• Application for information about the loan
• Documents confirming your identity (ID or passport)

1. Value estimate of the property

To make a credit decision, we will need a value estimate of the flat/house prepared by a property valuation expert.

If you do not have an appraisal report, you can use the Bank's support in obtaining it. You just need to:

• order the appraisal report when submitting the loan application (or at a later stage) and choose one of the two nationwide suppliers cooperating with the Bank
• you will pay the report by bank transfer directly to the supplier's account (the Bank does not charge any fees for assistance in ordering the report)
• in just a few minutes, your order and the required documents will be delivered to an expert
• for your safety, the appraiser may conduct an on-line inspection without a physical visit to the flat/house
• you will receive the report even within 3-4 days (from the moment of inspection) in electronic and/or paper form
• at the same time, the report will be made available to the Bank, which will shorten the time to issue a credit decision

Current price list of suppliers cooperating with the Bank:

• 499 PLN a flat, garage, undeveloped land
• 799 PLN single-family residential building, semi-detached house, residential unit in a terraced or semi-detached building

You can also provide us with your appraisal report made by an authorized property appraiser. Check the Central Register of Property Appraiserslink opens in a new card.

2. Copy of the entry in the land and mortgage registry - applies to real estate securing the loan

Additionally, if the loan is secured by a single-family home or by an undeveloped plot of land, the following may be required:

• final occupancy permit, or – if the former is not required by law – certificate of the completion of the construction along with the information on the lack of objection lodged certified by relevant authorities, or the decision on the amount of real-estate tax
• copy of the entry in land registry or copy of the survey map
• certificate of copy from the entry in the local spatial development plan confirming real estate use classification

• Employment and income certificate Download File PDF opens in a new card
• Employment and income certificate (English version) Download File PDF opens in a new card
• Extracts from the current account for the period of the last 3 months

Margin reduced by 0,5% for Clients who fulfil the below conditions throughout the credit period:

• they are holders of personal account at Bank Millennium, to which remuneration or net income are transferred every month, and
• they are users of debit cards for account at Bank Millennium and perform card transactions in amount of minimum 500 PLN per month.

If you value peace of mind and want to be sure that your mortgage loan payment will not change during the next 5 years, consider the fixed rate loan. A fixed interest rate is available for mortgage loans in PLN.

• Selecting a loan with a fixed interest rate you have 30 days to accept the credit decision and to sign the agreement.
• During the first 5-year period of validity of the fixed rate (during 60 months starting from the day of loan disbursement) you cannot switch over to a variable interest rate.
• After this period os over you can decide to have another 5-year period of fixed interest rate or to switch over to variable interest rate, which is the sum of the bank’s margin and the WIBOR 6M reference rate.
• If you choose another period, we will give you a proposal of the fixed interest rate for the next 5 years.
• If you do not accept the new fixed interest rate, after this period your loan will be subject to variable interest rate and your monthly payments will depend on WIBOR and the margin defined in the loan agreement.
• If you accept the terms and sign the annex to the loan agreement, you will be able to enjoy the fixed rate with the new terms during the next 5 years.
• If you already have a loan in PLN with variable interest rate, you can apply for change to a fixed interest rate, valid during 5 years.

If periodically fixed interest rate is used, it will remain valid for 5 years. During this period the monthly principal-interest payment of your loan will not change, because it does not depend on change of the benchmark. There is the risk however, that during the fixed interest rate period your monthly payment may be temporarily higher than if it were calculated on the basis of the current WIBOR 6M reference rate, used as the benchmark in calculating variable interest rate. After the a/m 5-year period you can choose to apply periodically fixed interest rate (note: it ,may differ from the interest rate in the previous period) for another 5-year period (it will be the same in case of subsequent periods) or to apply a variable interest rate.

Meanwhile during the period when variable interest rate is applied there is the risk of change of interest rates. The risk of change of interest rates means that in case of increase of the level of WIBOR 6M reference rate the interest rate on the loan will be higher; then the amount of the monthly principal-interest instalment increases and this in turn will cause an increase of the cost of interest and thus increase of total cost of the mortgage loan. If the reference rate is zero or negative, the interest rate on the loan during this period shall be equal to the Bank’s margin.

You can change the interest rate on your loan or mortgage to a periodic fixed rate for 5 years. After this time, your loan will automatically revert to a variable interest rate based on WIBOR. You can also reapply to change to a periodic fixed rate on new terms for another 5 years.

How to do it?

• You apply to change the interest rate on your mortgage or loan at any bank branch.
• You apply to change the interest rate on your mortgage or loan at any bank branch.
• You sign an annex to the contract. The cost of the annex is 200 PLN.
• Remember that the application and the annex must be signed by all borrowers.

You can change the interest rate method if:

• your credit is in PLN,
• you are creditworthy and pay your instalments on time,
• you have no less than 5 years left to the end of the loan term (from the date of signing the interest rate adjustment annex).

From 1 March 2023 we suspend the offer of mortgage loans with variable interest rate options for the entire life of the loan.

Mortgage loans with a periodically fixed interest rate for the first 5 years remain in our offer.

We are working on the implementation of a new mortgage loan offer based on the WIRON reference index.

On September 27, 2022 on the website of the Polish Financial Supervision Authority the so-called Roadmap was published, which defines the basic assumptions of the process of replacing WIBOR and WIBID benchmarks with the WIRON index (Warsaw Interest Rate Overnight).

The Roadmap was developed and agreed upon by the so-called National Working Group on Benchmark Reform ('NGR'). The Group is made up of representatives of:

• Ministry of Finance
• National Bank of Poland
• Polish Financial Supervision Authority
• Banking Guarantee Fund
• Polski Fundusz Rozwoju
• Warsaw Stock Exchange
• Krajowy Depozyt Papierów Wartościowych
• Banku Gospodarstwa Krajowego,
• GPW Benchmark S.A.
• banks
• investment funds
• insurance companies
• and industry organizations associating financial market entities.

According to the Roadmap Schedule, the process of replacing WIBOR is to be spread over time:

• from December 2022 banks may offer new financial products based on the WIRON benchmark, in parallel with products based on the WIBOR benchmark,
• by the end of 2023, WIRON is to be gradually introduced into new contracts and financial instruments,
• by the end of 2024 the benchmark revision process is to be completed. If this happens, after this time, mortgage loans based on WIBOR will not be available,
• from the beginning of 2025 the WIBOR benchmark is to cease to be published.

This process is very complicated. There are many related elements in it. For this reason, the Roadmap and the dates indicated therein may change.

You can find the Roadmap here.link otwiera się w nowym oknie

Currently, we do not offer mortgages with interest rates based on the WIRON benchmark. Preparation of systems and operational processes in banks takes time. In our bank, we are working intensively on adapting IT systems, regulations and documents that will allow us to introduce the WIRON benchmark as soon as possible.

We will inform you in advance about the date of introduction of WIRON.

If in the future we are no longer able to use the WIBOR benchmark indicated in your contract due to the fact that it will cease to be published by the administrator, we will replace WIBOR in the contract with a new benchmark, in accordance with one of the following solutions:

• if your contract contains an appropriate contingency clause in the event of ceasing to publish WIBOR - in the manner described in this clause,
• if your contract does not contain an appropriate contingency clause and the Minister of Finance issues a regulation designating a replacement for the disappearing WIBOR benchmark - we will use the replacement index set out in this regulation (this will probably be the WIRON benchmark).

More information about the planned replacement of the WIBOR benchmark by WIRON can be found at following websites:

• Polish Financial Supervision Authority (https://www.knf.gov.pl/dla_rynku/Wskazniki_referencyjne)link otwiera się w nowym oknie
• Polish Bank Association(https://bankiwpolsce.pl/)link otwiera się w nowym oknie
• WIBOR and WIRON benchmark administrator (https://www.gpwbenchmark.pl/)link otwiera się w nowym oknie

For a mortgage collateral is:

• mortgage on residential property entered in the first place in favour of Bank Millennium
• assignment of rights from the insurance policy against fire and other accidents
• against fire and other accidents life insurance policy with the Bank as the only beneficiary

The target loan collateral may be also a mortgage on the property other than that financed with the loan, owned by you or a third party.

Mortgages with 80-90% LTV are additionally insured against high LTV risk. LTV rate is total amount of the mortgage loan to the value of securing property that is the subject of collateral.

The Annual Percentage Rate (APR) for a mortgage loan with a periodically fixed interest rate is 9.02% and we calculated it with the following assumptions: the total amount of the mortgage loan (excluding borrowed costs) is 531,854.21 PLN, loan period 27 years, loan instalment 3,772.91 PLN, number of instalments 327, interest rate in the first 60-month period of the fixed rate 7.36%, and in the further loan period a variable interest rate of 8.66% (the sum of a fixed margin of 2.80% and the WIBOR 6M reference rate, which as of 30.08.2024 is 5.86%), loan secured by a mortgage on a newly acquired property with a value of 846,766.77 PLN. The 2.80% margin is available if you have a Millennium 360° account with us, to which your salary or other net income is credited every month, and a debit card to this account and you make non-cash transactions with the card in the amount of min. 500 PLN per month. The total cost of the mortgage loan is 874,190.08 PLN, including: commission for granting the loan 0 PLN, interest 812,037.31 PLN, real estate insurance against fire and other fortuitous events 21.928 PLN from the offer available through us, life insurance 41,005.77 PLN from the offer available through us, PCC tax 19 PLN and the court fee for establishing a mortgage 200 PLN. Account maintenance cost is 0 PLN. The fee for service of the debit card or BLIK contactless payments is 0 PLN, if in the previous month you pay at least once with the card or by BLIK (if you are aged 18-26) or 5 times (if you are aged over 26). Total amount due 1,406,044.22 PLN. We made the calculation on 12.09.2024 on a representative example.

Detailed terms and conditions under which we grant mortgage loans are described in the Regulations on Lending to Individuals in Mortgage Banking at Bank Millennium S.A. Fees and commissions that we charge, as well as the interest rate are indicated in the Price List of Mortgage Loan / Home Equity Loan. You can consult these documents in our outlets and on the www.bankmillennium.pl website. Before we grant you a loan, we assess your credit capacity and creditworthiness each time. In justified cases, we may refuse to grant you credit. As collateral for the loan, you can provide real estate insurance or life insurance that is not available through us. You should conclude such an insurance contract with an insurer that is on the list published by the Polish Financial Supervision Authority. We can grant you a loan above 80% LTV (but not more than 90%) only with additional collateral in the form of high LTV risk insurance. LTV is the ratio of the total amount of the mortgage loan to the value of the property that is the subject of the collateral.

Information on risks

Periodically fixed interest rate

In the case of a mortgage loan with a periodically fixed interest rate, there is a risk that during the period of application of the fixed interest rate, your instalment may be higher than if it were calculated on the basis of the current WIBOR 6M reference rate, which is used in the calculation of the variable interest rate. After changing the interest rate on your loan to variable, an increase in the benchmark during the period of the fixed interest rate may cause a significant increase in the principal and interest instalment and thus the total cost of your loan. Furthermore, during the period when variable interest rate is applied there is the risk of increase of interest rate. Its amount depends on the WIBOR 6M benchmark. If the benchmark increases, the interest rate on your loan will be higher and the monthly principal and interest instalment will increase. Then the total cost of the loan will also increase. If the benchmark applicable in a given interest period is zero or negative, the interest rate on your loan in that interest period will be equal to the margin.

Variable interest rate

In the case of a mortgage with a variable interest rate, there is a risk of an increase in the interest rate. Its amount depends on the WIBOR 6M benchmark. If the benchmark increases, the interest rate on your loan will be higher and the monthly principal and interest instalment will increase. Then the total cost of the loan will also increase. If the benchmark applied in a given interest period is zero or negative, the interest rate on your loan in that interest period will be equal to the margin.