Mortgages will be more expensive

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It is planned to increase rates on mortgage loans. This is due to the increase in the key rate of the Central Bank. Analysts of the rating Agency Moody's believe that for most Russians, the mortgage loans will be unavailable.

In early March 2014, the Central Bank increased the key rate to 7%, April 25, the rate was even increased by 0.5% and amounted to 7.5%. Mortgage rates react to the increase in the key rate with a delay, normal delay is 3 months. After the mortgage rate increase, borrowers with the average salary will finally lose the ability to take out a mortgage – experts say Moody's.

For example, the analysts picked the person with the average salary (in 2013 it amounted to 30 thousand rubles, but we should not forget that the income of about 60% of Russians below this amount). Suggested that he took a loan in the amount of 1.5 million rubles. Monthly such borrower now will have to pay around 52-59% of their income.

Banks currently adhere to accepted standards of risk, for which a loan payment should not exceed 50% of the borrower's income, but some medium-sized banks are willing to issue loans to borrowers whose payment is 60 per cent or more of income. If the rate on a mortgage loan will increase by 1.5%, on the loan servicing by the borrower with the average salary will go 57-63% of income. Accordingly, the borrowers, who currently have the opportunity to take a small mortgage in the Bank, will lose this opportunity.

Olga Hecht (Vice President and senior loan officer of the structured Finance group of Moody's) said that today's borrowers, this rate increase will not affect much. For the ratio of monthly mortgage payment to income will increase by 5 percentage points and will not exceed the maximum permissible limits.

The March growth rate of the Central Bank already has the largest impact on mortgage lenders: mortgage interest rates of the Bank of Moscow and VTB 24 increased by 0.4%, Gazprombank raised its interest rates by almost 1%. As a result, the average rate in the spring of this year amounted to 12.3%, from 12.1% in December 2013. President of Sberbank German Gref also spoke about the increase in rates on loans.

Expecting increase of interest rates on mortgage loans, citizens rush to take out a mortgage now. Even in the may holidays the volume of applications has not decreased, although in previous years at this time there was a decline. For the first quarter of 2014 the volume of mortgage loans from Sberbank and VTB24 increased by 63,3% and 80%, respectively.

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