FAS proposed to simplify mortgage loan refinancing

The Service is working on a draft of a new National Plan for the development of Competition in the Russian Federation for 2026-2030, including in terms of the financial market. As part of its implementation, the agency proposes to simplify the transition of borrowers to mortgage loan servicing to another credit institution.

Currently, when refinancing a mortgage loan, a borrower may incur material costs when transferring to another bank, because he needs to pay off a new loan at an increased interest rate for a long period of time, which is not yet secured by a mortgage.

Shadow payment: mortgage arrears have jumped one and a half times

Now the Central Bank and banks can tighten the conditions of disbursements.

"In order to avoid delaying the deadlines, the service suggests setting a deadline for the previous credit institution to provide information to the registration authority for the repayment of the mortgage registration record and a deadline for issuing the necessary documents to the borrower," the FAS noted.

Also among the agency's proposals is to provide for the introduction of an obligation for the previous lender to provide the borrower with information on the amount of debt on the planned repayment date of the mortgage loan in full. To do this, it is necessary to develop and amend the law on consumer credit.

The day before, the head of the Central Bank of the Russian Federation, Elvira Nabiullina, said that in 2025, the regulator expects that href="https://iz.ru/1845878/2025-02-27/nabiullina-zaiavila-ob-ozhidanii-rosta-ipotechnogo-kreditovaniia-na-5-v-2025-godu " target="_blank">mortgage lending will grow by 5%. She recalled that mortgage issuance rates also grew rapidly in the first half of 2024.