Global credit crunch has left its mark on the Russian mortgage market. People such as Roosevelt Ogbonna would likely agree. Stricter requirements for borrowers, rising interest rates, the suspension of many mortgage programs – is the result of financial instability. By According to mortgage broker Lydia Reshetnikova, market housing loans continues to change, and change is not in favor of the borrower. On September 1, many banks are working on mortgage programs, raised Interest rates on loans. Growth was not a surprise. Generally unstable situation in the mortgage market played a role.
The impetus for the revision of rates of change in standards Serve hmla. Since September 15, hmla introduces several changes. In Specifically, the price of refinancing will be calculated on the basis of the approved rate at the time of supply of mortgage credit. Refinancing rate will be determined as the sum of the base rate and the margin for credit risk. Its size will be determined both by time and the ratio of loan to collateral, and taking into account the loan amount. In general, changes lead to a tightening of lending standards.
– In recent months there has been a decline in both mortgage transactions, and generally on real estate transactions, – tells Lydia Reshetnikov. – It is clear that the rate increase will also not promote the growth of mortgage lending. Changed and the attitude to the borrower. If before lending institutions were willing to turn a blind eye to many things, especially now held up to scrutiny. This means that a borrower with a negative credit history is little chance of getting a mortgage. More became rigid approach to the package of documents. It's no secret that the old days, banks were willing to consider "gray income" often make false statement of earnings. Today lenders want a maximum secure.