Property buying guide for Latvia
Article 3 of 5
Markets & Prices

Mortgages in Latvia

Mortgage rates in Latvia are 2-3 times higher than in Austria and Germany. However, obtaining a loan in Latvia is relatively simple: the process is not time-intensive, and down payments can amount to 30%.

Foreign mortgage loan terms in Latvia (as of November 2016) Source: Mercury Group, Tranio´s partner in Latvia

Maximum LTV ratio 65-70%
Minimum loan amount €50,000
Fixed rates 4.8-6% p.a.
Loan term 2 to 20 years
Maximum age of borrowerby the end of the loan term 70
Maximum percentageof monthly income for mortgage 35%


Prospective lendees need to submit the following documents to Latvian banks:

  • mortgage application
  • passport
  • bank statements for the previous six months
  • proof of income for the previous six months
  • pledge assessment
  • property acquisition documents
  • construction documents: construction permit, contracts and cost sheets (for construction loans)
  • proof of all utility bill payments for each pledged property.

All documents must be translated into Latvian and notarised.

Loan applications usually take 1-2 weeks for approval.

Extra costs

Non-recurring mortgage costs in Latvia tend to range between €80 and €250. The buyer also pays a fee equal to 2% of the loan value. Insurance costs typically amount to €50-200 per year.

Additional mortgage costs in Latvia (as of November 2016) Source: Mercury Group, Tranio´s partner in Latvia

Property appraisaland Due Diligence €80-250*
Borrower's lifeand property insurance €50-200 per annum**
Mortgage arrangement fee 2% of the loan value
Early repayment penalty

*The exact amount depends on property characteristics.

*Approximate amounts.

Property buying guide for Latvia
Article 3 of 5
Tranio’s managers offer advice on buying real estate in Latvia
Svetlana Larionova
Svetlana Larionova
Real Estate Expert Tranio in Latvia
+44 20 3608 1267
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