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How Mortgages Work for Expats in Czechia

Many expats in Prague think they can't get a mortgage because they've been told "no" by their bank. That might be true for that specific bank — but there are many Czech banks that will work with you. You just need to know which one, and that's where we come in.

Why Use a Broker Instead of Going to the Bank Directly?

A common misconception is that using a broker means the bank will charge more — after all, someone has to pay our fee, right? Actually, the opposite is true. We frequently beat the rate that banks offer directly to walk-in clients. Why? Because we bring volume to the banks and have negotiated relationships with them. The bank pays our commission from their own margin — it doesn't increase your rate. In fact, our clients often get lower rates than they would have gotten on their own.

Residency & Visa

The best scenario is having permanent residency (trvalý pobyt), followed by temporary residency (přechodný pobyt), and then a work visa (dlouhodobý pobyt). A common myth is that foreigners without permanent residency pay more. This is false. The only difference is how many banks are available to you. Sometimes the bank with the current lowest rate won't accept foreigners without permanent residency, but other banks will — they just happen to have a slightly different rate at that moment.

If you are EU or non-EU and have any type of visa or residency permit, there should be at least one bank that can work with you. If you have no visa at all, you unfortunately cannot get a mortgage in Czechia.

Employment Type

This isn't about how much you earn — it's about how you're paid. The easiest and most widely accepted form is being employed with an indefinite contract. Banks love these.

If you're on a definite (fixed-term) contract, you can still get a mortgage — but you'll either need to have had it renewed at least once, or have a written promise from your employer that it will be renewed.

For freelancers (IČO/OSVČ), it's a bit more complicated. The bank will request your tax return for at least 1 year, sometimes 2. The tricky part: if you use the flat-rate expense deduction (e.g., the 60/40 rule), the bank only considers the income you declare minus those "expenses." So if you earn 1M CZK and claim 60% expenses, the bank sees only 400,000 CZK.

If you own an s.r.o., things get more complex since technically your company earns the income, not you personally. And if your income is earned and taxed outside Czechia, the bank will likely view it at only 85% of its value.

Can I Refinance My Existing Mortgage?

Yes — and you might be leaving money on the table. Most Czech mortgages have a 5-year fixation period. Many expats don't realize you can change your rate or even switch banks before the fixation ends. However, be aware that banks can charge up to 1% of the remaining mortgage amount as an early termination fee, which on a large mortgage can be substantial. That's why it's important to do the math before making a move.

We review your current mortgage and calculate whether refinancing makes financial sense after accounting for any fees. If it does, we negotiate on your behalf or move you to a better option.

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