money to the account required by clients, mostly in the form of special-purpose loan payment of supplier invoices, sending the price to the vendor under the purchase agreement, etc.

Withdrawals may be either a single (usually the purchase of property or non-specific credit), or may take place gradually (eg, construction or reconstruction of buildings).

2.7 Maturity and repayment mortgage

The maturity of a mortgage loan varies from 5 to 45 years. The longer maturity, the lower the payment. The optimal time to repay the mortgage loan is 15 to 20 years.
If the mortgage loan is taken gradually repaying the first month only the interest on the amount spent up until the entire loan is exhausted. After the termination of the borrower will repay a mortgage loan usually annuity payments, which throughout the period of the same interest rates and include principal and interest.

Some banks allow other payment than the payment of annuity payments. It is
a regressive or progressive repayment, ie. the size of the installments in time, either decreasing (tapered) or increasing (progressive). The date coincides with a change in interest rates (the customer chooses during the period of interest rates), the debtor can repay early part or the entire amount of the loan without penalty. In the event of an installment of a client outside these dates, most banks set high penalties for early repayment.

2.8 Promoting the mortgage lending for house purchase

Support for mortgage lending for housing is to provide contributions to the interest on
a mortgage loan and concessional loans from the State Housing Development Fund.
In 2009, support began to be paid back, because the average interest rate reached a level of 5.6 % per annum. They can obtain a subsidy of 1 %, respectively. -1 % Interest. The grant is applied directly to the bank.

Subsidy to eligible applicants under 36 years of age. If you are applying for the loan and its support of spouses, the age limit to enter both. Applicants must possess an apartment, family house or apartment building. Of property must be at least two years old. And even in foreign property will become a subsidy granted. The amount of state aid is limited. If the price exceeds 800 thousand apartment. CZK or house of
CZK 1.5 million, the grant will cover part of the loan in excess of these amounts. Support of mortgage lending for housing is governed by Regulation No 249/2002 Coll governments. and No 33/2004 Coll.

2.9 Interest on the loan as a tax-free amount

In 1998, to allow the amendment to Act No. 586/1992 Coll. Taxes on income tax relief for individuals to solve their housing needs through a mortgage loan from savings, respectively. other loans granted to finance housing needs.
The amount paid in interest on a mortgage loan (from a building savings loan) to finance the housing needs of the mortgage loan less the state's financial contribution may be deducted from the taxable income of individuals and up to CZK 300 000 per year. When you pay interest only for a part-year tax-free amount may not exceed one twelfth of the maximum amount for monthly interest payments.

3 Mortgage Loans in the Republic

Because of the vast menu of mortgage loans market in the ČR collect from each of the six providers selected only one of their most popular mortgage loan and the rest just describe in a nutshell.

3.1 Czech Savings Bank

Roots of Czech Savings Bank goes back to 1825 when the Bank launched the Czech, the oldest legal predecessor of Czech Savings Bank. The tradition of Czech and Czechoslovak savings later followed in the Czech Savings Bank in 1992 as a joint stock company. Total 5.3 million clients, which is now the Czech Savings Bank, speaks clearly of its solid position on the Czech market. Czech Savings Bank is
a modern bank focused on retail, small and medium businesses and the towns and villages. Also plays an irreplaceable role in the financing of large corporations and services in the financial markets. Czech Savings Bank Financial Group is the number of 5.3 million clients the largest bank in the market. Czech Savings Bank has issued more than 3 million payment cards, has 655 branches and operates more than 1 190 ATMs. The Czech capital market, the Czech Savings Bank among the leading securities dealers.

Ideal mortgage Czech Savings Bank

Ideal Czech Savings Bank mortgage you free of charge for a mortgage, up to
100 % of the value of the mortgaged property. You choose the mortgage you choose and assemble services to meet your needs. You only pay for selected services (ie not pay for anything not use) and the repayment of a mortgage you can always adapt. Ideal mortgage also allows you to change the amount of installments and the suspension depending on your needs. Naturally, when you repay mortgage of the Czech Savings Bank Account, you also get a discount on interest rates.

Ideal mortgage Czech Savings Bank can be used to purchase the property (eg land, house ,...), to buy buildings for individual recreation (Cottage ,...), to buy a cooperative apartment or house from the city or village without collateral another property, also to purchase property for the purpose of its lease, to purchase interests in real property for the purpose of settlement of co-ownership and inheritance rights, the construction, reconstruction, extension property to repay earlier loans on real estate, refinancing of previous investments in real estate, and also all demonstrable costs associated
investment property such as fees for banking services, property valuation, real estate and legal services, etc.

Mortgage you can get up to 100 % of the value of the mortgaged property as determined by the Bank based on the expert valuation by loan purpose. Minimum and maximum mortgage is usually limited. Above is also examined on the basis the client's ability to repay the monthly installments. Ideal mortgage loan maturity is 30 years fixed rate at 1,2,3,4,5,10,15 or 20 years. Mortgage is secured by a lien on financed or other property in the Czech Republic. Property that is subject to the lien must be insured and the claim from insurance discontinued in favor of the Czech Savings Bank. Example, where one applicant without children with monthly earnings 30 000 CZK Calls a mortgage in the amount of CZK 1 000 000 with a maturity of 30 years with
a fixed rate of 5 years, where property has a value of 1 500 000 CZK to us under the mortgage calculator Czech Savings Bank said it could be interest rate since the 4.69 % and the monthly payment will be 5 180 CZK per month.

Interest Fees Czech Savings Bank tells us this:

mortgage interest on housing from

fixation for 1 year 5.29 %

2 years *

3 years 5.19 %

4 years *

5 years 5.19 %

10 years 5.19 %

15 years 5.19 %

20 years *

*) Interest rate is set individually

Other equally successful Czech Savings Bank mortgage products include:

Mortgage Cash Czech Savings Bank

Mortgage cash loan is secured by a lien on property designated to finance goods and services, personal needs (such as buying new or used car, study abroad ,...), joint property settlement in divorce proceedings, the settlement of obligations between citizens in the transfer of the right to use co-op apartment, pay notary and legal fees. Of course you can also use the cash option mortgages where the loan funds are transferred directly to the client's account or paid in cash without documentation of loan purpose.

Mortgage Investment

Allows you to purchase property for the purpose of rent. You can buy the individual's own property with space for business, buy an apartment building, boarding house or restaurant. Buy land for other uses and many other ways to profitably invest. To demonstrate your creditworthiness can take advantage of future rental income.

3.2 Czechoslovak Commercial Bank

Czechoslovak Commercial Bank, as is a universal bank in the Czech Republic. CSOB was established by the state in 1964 as a bank for providing services in foreign trade financing and convertible currency operations. In June 1999, was privatized - it became the majority owner, the Belgian KBC Bank, which is part of KBC Group. In June 2000, CSOB took over the Investment and Postal Bank (IPB). After the acquisition of minority shares in June 2007, KBC Bank was the sole shareholder of CSOB. By the end of 2007, she worked CSOB in the Czech and Slovak markets, the Slovak branch was separated on 1 January 2008.

ČSOB Mortgage

The most popular mortgage that can be used for the purchase, construction, reconstruction
or modernization. You do not have anything in savings will lend you 100 % of property value.
CSOB interest rates are guaranteed, not a minimum. Moreover, the interest rate you will be guaranteed after 30 days. You will have time to arrange everything with certainty, that the interest rate will be maintained, although the rate of increase in the market in the meantime. In the case of interest, you negotiate everything at the branch. Ensure that property insurance and ability to repay, estimated real estate value and the necessary documents from the Land Registry. U CSOB Mortgage you can choose the same amount of a repayment guarantee for the duration of the mortgage, construction or reconstruction do not substantiate invoices. The minimum amount of mortgages from CZK 200 000 and above for a period of 5 to 40 years. The maximum loan is limited.

ČSOB Mortgage can be used to purchase real estate to personal property
(And co-ownership), property construction, reconstruction, modernization and repair of the property, refinance earlier loans for housing or a combination of the above purposes, including the settlement of assets.

You can invest in a house, apartment in private ownership, building land, cottages or chalets, residential units, apartment house or multi-functional office buildings, real equipment (eg swimming pool, fireplace, fencing, a project built and free standing kitchen appliances). You can arrange a special installment and the possibility of extremely repay without penalty at predetermined periods, changes in interest rates.

ČSOB 2 in 1 Mortgage

Mortgage is a combination of standard and ad hoc CSOB Mortgage loan is non-specific, which can be used for anything. Eg. the household or car purchases
or holidays. Additional advantages over CSOB Mortgage: Up to 20 % of the entire mortgage can be used for anything at the same rate mortgages, non-specific option to repay part of the loan at any time without penalty, only one maintenance fee loan accounts, non-specific part of a mortgage is placed directly on the client's account and non-specific parts you can pay the fee for processing the loan.

ČSOB Mortgage without Substantiating Income

With a mortgage without having to prove your income you are opening the way for easier credit. To get a mortgage you do not have to prove income, which is especially appreciated by business people whose income levels specified in the tax return is not sufficient for obtaining a mortgage loan under standard conditions.

ČSOB Mortgage with a guaranteed amount of repayment

It helps you maintain the same payment for the duration of the mortgage. Many services and products become more expensive. However, you will be sure that your payment throughout the loan repayment does not increase. Better so you can plan your spending in the future. The main advantages include constant rate until the end of the mortgage, you do not have to worry about an increase in monthly installments until the end of the repayment will not have to watch the end of the period of interest rate.

ČSOB Pre-mortgage loan

Credits used to purchase property that can not be financed initially CSOB Mortgage because it can not pledge (there may be such as the privatization of housing stock, buy a cooperative apartment or buying houses or apartments in a development project). The advantage of this pre-mortgage loan is a loan processing joint with CSOB Mortgage, the loan will be subsequently refinanced CSOB Mortgage, for the duration of the loan you pay only interest.

Of the standard example of mortgage calculator, CSOB became this:

Value of Property 1 500 000 CZK

Loan at 1 000 000 CZK

Fixation period of 5 years

Maturity of 30 years

Interest 5.19 %

Monthly payment 5 485 CZK

Type of mortage loans	Max. loan amount of the national budget in %	Interest rate in %
Type of mortage loans	Max. loan amount of the national budget in %	1 year	3 years	5 years	10 years	15 years	20, 25, 30 years
ČSOB Mortgage	70	5,69	5,29	5,19	5,19	5,69	5,99
	85	5,69	5,39	5,29	5,29	5,69	5,99
	100	6,69	6,49	6,49	6,69	6,69	6,99
ČSOB Mortgage 2 in 1	70	5,69	5,29	5,19	5,19	5,69	5,99
	85	5,69	5,39	5,29	5,29	5,69	5,99
	100	6,69	6,49	6,49	6,69	6,69	6,99
ČSOB Mortgage without Substantiating Income	50		8,24	7,94	8,14	8,14	8,44
	70	5,69	5,29	5,19
	85	5,69	5,39	5,29
	100	6,69	6,49	6,49
ČSOB American Mortgage	70	8,74	8,74	8,74
ČSOB re-mortgage loan		8,49
* Interest rates are valid if the negotiation of bonuses for sending the interest paid into an account at CSOB 0.15 % and the closure of 2 of 3 insurance, which is at least one insurance

Table 1: Interest rates CSOB Mortgage

Source: [20]

3.3 GE Money Bank

GE Money Bank is one of the largest Czech financial institutions. As a universal bank, which has a wide network of branches and ATMs. Its services are focused on both the public and SMEs. Its great advantage is that it is part of one of the largest
and strongest companies in the world. GE is a diversified portfolio of industrial and financial firms, which generate their own financial assets.

GE Money Bank you with their mortgage lending to 80 % of market value. You can pay extremely during the fixation period, without penalty, reimburse you for the investment property for up to 3 years back and the loan for the reconstruction or construction not need to submit invoices (money will come straight to the account). Guaranteed interest rates 30 days - the same rate for both new and existing clients.

In addition to a mortgage you can get the full Untied loan. Supplementary form of the loan so you can get up to 900 000 CZK on anything. If you draw a mortgage already, are you ready for favorable refinancing mortgages. A mortgage from GE Money Bank, you can also use the convenient property insurance and payment protection insurance. When arranging this insurance and you have the discount on interest rates. Mortgages GE Money Bank are to finance or invest in real estate used for housing.
Mortgages can be used to buy an apartment (and cooperative), house, holiday cottage or building plots, renovation, construction or completion of, the settlement of property co-ownership interest (community property, inheritance, etc.), and the refinancing of
a combination of the above purposes.

Mortgage contrast

Before you go to choose a property, you have money in your pocket. From the banks get into an irrevocable contractual commitment for a mortgage loan under agreed terms. You get up to 6 months to find housing in accordance with your wishes or the preparation of reconstruction, to substantiate income only once at the beginning.

Hypoexpres

Expeditious only on your income. Closure of a branch (not required the presence of mortgage bankers) do not need no proof of the property. Before you approve Hypoexpres burden for you fees or other costs associated with such real estate assessments, an extract from the cadastre, etc. .. You have up to 6 months for the selection of real estate, respectively. preparing the implementation of the property. If you already have selected a property, contact a firm and irrevocable commitment of the bank on future mortgages. When signing a contract for the subsequent mortgage in
1 month, guaranteeing you the same interest rate as the one currently in force at the date of signing the contract Hypoexpresu.

Example of a mortgage calculator, GE Money Bank:

Value of Property 1 500 000 CZK

Loan at 1 000 000 CZK

Fixation period of 5 years

Maturity of 30 years

Interest 5.09 %

Monthly payment 5 423 CZK

Mortgage interest rates GE Money Bank

Mortgage

The amount of loan to value mortgage                               interest period
                                                     1 year              3 years            5 years             10 years
0 % - 85 %                                   5.09 %            4.99 %            4.99 %            5.59 %
86 % - 100 %                               5.69 %            5.59 %            5.59 %            6.19 %

New loans are granted up to 80 % of the loan amount to the value of the collateral.

American Mortgage

Min term                           interest rate                              APR
1 year                                8.29 % per annum                   8.90 % per annum
3 years                              8.19 % per annum                   8.80 % per annum
5 years                              8.19 % per annum                   8.80 % per annum
10 years                            8,79 % per annum                   9.45 % per annum

3.4 Commercial Bank

Commercial Bank is a universal bank with a wide range of services in retail, corporate and investment banking. Company KB Financial Group offers other specialized services, including pensions, housing savings, factoring, consumer credit and insurance, available through the branch network to administer, direct banking and its own distribution network. Services themselves KB used by nearly 1.63 million customers through 394 branches and 673 ATMs throughout the Czech Republic and also by telephone, internet and mobile banking. The bank's branch network has built
20 specialized business centers for medium-sized enterprises and municipalities, and
4 centers for large enterprises.

Flexible mortgage

Flexible mortgage is for everybody who wants to be able to decide on the amount of the payments and want to have flexibility in the repayment of a mortgage loan. In the case of Flexible mortgages can be during the repayment period to reduce the payment amount by up to 50 % or up to 100 %. With a flexible mortgage you can defer repayment until the beginning of 12 months or suspend payments up to 3 months. When grace is not the principal or interest. Amount of the payments or interruption of payments can be made only once a year. With a flexible mortgage can fund the purchase of real estate ownership (or co-ownership), property construction, reconstruction, modernization and repair of real estate, buy a cooperative apartment, settlement of joint ownership and inheritance rights to property, prepaid rent for the conclusion of the lease consolidation (settlement) before loans or loans used for investment property, a refund (refund of) the client has already paid investment property, not older than 1 year. Always, there must be financing their own housing needs. Purposes can be combined, and completion of such purchase, acquisition and reconstruction, etc. The mortgage loan is to pay the incidental costs associated with the investment property (eg, kitchen, wardrobes, design documentation, geometric focus construction, building inspection, real estate commission office). The total cost of these expenses may not exceed 50 % of the mortgage loan. The minimum amount is
CZK 200 000 and the maximum amount is limited to only 85 % or 100 % of the mortgaged property (grace period at the beginning is possible only for a loan up to 85 % of the mortgaged property), the total amount of investment (estimated costs, purchase price, etc.) and the client's ability to repay. Mortgage loan you can draw
a lump sum or gradually over a period of 2 years from the date of signing the contract. Withdrawals must begin no later than 9 months of signing the contract. The loan can be drawn on purpose (with specific Submitting documents proving the purpose of drawing), and that the account specified in the purchase contract (the purchase), the Accounts Payable (in the case of construction / reconstruction), the current account (for reimbursement) or back ( without proof of specific accounting records - only for the purpose of reconstruction) to the client's current account. Cash advance can take out
a loan of up to 85 % of the current value of the pledged property, up to CZK 2 million. Lump sum can be consumed more than 70 % of the current value of the pledged property. Possible to recover the remainder of the evidence of actual reconstruction of the bank appraiser. The flexible mortgage is used for fixed interest rate for the duration of terms of interest payments - 3 to 10 years and 15 years after signing the credit agreement. To obtain a loan also need to upload the crown current account for individuals, citizens, led throughout the duration of trade. The flexible mortgage you can defer payments for 1 to 3 months and the option to defer repayment until the beginning of 12 months. Will lend up to 100 % of the required amount.

Interest rates KB

fixat. in 1 2 3 4 5 6 7 8 9 10 15

Classic 5.49 5.49 5.04 5.04 5.19 5.39 5.49 5.49 5.49 5.49 5.69

Plus 6.49 6.49 6.04 6.04 6.19 6.39 6.49 6.49 6.49 6.49 6.69

2 in 1 Mortgage

2 in 1 Mortgage is a mortgage that can be used not only to real estate investment, but also for investments, for which no purpose. Non-specific portion of the loan so you can use for anything you want, such as the purchase of furnishings, furniture, electronics and more. Funding, however, must always be associated with a given property.

Mortgage Back and Forth

Forward Mortgage is a loan for housing, which brings security and peace of mind in search of the property or in the planning of reconstruction or modernization. Will approve the loan files before you have selected a property and negotiated terms including the interest rate you will be guaranteed for up to 6 months. Mortgage Behind you will have retroactive reimbursement of costs incurred for housing (up to 12 months back). Loan conditions are standard (not a so-called U.S. mortgages), and this money can be used for anything you need.

3.5 Postal Savings Bank

Postal Savings Bank offers banking services to its CR for more than two million customers the densest network of branches and at the best fees. All current banking products for clients who are available to more than 3300 post offices and 52 financial centers. Simplicity of product offerings, quality service and reasonable prices make
a good assumption Postal Savings Bank for it to successfully offer its services to the general public. Postal Savings Bank offers the same interest rate guarantee for 30 days (if changes in interest rates this year, will offer the same rate or lower), the distribution of payments for up to 40 years, will help you with an estimated price of the property and with obtaining the extract from the cadastre.

Special-purpose mortgage loan of up to 100 %

Special-purpose mortgage loan can be used to buy a house, dwelling, dwelling house, building land for anything, provided that the realization of investment project created residential space for their own housing and of course the cooperative apartment for their own housing. Available credit limit from 200 to 000 CZK to 100 % of collateral value set by the bank. Maturity 5 to 30 years.

Special-purpose mortgage loan up to 85 %

For the purchase of property (under construction, ownership, or), purchase of housing units to private ownership (from the city, housing association or other legal persons), construction, reconstruction, liquidation of assets related to property (common property of spouses after divorce, inheritance) , refinance earlier loans and loans, which were used to invest in real estate and the combination of the above purposes.
Available credit limit from 200 to 000 CZK to 85 % of collateral value set by the bank. Maturity from 5 to 40 years for loan up to 70 % of collateral value, 5 to 30 years for loan up to 85 % of collateral value.

Special-purpose mortgage loan without proof of income

The purchase of cooperative shares, real estate construction, reconstruction of property, joint property settlement after divorce, inheritance, and refinancing loans from other banks
and building societies, the acquisition of building land. Available credit limit of 200 000 CZK to 50 % of collateral value set by the bank, but no more
5 000 000 CZK. Minimum mortgage amount is 1 000 000 CZK. Maturity from 5 to 40 years.

Special-purpose mortgage loans for cooperative housing

The purchase of cooperative shares, the payment of member's interest, the acquisition of rights and obligations the "subsidized apartment, reconstruction of buildings in cooperative ownership, the settlement of assets associated with the cooperative shares (common property of spouses after divorce, inheritance), refinancing earlier loans, which were used to invest in the cooperative shares and the combination of the above purposes.
Available credit limit of CZK 200 000 to 100 % of collateral value set by the bank. Maturity from 5 to 40 years.

Pre-mortgage loan

Pre-mortgage loan used to bridge the gap until it is not possible at the time of the property is put a lien (eg, cooperative apartment). Intended to finance the privatization of housing stock (bought from the municipality), purchase of building land from the city
/ municipality, purchase / privatization of apartments and houses from large companies, for banks, finance the purchase of flats and houses in the projects, the purchase of property in auction, bankruptcy, individual building - a temporary extension of its own resources, the individual construction of modern housing (wood construction, ekostavby, panel systems, the progress of construction under construction does not register the property in the CN, there is a majority phase of "building under construction"). Available credit limit from 200 to 000 CZK 5 000 000 CZK (individual construction of up to CZK 500 000). Maturity is 1 year.

Non-purpose mortgage loan (American Mortgage)

Purpose is not monitored by the bank. High cash at low interest rates. Available credit limit from 200 000 CZK to 70 % of collateral value, the bank provides a maximum of
5 000 000 CZK. Maturity 3 to 20 years.

Services provided under the mortgage

Simplified refinance loans from other banks - allowing the banks to accept the conditions laid down by the original valuation of the property, proof of income required to and loan processing is free. Non-specific part - up to 20 % of the amount of special-purpose mortgage loan can be used for anything at the same rate within the selected type of mortgage. Remote Access to Land Registry - extract from the Land Registry can be obtained during the negotiation of credit from the banking center of Postal Savings Free. Express appreciation apartment - where the village is situated on the price map, estimate the price of the apartment made during the negotiation of free credit.

Example according to the mortgage calculator Postal Savings

Value of Property 1 500 000 CZK

Loan at 1 000 000 CZK

Fixation period of 5 years

Maturity of 30 years

Interest 5.19 %

Monthly payment 5 485 CZK

3.6 Raiffeisen Bank

Raiffeisenbank corp (RBCZ) granted since 1993 in the Czech Republic a wide range of banking services to private and corporate clients. In 2006 a merger
with eBank, the integration process of the two banks completed in the summer of 2008. Raiffeisenbank serving clients in a network of more than 100 branches and client center also provides specialized services mortgage centers, personal and corporate advisors.

Green Mortgage program for savings

Planning to invest in real estate, to which you can obtain subsidies from the Green Investment? Do you want to finance a mortgage loan? Use the mortgage on the Green Light savings. The benefits of mortgage entry fee includes free, exceptional installment of grants for free at any time, extra hire charge repeatedly every year, construction and reconstruction of property without proof of invoices (money you draw directly on your account), prompt discussion of the loan. Green Mortgage program for savings can be used for property acquisition for housing as well as investment property for rental. Ask for a mortgage in the event of renovation or completion of your property. You can use it for construction of property, reconstruction of buildings and maybe even
a combination of the above purposes. It is possible to use the so-called drawing on
a proposal to transfer the mortgage contract, which will accelerate their mortgage drawdown of up to several months. You can use up to 20 % of the loan amount to anything - the bank does not establish special-purpose money. Loan maturity 5 to 30 years. Financing up to 90 % of collateral value.

Classic Mortgage

Classic mortgage can be used for property acquisition for housing as well as investment property for rental. Classic also ask for a mortgage if necessary, funding
a cooperative apartment or property intended for individual recreation.

Classic Plus Mortgage - financing cooperative housing

Profit mortgage - real estate financing to hire

Minimax mortgage - debt consolidation

Universal American Mortgage

Equi mortgage - no proof of income

Variable mortgage

A sample calculation using the mortgage calculator Raiffesen banks.

Value of Property 1 500 000 CZK

Loan at 1 000 000 CZK

Fixation period of 5 years

Maturity of 30 years

Interest 5.69 %

Monthly payment 5 798 CZK

Residential mortgages / investments:

Types of mortgages	Minimum interest rate for each fixation
Types of mortgages	1 year	2 years	3 years	4 years	5 years	6 years	7 years	10 years	15 years
Classic	5,39	5,19	5,19	5,49	5,49	6,29	6,29	6,49	6,49
Profit	7,09	6,89	6,89	7,19	7,19	7,99	7,99	8,19	8,19
Mortgage without Substantiating Income	7,93*	8,09	8,47	8,65	8,92	8,96	9,12	9,41	9,66
Classic Plus (Pre-mortgage loan)-nonsecured	7,69	7,49	7,49	7,79	7,79	8,59	8,59	8,79	8,79
Classic Plus (Pre Mortgage Loan) - secured	5,39	5,19	5,19	5,49	5,49	6,29	6,29	6,49	6,49

Other types of mortgages:

Types of mortgages	Minimum interest rate for each fixation
Types of mortgages	1 rok	2 roky	3 roky	4 roky	5 let	6 let	7 let	10 let	15 let
Universal American Mortgage - Loan for Anything	8,59	8,59	8,59	8,79	8,79	8,89	8,89	8,89	8,89
Universal American Mortgage - for the purpose of communication	7,59	7,59	7,59	7,79	7,79	7,89	7,89	7,89	7,89
Minimax mortgage - to consolidate loans and credits	x	x	7,09	7,29	7,29	7,39	7,39	7,39	7,39
Mortgage without Substantiating Income - non-specific	10,63*	10,79	11,17	11,35	11,62	11,66	11,82	12,11	12,36

Variable Mortgage (real estate secured overdraft) - minimum rates

Variable mortgage	Reference rate - CA OFFER**	Total commitment	Fee rate ***
Specialized option - the term loan (up to 10 years)	0,75	4,25	0 % of credit limit
Non-specific option - the term loan (up to 10 years)	0,75	5,75	0 % of credit limit
During the loan repayment	Rates are consistent with the Universal American Mortgage rates for non-specific variant and the mortgage rates for the utility variant of classic credit.

* Interest rate with a fixation for 1 year as a day
** Reference rate - CA OFFER "as a day
*** Accounted for a month after setting up a credit line on the current account of the difference of the monthly interest and the amount corresponding to the upper limit, the commitment fee

Table 2: Interest rates mortgages Raiffesen Banks
Source: [28]

4 Mortgage loans in selected countries of the European Union

The European Commission wants EU-wide rules to unite to negotiate mortgages. While the legislation would provide a simpler rules for mortgage lending, but credit could raise the price and make for fewer people than at present. Proposal is intended to prevent recurrence of the mortgage crisis last year, which eventually turned into
a financial and economic crisis.

The European Commission wants to assert that banks can provide customers a credit of
40 % of property value. Who would want more money, it would have to commit to substantially higher interest payment. In practice this means that if asked about Bohemian mortgage to be worth two million CZK, the financial institution if he could borrow only 800 000 CZK per common interest. If you would like more installments would be significantly more expensive to him. [42]

Another new trend is the introduction of legislation allowing reverse mortgages. They are usually given credit for the debtor lives, and secured by real estate. Bank loan will provide the client sends at one time or periodic payments, and after his death (or retirement of a constitution for the elderly) is repaid by either selling the property or otherwise (the heirs, etc.).

Figure 1: The ratio of residential mortgage household debt to GDP by country

Source: [12]

4.1 Mortgage loans in the Slovak Republic

4.1.1 ČSOB

ČSOB is one of the strongest and most important player on the Slovak banking market, providing its clients a unique range of professional financial and insurance services. CSOB is the leading Slovak banks with more than 40 years of tradition. But one of the youngest on the Slovak market. CSOB was formed as a separate legal entity in the Slovak 1st January 2008. Until then, on that market, she worked as a branch of
a foreign bank - the Czechoslovak Trade Bank, Prague. CSOB Slovak traditions, however, dates back to the sixties when the only safeguard business and payments to foreign countries the Slovak Republic.

Vario mortgage

Loan since the € 4 500 / 135 567 Sk. Approval was within 24 hours. Security purchased the property, but also other property in private ownership or owned by another person. Security without notarial zápisnice, drafts or guarantor's declaration. The maturity of mortgage loans 3 - 40 years. Selectivity term fixed interest rates at 1, 3, 5, 10, 15 or 20 years. You have the option of early repayment of the loan (in part or entirely) free of charge. Shortening maturities, or reduce payments in the event of
a partial repayment of the loan. You can choose a repayment (annuity or linearly). You can also choose the date of hire. You can draw a lump sum or gradually, after
a proposal to transfer ownership and backup right. With the Vario you have good mortgage loan insurance and real estate. Vario mortgage is designed for citizens and entrepreneurs (natural persons) from 18 years. Applications the loan, you must submit proof of income of the applicant, two forms of identification if you are an employee and confirmation of receipt (valid for 60 days after exposure) and the last statement of account. If you are receiving the remittance of at least 3 months at
a bank, you do not need receipts or bank statements. If you are a natural person-entrepreneur, you need a copy of tax return and attachments to the tax returns for the last fiscal year and confirm you are debt free to the tax office. If you decide your income nedokladovat, the affidavit of income and confirm you are debt free to the tax office (if you have a trade license). If you are interested in buying property you need to list property applicable to the acts (not older than 3 months), a contract on future contract or purchase agreement, the acquisition of title - proof, under which property acquired donor. Documents you will need if you want to build or renovate the building permit (with the lawfulness of clause) or a contract for work on the construction contract or a breakdown in the case of construction work carried out by yourself, or the approximate cost of construction budget cost of construction, the original deed to the applicable legal operations on land designated for building a copy of the cadastral map or a geometric plan, if the building is not registered in the cadastre. Documents required for the property, which is securing the loan are applied to the property sheet acts (not older than 3 months), a copy of the cadastral map or a geometric plan, where construction has not been registered in the Land Registry, a copy of a contract under which the property was on the list recorded easement and expert opinion.

A sample calculation using the mortgage calculator mortgage VARIO.

Loan to € 38 461 / 1 000 000 CZK

Maturity of 30 years

Interest rate 5.70 %

Monthly payment € 223.23 / 5 803 CZK

A mortgage loan is providing real estate.

fixation (years) Interest

1 4,40 %

3 4,15 %

5 4.80 %

10 4.90 %

15 5.10 %

20 5.20 %

Other products

The combined mortgage - a mortgage over Vario has a maximum maturity of 30 years.

Untied mortgage - up to 70 % of property value.

4.1.2 Dexia

Dexia is the bank which currently has a majority position in the market for city services
and municipalities. Is a bank for their retail clients. Offer comprehensive services to the population, municipalities, businesses veřejnoprospěšným, international and domestic business entities. Dexia Bank is crucially involved in the financing of the municipal sector development programs, housing programs and environmental programs.

Hypo loan

You can choose the length of the fixed interest rate - 1, 3, 5 and 10 years, you may not have selected a property, you need an expert. You have the possibility of an accelerated drawdown (now on a proposal to reserve the right input), and the possibility of
a favorable property insurance. It is a long-term loan with a maturity of at least 4 and more than 30 years. Minimum height of the mortgage loan is € 3 400 / 88 400 CZK. Maximum height is bounded by 100 % the market value of the property, which will be subject to backup right and your ability to repay the loan.

Types of mortgage loans, Dexia Bank

Standard mortgage

For the purpose of acquisition, construction, reconstruction or. Property Maintenance. Mortgage loan to finance the construction of a progressive future changes in real estate or a completed building.

Mortgage loan for future purchase of property

In the case of a client in the construction and real estate the present value of uncompleted buildings sufficient to secure the required mortgage loan, but přeinvestováním of the mortgage loan, the value of buildings under construction will increase gradually, you can ask the Dexia bank for a mortgage loan to finance future real estate. Mortgage loan for future purchase of property may be approved by a client at the time of applying for a mortgage loan can not define a property that is the object of a mortgage. Subject to a mortgage security for the future purchase of real estate can be either the object of future mortgage or other property.

Securing a mortgage loan - each mortgage must be a backup right to appropriate domestic property registered in the Land Registry and registered in the deed, which is owned by the applicant respectively. third parties.

Example of calculation according to the mortgage calculator bank Dexia.

Value of Property 1 500 000 CZK

Loan at 1 000 000 CZK / € 38 461

Fixation period of 5 years

Maturity of 30 years

Interest 4.97 %

Monthly installment of € 205.76 / 5 350 CZK

4.2 Mortgage loans in Ireland

4.2.1 Bank of Ireland

Historically, a leading banking institution in Ireland, today Bank of Ireland is number two in the alliance of Irish banks. The Bank occupies a unique place in the history of Irish banks. It is an ancient institution established by royal charter in 1783. Bank of Ireland should not be confused with the Central Bank of Ireland, because it is
a commercial bank.

Breakthrough Mortgage

Mortgage covers up to 97 % of the actual price of the property. Maturity of 35 years. To own the place and property, but do not know how to do it? Bank of Ireland is here to make this simple and straightforward as possible with the mortgage package specially for you. Therefore, 1 year with a fixed interest rate of 2.6 %!

Trading Up Mortgage

You can divide your interest rate - use the convenience of fixed-rate
and combine it with a variable rate. You can combine a mortgage, depending on how you want, for example, you could have 50 % of variable and fixed rate of 50 % or 20 % variable and 80 % fixed rate, the choice is yours.

Switcher Package (packet switching)

This mortgage offers a wide range of fixed and variable rates, you can decide themselves what and how you would like. Fantastic posts € 750 for your legal fees. Also 20 % discount on the price of annual house insurance. Contribution to legal fees applies to mortgages on housing at least € 150 000, which are made directly through the Bank of Ireland. This offer applies to requests for drawing Swicher package until 31.03.2010. Payment is € 750, which applies to 5 years returns and should be repaid the mortgage loan at this time.

Investments in real estate

With strong demand for housing, high prices and mortgage relief, investors
continue to attract bricks and mortar. But the investment market can be complex. Bank of Ireland will help you to be conversant in the maze of investment in the market. The maturity of the residential and commercial investment mortgage is more than 25 years. If you are only interested in residential investments, mortgages are arranged with
a maturity of 2 to 5 years.

To calculate interest rates Bank of Ireland uses the LTV calculation. You know how much you need a loan for housing and applying the value of your property with a LTV calculation. The LTV calculation will determine what interest rate will apply for your loan. Assuming that your LTV is more than 80 %, your interest rate is calculated using a reference rate and LTV Irish National Bank.

How does it work?

First, taking the calculation of the loan amount as a percentage of the actual value of the property and then finds the applicable reference rate. To determine the LTV fixed rate is used for the reference rate of the Irish National Bank.

variable VRP1 (LTV 50 %) 2.3 %

VRP2 (50-80 % LTV loan> & 500K) 2.4 %

VRP3 (LTV 50-80 % Loan <500K &) 2.4 %

VRP4 (LTV> 80 % of the loan> & 500K) 2.6 %

VRP5 (LTV> 80 % Loan <500K &) 2.6 %

fixation

1 year - ONLY FTB - Variable VRP5 2.6 %

2 years - ONLY FTB-Variable VRP5 2.6 %

2 years - ONLY TUB-Variable VRP5 2.7 %

2 years - Variable VRP5 - ALL LTV 2.7 %

3 years - Variable VRP5 - ALL LTV 2.9%

5 years - Variable VRP5 - ALL LTV                                                                   3.3 %

fixed and variable rates for existing customers
2 years with Variable VRP15 all LTV                                                                  2.8 %
3 years Variable VRP15 all LTV                                                              3.0 %

5 years Variable VRP15 all LTV                                                              3.5 %
Variable VRP15 all amounts of credit and LTV                                                    2.7 %

April typical calculations are based on cost per month and € 100 000 mortgages for more than 20 years.

Term maturity of 35 years is available only for your first mortgage.

Life Loan

If you are 65 years and you are the owner of your property, you could receive a lump sum from € 20 000 to € 400 000. You can use it only for what purpose you like. Can be
in marriage, partnership, single or widowed. You do not have to be a customer of the Bank of Ireland, and although you can apply for a loan life. There are no restrictions, what to spend money from their living loan. You can use it to improve homes, buy houses, to provide financial assistance to families and improve our overall quality of your life.

The minimum value of the property against which the loan will ensure the environment is:

Dublin: € 400 000

Cork City, Limerick and Galway: € 250 000

else: 200 000 €

If you are thinking about living a loan, it is strongly recommended that you have an independent social, financial and legal advice. Bank of Ireland will require evidence of independent legal advice about your financial situation.

Sample calculation of mortgage calculator, Bank of Ireland.

Value of Property 1 500 000 CZK

Loan at 1 000 000 CZK

The ratio of credit- VPR3 LTV 50 % -80 %

Maturity of 30 years

Interest 2.4 %

4.2.2 National Irish Bank

History of the Irish National Bank can be traced back to 1809. The Irish Central Bank is constantly seeking to improve and develop customer service. Seek
to become the preferred bank for all our clients and their local financial partner - both ethically and professionally.

With National Irish Bank can use the equity you've built in their homes and reduce the interest rates you pay for your mortgage. That's the beauty of their LTV mortgage. They calculate the amount you owe at home against the current value of your home. This gives the National Irish Bank LTV ratio (loan-to-value). If you reduce the LTV ratio, you get a lower interest rate and your savings increase. Among the advantages of their LTV mortgage loans include: no doubt in the interest rate because the value of your property, you can by reviewing your home every 3 years to save even more.

Mortgage rates Rate APR * April *

Home Loan variable rate 3.40 % 3.46 %

LTV variable rate 3.40 % 3.46 %

Loan to Value ratio> 60 % 3.15 % 3.20 %

Loan to Value ratio <or equal to 60 %

fixed rate loan LTV ratio LTV fixed rate for 2, 3 and 5 years are based on the value of <or equal to 60 %

Standard fixed rate

2 Year Fixed 5.35 % 4.52 %

Fixed 3 Years 5.80 % 4.79 %

5 Year Fixed 6.45 % 5.44 %

Offset mortgages 3.65 % 3.71 %

Other courses

Standard variable rate 4.15 % 4.23 %

(Income & Endownment) **

* APR is annual percentage rate

** Includes current investment home loans and bridging loans

Offset mortgage

Is your current account, usually in the hole? Then the Irish National Bank due to offset mortgage can significantly reduce the cost of interest on your mortgage. Take what money you have against what you owe the money. So you can use with current and savings account to repay their mortgages. With offset mortgages money work best for you. You'll pay less interest of mortgages. For example, if you have a home loan
€ 70 000 (debit), the average daily balance of current account of € 1 000 (loans) and savings account of around € 7 000 (loan), you pay interest only mortgages instead of € 62 000 € 70 000.

Variable mortgage

As the name suggests, the interest rate you will pay the Irish National Bank Vs mortgage loan can be changed in accordance with generally any fluctuations in interest rates. When interest rates fall, your monthly payment will drop also. However, if interest rates rise, monthly payments will increase as well. You can also make a single payment at any time without penalty. To take advantage of short-term interest rates
and you have enough strength to cope with a possible increase in interest rates, this mortgage is for you.

4.3 Mortgage loans in Italy

4.3.1 UniCredit Banca

UniCredit Bank is the largest Italian bank. It is focused exclusively on households and small businesses. It is the Bank drawing on the rich history, relationship to the ground and expertise. Quality, transparency, innovation and specialization are the foundation on which they work every day.

Mortgage One

Mortgages for those who want to choose the length of the loan safely. The minimum loan amount is € 30 000. Maturity of at least 5 years, more than 30 years. Fixed rate mortgages can take 5, 10, 15 or 20 years. You can add time to a fixed rate period with
a variable rate.

Mortgage One - variable speed

For those who prefer adjusting the rate and market rate developments. Minimum loan amount € 30 000. Maturity of at least 5 years, more than 30 years.
Regarding your first mortgage, then the maximum maturity of 40 years.

Mortgage One - Safety

For clients who want to be able to choose more dynamic solutions in line with market developments. Minimum loan amount € 30 000. Maturity of at least 5 years, more than 25 years, with possibility of extension up to a maximum of 60 installments for
a maximum of 30 years. If you choose a variable interest rate, any time you can switch to a fixed rate or indexed to change, and if you select a fixed interest rate as possible, at the end of the fifth year, and then proceed for another 5 years at a fixed rate or switch at a variable interest rate. After two years of regular payments, you may request an extension of the maturity of a mortgage loan of up to 5 years, thus reducing the number of installments.

4.4 Mortgage loans in Germany

Housing loans in Germany are an important part of their business. Germany has
a highly developed economy, and this is reflected in the market of housing loans.
They have one of the largest markets consolidation home loan on the European continent. It is a densely populated country, and therefore the demand for real estate is relatively high. In terms of loan volume, Germany has shown over the last few years of spectacular growth. A large number of companies in Germany offers its products cheap, competitive and affordable. Housing loan programs offered are designed to meet the housing needs of all German citizens.

In those years, prices in Germany, interest rates to historic lows since the nineties.

Figure 2: Evolution of mortgage interest rates in Germany

Source: [18]

4.4.1 Deutsche Bank

Deutsche Bank is a leading global investment bank, a strong and profitable. It is the strongest bankin Germany and in Europe. Growing in North America and is developing in Asia. With 77 053 employees and about 2 000 branches in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world.

Mortgage loans from Deutsche Bank as an attractive and private, are top rate mortgages, are simple, safe, ... Lend you 100 % of market value. The final decision on approval of a mortgage you will receive within a few days.

Example of a model calculation

Loan at 1 800 000 €

Fixation period of 10 years

Maturity of 39 years

Interest 4.25 %

Monthly payment € 787.50

Figure 3: Long-term average interest rates on mortgage loans
Source: [22]

4.4.2 HASPA

Hamburger Sparkasse AG (HASPA) is a leading bank in the metropolitan area of Hamburg. It offers a comprehensive range of personal and commercial financial services. Evolved. During its 180ti year history. With approximately 5 550 employees and 475 training places HASPA is one of the largest employers in the state. HASP has about 180 branches, which will help you solve your financial issues - the current account financing and construction to investment and pension products. In Hamburg, is about
360 ATMs in more than 250 locations.

HASPA offers a low payment and long fixation period. Over the years, your monthly burden will fall and you can make extra payments as often as you want. You have
a fixed interest rate throughout the mortgage loan.

Delay commencement of construction and completion of the purchase property HASPA tolerated until the seventh month. After the application is deployed to a rate of 2.40 %.

Honouring one shot

The mortgage "payment with one stone", you only pay interest during the semester. The saved funds can invest profitably in various forms of investment. Mortgage is
a versatile, you can use the savings, but also the life of repayment of loans.

Save place to eradicate

The credit can only pay interest and repay at the end of the agreed loan period only once. In addition to "traditional" capital life insurance and contractual savings are now under special circumstances as a substitute for debt secured by used and pension funds, etc. ..

A solid foundation

With annuity loans, you can calculate exactly the long-term advance payments. Loan repayment you make on a regular basis with constant prices, which are composed of principal and interest.

Construction loan

Loan with a variable-rate loans

4.4.3 Postbank

With 14 million domestic customers, 21 thousand employees and total assets of € 227 billion, Deutsche Postbank Group is one of the major German financial services providers. It focuses on retail and private customers. It is also active in corporate banking.
BHW Home loans - easy, fast and cheap

BHW Home loans give you complete flexibility in funding. Defining conditions
and repayment according to your wishes and possibilities. Whether you want construction contracts, mutual funds, life insurance, or paying directly. Whether you have a variable course of financing or to create conditions for their 15 years. BHW Home loans offers maximum security and maximum flexibility.

Special quota from € 200,000 - effective from 15.01.2010

Fixation	Nominal interest rate per year	Max. loan amount of the national budget in %	April
8 roků	4,27 %	100 %	4,37 %
10 roků	4,50 %	100 %	4,61 %
15 roků	4,86 %	100 %	4,99 %

Conditions for BHW special quota:
Conditions:	Conditions apply to employees, officers and experts, the owner-occupied houses. Loan amount minimum € 200,000, amortization of BHW MRP maxX

Housing loans (default) from € 50,000 * - valid from 15.01.2010

Fixation	Nominal interest rate per year	Max. loan amount of the national budget in %	April
5 roků	4,10 %	100 %	4,19 %
8 roků	4,84 %	100 %	4,97 %
10 roků	4,84 %	100 %	4,97 %
15 roků	5,20 %	100 %	5,35 %
* These apply to employees, officers and experts on owner-occupied houses. Eradication of BHW MRP Maxx.

Conditions for standard conditions:
Conditions:	With the mortgage to 80 % of the price, there is a surcharge of 0.15 % in nominal terms in total loans.

Table 3: Interest rates Postbank
Source: [24]

4.4.4 SSKM

Mortgages online at special prices - from 3.55 %. You have a pretty clear idea of its real estate projects? Then convert your ideas into financial calculators SSKM and calculate the net interest on the payment schedule and the current conditions. After submitting your

information online, you will receive a special price offer on contract
the loan.

Mortgage loan of at least € 50 000 and up to € 300 000 to finance your property in the private sector in the S-Bahn in Munich.

You get the advantage of reduced interest rates by 0.15 % for on-line processing, speedy processing and disbursement. You need receipts for the last two years, the current salary and self-evaluation of their financial situation.

duration rate

1 year 2.35 %

2 years 2.70 %

3 years 3.15 %

4 years 3.50 %

5 years 3.70 %

6 years 3.95 %

7 years 4.10 %

8 years 4.25 %

9 years 4.35 %

10 years 4.45 %

12 years 4.60 %

15 years 4.80 %

Processing fee: 0.2 % of the loan amount. Fee for an estimate: 0.3 % of the loan amount.

4.5 Mortgage loans in Spain

More and more citizens of the Czech Republic takes the opportunity to become the owner of the property on the beautiful Spanish coast. Investments in the purchase of currently one the most interesting way of positive and long-evaluate your financial resources. Spain is for this type of investment an ideal country. It is a country with beautiful weather, great potential for natural beauty and historical monuments, mostly clear sea with sandy beaches, for Czechs with favorable prices for goods and services.

In Spain there is no problem to buy property from studios, through the flats of various sizes, bungalows, various types and sizes of homes. There is also no problem to secure the construction by an individual investor perceptions. An important fact is that in Spain you can buy real estate virtually the most favorable price in the entire western and southern Europe.

4.5.1 Portal la Caixa

Caja de Ahorros y Pensiones de Barcelona "la Caixa" is the result of a merger in 1990. This is the Caja de Pensiones merger, which was founded in 1904, and Caja de Barcelona, which was founded in 1844. Since its inception, La Caixa focuses particularly on family savings and offers all its customers insurance against old age, where this type of care still exist in Spain.

With Portal laCaixa you can get all the money at once at the beginning of the loan (Excluding loans to 25 years maturity). You can choose either a floating interest rate (interest rate is adjusted to market changes) or a fixed rate (the same security interest rates throughout the loan). Reduced fee for the period during which you pay interest only up to 36 months.

You can choose between these types of mortgages

Mortgages with variable interest rate

Variable interest rate (EURIBOR or IRPH) with annual or semi-annual evaluation. The fee is adjusted every year or every semester according to market development.

Fixed rate mortgage

This method guarantees the interest rate and fees set for the duration of the mortgage loan.

Mortgage loan with a fee

With this loan is a fixed fee for the entire duration of the loan, but interest rate is pohyblivá.To means that fluctuations in interest rates affect the repayment period. In the event that the interest rate decreases, reducing the payback period, while in the event that interest rates will increase will increase the payback period to a maximum of 25 years.

Mortgage 12

Funding for the first mortgage of up to € 90 000 and € 135 000 in provincial capitals, or € 175 000 in Madrid and Barcelona. Maturity to 25 years. Variable interest rate with annual or semi-annual evaluation. You can dispose of their property (to rent or sell) and how to determine its sale price without any restrictions.

Mortgage young

Funding for young people under 35 years of the first mortgage. The length of the mortgage loan to 35 years. You have a choice of two rates:

Differential IRPH

EURIBOR
Can be combined, if you chose for the initial fixed-rate period (3, 5, 10, 20 or 30 years) and for the remainder of the interest rate was variable. Every five years, you can choose the rate that applies to transactions IRPH and EURIBOR. To 36 months reduced fee, you pay only interest on the loan. This advantage can be used anytime during the term of the loan, and even divide it among different provisions.

Open Mortgage

The Open will return to mortgage part of the capital. You can adjust the amount of monthly installments.

The maximum maturity of 25 years.

A sample calculation using the mortgage calculator laCaixa

Property value € 57 692 (1 500 000 CZK)

Loan to € 38 461 (1 000 000 CZK)

Maturity of 25 years

Interest 3.75 %

Monthly installment of € 197.74 (5 141 CZK)

4.6 Mortgage loans in Sweden

4.6.1 Nordea

Nordea is the number one in most Nordic countries. He has nearly 10 million customers,
1 400 bank branches and more than 33 300 employees.

Mortgage Loan All in One

All in one is flexible, you can borrow up to 90 % with a fixed interest rate of 3 months,
1-5 years, 8 years, 15 years or 20 years. Mortgages up to 90 % of property value for clients between 18-28 years. Free loan is part of the mortgage. Principal and interest will be automatically deducted from your personal account each month and do not have to worry about anything.

Traditional Mortgage

The traditional mortgage is a mortgage of up to 75 % of the market value of the property. Long-term contract with flexibility. Simply put, it is a fixed interest rate tied to 15 or 20 years. This time is flexible and allows you to settle, or to repay part of the loan in advance, without having to pay fee. You can always pay or reimburse loan early, without having to pay the bank to pay interest.

fixation rate

1 year 1.79 % 5 years 4,20 %

2 years 2.44 % 8 years 4.99 %

3 years 3.20 % 15 years 5.89 %

4 years 3.80 % 20 years 5.94 %

A sample calculation using the mortgage calculator Nordea

Credit to 38 9105 SEK (1 000 000 CZK)

Maturity of 12 years

Interest 5.41 %

Monthly payment 3 648 SEK (9 375 CZK)

4.6.2 SEB

SEB is one of the leading banks in Europe. Its success builds on innovative thinking, internationalism, strength and long-term relationships. With more than 150 years years of tradition. Focus on business and private customers with demanding requirements.

Mortgage protection

What happens to your mortgage, if ill or lose their jobs, or when you die? Mortgage protection from SEB pays your mortgage for up to one year if ill or lose jobs, and you pay for all or part of your loan if you die.

The protection of unemployment and incapacity

SEB will help pay the mortgage, if you are sick or unemployed
from 31-360 days. It's up to you how big will the debt and the monthly fee, you want to insure. Price depends on the monthly fee, you want to insure. For example, to ensure a monthly fee of EUR 2 000 SEK (5 206 CZK), insurance costs are 79 SEK per month (205 CZK).

Protection against death

Price depends on your age and how much money you want to be insured. You have between 40 and 44 years and want to insure for 600 000 CZK, the monthly expenditures are 99 SEK (257 CZK).

Mortgage 60 +

Mortgage 60 + is safe and easy way of example, you can increase your income or realize their dreams. Gradually releasing part of the value, which is attached to your house. The minimum amount you can borrow is 200 000 SEK (approx. 514 000 CZK). You can choose whether you want the whole amount at once or gradually. You can stay at home as long as you want. Fixed rate for the duration of the loan. No application fee. The possibility of "transfer" credit if you buy a new home. The loan is flexible and you can always change it.

First Mortgage Loan

The best way to help their loved ones with the first housing. It is time that your son or daughter left home? Leaving the home is more trouble than just a selection of wall hangings, dishes, curtains, ... The first loan is for you as parents the best solutions to help your child make the first move. Many young people study and work simultaneously. Common for most young people is that they do not have a fixed annual income needed to obtain a mortgage. However, if you have strong ties with parents can help them obtain credit easily. And when your child receives a steady income, so the routine checking account, you can rewrite the loan, and thus create opportunities for siblings who are to be offered the same opportunities.

Interest rates (are considered individually)

fixation interest

1 year 1.72 %

2 years 2.54 %

3 years 3,32 %

5 years 4.25 %

10 years 4.92 %

5 Comparison and analysis of mortgage loans

5.1 Comparison and analysis of the Czech Republic

Domestic banks in 2009 to provide citizens with housing approximately 66 billion CZK. Compared to 2008, this is a decrease of 33 %. In 2008 the Bank lent for housing
114 billion CZK.

The current decline in the mortgage market, according to the Ministry of Finance for the development in recent years, he predicted. The volume of mortgages granted in previous years, apparently in response to increased economic growth and low interest rates. Last year, banks have tightened significantly under MMR conditions for granting loans and show even greater caution to the indebtedness on the part of citizens. [43]

Figure 4: Estimated development of the volume of loans in the years 2010 to 2012

Source: [25]

Figure 5: The evolution of the average mortgage interest rates - December 2009

Source: [26]

The December data from 2009 confirmed the upward trend in the number and the volume of mortgages. Thanks to the revival at the end of the year, banks managed to swing over 70 billion-dollar threshold. Joy, however, clients do interest rates. Despite these expectations remain at 5.61 %.

For bankers and real estate brokers is another positive signal increase in the average amount of loans. More than 110 000 CZK mom grew this indicator for mortgages with a one-year fixation. Five-year compounded fixation compared to November more than 65 000 CZK. The opposite movement we have seen the very popular three-fixation, and the ultimate effect on the general index was not so noticeable. The average value of all loans in December mom grew by only 3 thousand CZK to 1 655 311 CZK. According to several experts, is an obstacle to starting a mortgage masivnějšímu and real estate market in the current setting of interest rates. They are under real estate agents too high, thereby significantly reducing the availability of credit and the subsequent stifling demand for housing. [43]

Figure 6: Percentage of total fixation on the volume of mortgages

Source: [30]

5.2 Comparison and analysis of the European Union

The EU market for mortgage loans is an important part of the economy in all EU countries. The structure of the housing market in the EU vary considerably with the home ownership rate in the range from 43.2 % in Germany, 46.8 % in the Czech Republic, ... The share of rented dwellings in the general population in recent years has generally been declining. European mortgage markets and housing are closely linked. Increased demand for housing (eg, due to population growth, a wider range of products or fall in interest rates) may affect the increase in property prices. Differences in the structures of EU mortgage markets, as well as differences in the basic structure of housing markets mean that the impact of all measures taken at European level will vary depending on market size and its relative importance in the national economy.

Maximum maturity of mortgage loans in selected EU countries are incredibly diverse. For example, in Germany you can get a mortgage to a maximum maturity of only
15 years old, but still in the Czech Republic up to 45 years. In Sweden unfortunately this information on their Web addresses to mention.

Figure 1: The maximum maturity in years

Source: Own

While fixing the time for mortgage loans in each country differ. Frequently fixation time, which offers a completely surveyed in each country is a favorite time of fixation for
5 years. In barely the time it is the fusing of 3 years (except Italy and Germany). Longest fixation time offers banks in Spain and up to 30 years. On average, the longest period of fixation in 20 years.

Figure 2: Duration of fixation in years

Source: Own

Mortgage rates in Ireland are at a low level over the past few years. Figures prepared by the European central banks show that the average rate of housing loans
in June 2009. Average mortgage rates in Ireland is 2.68 %. There are only two countries with lower mortgage rates (Finland and Portugal 2.51 % 2.54 %). The average interest rate mortgages in all countries surveyed was 3.13 %. The rates for the larger survey are listed below. [35]

CzechRepublic 5.16 %

Finland 2.51 %

Portugal 2.54 %

Ireland 2.68 %

Italy 2.85 %

Spain 2.95 %

Belgium 3.21 %

Greece 3.46 %

Malta 3,54 %

Germany 3.73 %

Netherlands 3,79 %

France 3.91 %

Austria 3.97 %

Slovakia 5.48 %

Regarding the selected countries surveyed for this work, so the best is on Sweden, where a mortgage under certain conditions, you can get an interest rate of 1.72 %. Soon after Spain have favorable interest rates in the mentioned Ireland and then in Germany. The Czech Republic belongs, together with Italy and the Slovak Republic among the countries where the lowest interest rates are above 4 %.

Figure 3: The minimum interest rate in %
Source: Own

According to data from 2004 people in the EU took the mortgage loans on average
70 percent of property value. In the event that such house was € 140 000 (about
$ 3.6 million CZK), the client it could get a standard loan with a current interest rate of up to € 102 000. In the future, but under the proposal people will have to purchase the property before saving much more money. In most countries selected for my work you can take a loan of up to 100 % of the pledged property. In selected cases, and under agreed conditions, you may receive more than 100 % of the pledged property.

Figure 4: The maximum amount of credit granted on the amount of property in %

Source: Own

Prices are an important indicator for monitoring the integration. In an integrated market, prices would theoretically should be approximately the same (law of one price) because of competition among financial service providers. Price comparison of retail financial products with cross-border but not without difficulty. Various legal and economic environment in which these products are offered, meaning that differs from many of the key product characteristics and thus vary the price. In the Czech Republic, the minimum amount of the mortgage loan varies from CZK 100 000 (€ 3 846) up. In Spain and Sweden are the minimum rates set at all, but Italy can not get a mortgage loan below € 30 000.

Figure 5: The minimum loan amount in Pound Sterling

Source: Own

For each bank of the selected EU countries, I tried to do a model calculation of the mortgage. Parameters were all offered the same mortgage. For some banks, mortgage calculators more detailed in some less. I tried to calculate where the value of the property was 1 500 000 CZK (€ 5 769 - I calculated the rate of 26 CZK), the loan was
1 000 000 CZK (€ 3 846), maturity of 30 years (with the exception of Germany and Spain), fixed interest rates at 5 years, one applicant whose income is 30 000 CZK
(€ 1 153). The monthly payment for these calculations from the mortgage calculator based on average about 4 940 CZK (190 €).

Chart 6: Monthly payment in Pound Sterling under the benchmark calculation

Source: Own

This table gives averaged information on all research areas. Perhaps the biggest surprise for me was to find out how great the economy affects the state interest on mortgage loans. Another surprising thing for me was LTV calculation of interest rates in Ireland. I would also like to mention the so-called "life of mortgage loans", which I have in this country ever noticed. It's a very interesting thing for the elderly who are alone in the world.
You could say that in essence are exceptions to the smaller, mortgage loans in the same countries surveyed. If I personally had to choose, I'd love to let mortgage in Ireland or Sweden. Despite the absolutely incomparable with the CR rate, repay the mortgage sooner and so you can enjoy a far greater part of his life without debt.

	The minimum loan amount of the Euro	Maturity	Sterling in the years	Rate in %	Interest in monthly	Installments maximum loan
Czech republic	3846 (100000KČ)	1 – 45	1,2,3,4,5,8,10,15,20	4,31 - 12,36	199 € - 223 €	100 %
Ireland	20000	1 – 35	2,3,5	2,3 - 6,45	149 € - 215 €	97 %
Italy	30000	5 – 40	5,10,15,20		190 €
Germany	15000	1 – 15	2,5,10,15	2,35 – 5,35	196 € - 266 €	100 %
Spain		1 - 25	3,5,10,20,30	3,75	197 €	70 %
Sweden			1,2,3,4,5,8,15,20	1,72 – 5,94		90 %
Slovak republic	3400	3 – 40	1,3,5,10,15,20	4,15 – 6,60	205 € - 223 €	100 %

Table 4: averaged information on all research areas

Source: Own

Conclusion

The assortment of products for mortgage markets in the EU can be seen in many ways, such as availability of products with different characteristics (interest rate, availability
Product ,...) Consumers can purchase a mortgage loan in two main ways: either locally from domestic or from foreign providers, or in another Member State through multiple distribution channels. Still largely dominated by mortgage loans purchased domestically. A minority of products may be offered to domestic customers to buy property abroad. Current surveys show that although the majority of consumers intend to continue to mortgage the place of residence, a small percentage would have bought
a cross-border mortgages. According to one recent survey of 3 % of consumers said that they would accede to get a mortgage from a firm located in another EU country roughly the next 5 years. This number varies depending on the size of the country. The reasons why the vast majority of consumers still does not require cross-border products should be further explored. According to a recent Eurobarometer survey, almost
a quarter of respondents believed that it is possible to obtain a mortgage in another EU Member State.

Another Eurobarometer survey questioned consumers what they consider to be the main barriers shopping for financial services in other countries. Approximately one quarter of consumers surveyed felt that the barrier is the lack of information. Just
a little over 10 % also felt that poor legal protection in the event that something was not right. [44]

At the conclusion of my work I have to admit that this topic was not as easy as I initially thought it would. Despite the language barrier (which was ultimately the biggest problem) I was very surprised how little information comes from foreign banks on their website. Everyone refers to its banking advisers and their branches. In this case, we belong together with the Slovak Republic, a country that can best deliver their clients without personal contact.

This work helped me to focus on mortgage lending.

Abstract

TOMŠEJOVÁ, L. Mortgage loans, their advantages and disadvantages of the EU.

Hodonín 2010. Bachelor thesis. Evropský polytechnický institut, s.r.o.

Allowed Mag. Martin Holeček

Key terms: mortgage, annuity, the interest, fixation, maturity, monthly payment, mortgage, real estate, non-purpose loan, fixed rate

The goal is to point out the various advantages and disadvantages of mortgage loans in the Republic and in selected European Union countries. Furthermore, an analysis of mortgage loans and an analysis to evaluate the level and effectiveness of selected mortgage lenders.
At work with the various types of loans. Describing them and some advice as how best to choose the right type of loan for you. Bring a deeper insight into the heart of the mortgage loans. What can be exploited to carry out mortgage and what options we offer clients like. Closer acquainted with the selected portfolio mortgage loans in the Czech Republic and networks selected European Union countries.

Prof. Ing. Dušan Baran, PhD my supervisor and consultant, was very interested in this work and I have passed a copy to him, at his request. Perhaps it will become a teaching aid.
Abstrakt

TOMŠEJOVÁ, L. Hypoteční úvěry, jejich výhody a nevýhody v EU.

Hodonín 2010. Bakalářská práce. Evropský polytechnický institut, s.r.o.

Vedoucí práce Mag. Martin Holeček

Klíčové pojmy: hypoteční úvěr, anuitní, úrok, fixace, splatnost, měsíční splátka, zástavní právo, nemovitost, neúčelový úvěr, pevná sazba

Cílem práce je poukázat na jednotlivé výhody a nevýhody hypotečních úvěrů v ČR a ve vybraných zemích Evropské unie. Dále pak vypracovat analýzu těchto hypotečních úvěrů
a na základě analýzy zhodnotit úroveň a efektivnost vybraných hypotečních úvěrů.

V práci se zabývám různými druhy úvěrů. Jejich popsáním a několika radami jak co nejlépe vybrat správný typ úvěru přímo pro vás. Přináším hlubší pohled do nitra hypotečních úvěrů. Co lze s danými hypotečními úvěry provádět a jaké možnosti nám jako klientům nabízí. Blíže se seznámíte s vybraným portfoliem hypotečních úvěrů v České republice a v šesti vybraných zemích Evropské unie.

O tuto práci projevil zájem i pan prof. Ing. Dušan Baran, PhD., který byl mým kontrolorem
a konzultantem ve škole. Požádal mě o jedno vyhotovení této práce, které mu předám. Snad mu dobře poslouží i při výuce jeho předmětů.

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List of figures, tables and graphs

Pictures

Figure 1 Ratio rezid. mortgages. household debt to GDP by country                                 28
Figure 2 Development of mortgage interest rates in Germany                                            37
Figure 3 Long-term average interest rates on mortgage loans                                           38
Figure 4 Estim. of development of the vol. of loans in the years 2010 to 2012        46
Figure 5 Development of average mortgage interest rates - December 2009                      46
Figure 6 Perc. of ind. fixation on the total volume of mortgages provided               47

Tables

Table 1 CSOB Mortgage Interest Rates                                                                           19
Table 2 mortgage rates banks Raiffesen                                                                            27
Table 3 Interest rates Postbank                                                                                        40
Table 4 averaged about all the research areas                                                                   52

Graph

Graph 1 Maximum maturity from                                                                          48
Graph 2 fixation time between                                                                                          49
Graph 3 The minimum interest rate in %                                                                50
Graph 4 The maximum amount of credit granted on the amount of property in % 50
Graph 5 The minimum loan amount in Pound Sterling                                                        51
Graph 6 Monthly paym. in Pound Sterling under the benchmark calculation                       51