Frequently asked questions

Urbo Bankas provides mortgage loans to:

• Citizens of the Republic of Lithuania or holders of a permanent residence permit in Lithuania;
• Are 21 years or older;
• Persons who receive a fixed income;
• Persons whose monthly payments of total financial obligations do not exceed 40% of their fixed income.

• The maximum mortgage loan amount depends on the purpose of the loan, the market value of the mortgaged property, the customer’s/family’s fixed income and financial obligations;
• We finance up to 85% of the price of the mortgaged residential property or the market value, whichever is lower;
• We finance up to 70% of the price of the mortgaged non-residential property or the market value, whichever is lower.

• Euro (EUR);
• United States (US) Dollar (USD);
• British Pounds Sterling (GBP);
• Norwegian Krone (NOK);

The currency of your income and the currency of the country in which you reside must be the same as the currency of the loan.

Any real estate registered in the territory of Lithuania, acceptable to the bank, with a market value sufficient to secure the customer’s obligations under the loan agreement may be used as collateral.

Additional terms and conditions:

• Collateral – pledge of real estate acceptable to the bank;
• The mortgaged real estate must be appraised by independent valuers;
• The collateral must be insured in favour of the bank for the full term of the loan plus an additional 2 months at replacement cost.

The following documents are required to apply for a mortgage loan:

• A copy of your identity document;
• Full bank statements (income and expenses) for all bank accounts that receive income for the last 12 months;
• Documentation and valuation of the property to be purchased.

If you are working under an Individual Activity Certificate/Business Licence, please also provide the following documents:

• Your Personal Income Tax return for the previous two years;
• An income/expenses register (signed) for the last 6 months;
• A copy of your Business Licence/Individual Activity Certificate.

We may ask you to provide additional documents if necessary.

The minimum down payment is usually 15% of the value of the house or apartment you are buying. However, in some cases the bank may require a higher down payment.

Interest rates depend on various factors such as the amount and term of the loan, your credit history, etc. The bank may offer variable or fixed interest rates.

The mortgage loan process can take anywhere from a few days to a few weeks, depending on the bank, the documents you provide and your specific situation.

It is possible to refinance an existing mortgage loan from another bank with Urbo bankas. For refinancing, as for a new loan, we will ask for proof of income and an agreement with the original creditor.

If you are unable to make your loan payments on time, contact the bank immediately to discuss possible solutions. If you are facing financial difficulties and cannot pay your mortgage, do not delay and actively seek solutions. Taking timely action can help you avoid mounting debt, loss of assets or a negative impact on your credit history.

Self-employed people can also get a mortgage loan. However, the bank may require additional documents to prove your income and business stability, such as annual financial statements, tax returns, etc.

Repayment methods for mortgage loans can vary. The most common option is the annuity method, which involves making a flat monthly payment. Alternatively, a linear method may be used, where interest is calculated on the remaining loan amount.

You can repay your mortgage loan early.

If you want to change the terms and conditions of your mortgage loan, e.g. to extend the loan term or change the interest rate, please contact the responsible manager. The Bank will assess your request and suggest possible solutions.

You can get a mortgage loan with a co-owner. In this case, both co-owners shall be responsible for repaying the loan.

Applying for a mortgage loan with Urbo bankas is worth it for the following reasons:

• You will be able to repay the loan or part of it at any time without early repayment fees;
• You will have a personal advisor;
• No commitment fee;
• No requirement to choose a specific insurance company to insure the collateral;
• Fast and convenient remote process from signing the agreement to mortgage transaction.