As inflation soars and recession looms in Poland, a break from mortgage payments will be a much-needed reprieve for Jakub Rdzanek and his wife.
The couple have seen their monthly home loan bills soar more than 70 per cent since the start of the year, as the country’s central bank has raised interest rates to combat rocketing prices.
“Our mortgage has suddenly become terrifying,” said Rdzanek, who bought their Warsaw flat last August.
The Rdzaneks are not the only household breathing a sigh of relief after the Polish government placed a moratorium on mortgage repayments last Friday.
The move will allow borrowers to suspend payments for eight months, split between this year and next. But while the Polish government is granting mortgage holders a credit holiday, banks are warning that it will wipe out their profits.
Lenders also claim that the rightwing government is gifting borrowers the mortgage holiday to