Mortgages are a fundamental part of a successful overseas property investment. In a recent market research survey by Obelisk, over 40 per cent of potential investors stated they would definitely need a mortgage to finance their investment with a further 34 per cent claiming that they would probably require a loan for their investment.

While mortgages form an essential element to property investment, they are not available in all emerging markets and non-resident investors often find that they fail to qualify for a mortgage because of their residency status. With Obelisk Private Finance, this is no longer the case in Slovakia and all buyers can now take advantage of a mortgage to finance their property investment.

Further good news is that proof of income is not a requisite. Investors without proof of income, the self-employed for example, may apply for non-status mortgages and borrow up to 60% of the property’s value. While investor clients with proof of income are permitted mortgage funding of up to 70% of the appraisal value of the property.

A further advantage of a mortgage in Slovakia is the country’s low interest rates – these start from as little as 5.29% – and fixed rate mortgages are also available. Borrowing terms are between 5 to 15 years.

The availability of mortgages for non-residents further enhances investment in Slovakia, particularly for buy-to-let properties where mortgage payments can be offset by rental income. Bratislava is a particular hot spot for rentals – Knight Frank recently described the capital as “the place to go for rental property” – and with the shortfall of a staggering 220,000 units in the city, the rental market is one of the strongest in the area.

Obelisk’s Central 22 development, situated 8km from the city centre and within the capital’s main commuter belt, is in a prime buy-to-let location. Owners of houses within the Central 22 complex will find Obelisk’s mortgage for non-residents particularly beneficial as the introduction by Obelisk of this mortgage product means that investors are able to leverage their property investment in Slovakia Ken Thorkildsen, Director of Obelisk Private Finance, comments, “I would always recommend leveraging any property investment to maximise returns and take advantage of your personal tax allowances.”

By using a mortgage to finance your buy-to-let investment, you keep your initial outlay costs low and compensate your ongoing expenses (including your monthly mortgage payments) while still retaining the potential for high capital gain. With analysts predicting that house prices will increase in excess of 15 per cent over the next 3 to 5 years, the introduction of non-resident mortgages in Slovakia means investment potential in the country just gets better.

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