Mortgages in Latvia

1,316 views · Updated on 31 August 2017

Author: Tranio Editorial

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%.

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%

Buy property in Latvia 872 listings on Tranio

795,000 €

Luxury Family Home in Mežaparks, Riga (next to the Golf course) 565 m² | 4 Bedrooms + Office | 3-Car Garage | Lake Access | Gated Community

Total area 565 m² Land area: 2,339 m²

520,000 €

Vastu Shastra arhitecture house

Total area 220 m² Land area: 3,000 m²

250,000 €

The House by the Lake. Due to the owners' urgent relocation, the price of the property has been slashed to € 250,000!

Total area 357 m² Land area: 917 m²

425,000 €

6-room townhouse 255 m² in Piņķi

Total area 255 m² Land area: 306 m²

650,000 €

4-room villa 223 m² in Piņķi

Total area 223 m² Land area: 1,266 m²

725,000 €

9-room house 600 m² in Jurmala

Total area 600 m² Land area: 2,300 m²

350,000 €

3-room house 132 m² in Sēbruciems

Total area 132 m² Land area: 174 m²

3,500,000 €

5-room house 360 m² in Jurmala

Total area 360 m² Land area: 3,087 m²

Documents

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.

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.

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