How the conditions of the family mortgage will change. Answers to non-obvious questions

Starting from February 1, a family mortgage will become a truly family mortgage. The earlier norm of "one preferential mortgage in one hand" will turn into "one preferential mortgage per family." The husband and wife will now be co-borrowers, and the "donor" schemes will stop working. The changes were made because the program is expensive for the budget, but does not solve the problem of improving demographics. New rules, market reactions, and unwise investment strategies are discussed in the Izvestia article.

What does one mortgage per family mean?

Under the new rules, a family will be able to take out only one preferential loan under the program, rather than two, as before. If the family is complete, then both spouses must be co-borrowers. That is, if there is a husband (wife), it will not be possible to formalize a contract for only one of them. At the same time, banks will check the credit history and income of both, which may complicate the procedure. If there is not enough income to approve a preferential mortgage loan, it will be possible to attract third parties as borrowers.

Why "donor" schemes won't work anymore

The main change was the closure of "donor" schemes, when a mortgage agreement was signed for a relative with children to receive a preferential loan, and the apartment was then rented or resold. It was also not uncommon for a mortgage to be issued to one of the parents with a child, and the co-borrower was a friend with a clean credit history. In fact, it was legal, but such schemes contradicted the goals of the program. Now banks will carefully check the economic meaning of the deal: who is the family, who is paying, who has already received benefits and for whom housing is actually being bought.

What will happen to the refinancing

The essence of refinancing a combo mortgage is changing - when part of the loan is taken at a discounted rate, and part at a market interest rate. From February 1, it will be possible to refinance (that is, take out a new loan in order to close the old one on more favorable terms) the "expensive" part, and keep the preferential part. This is especially true in the context of a gradual reduction in the Central Bank's key interest rate, on which the cost of a market mortgage depends. Before that, banks could pool all the debt and put a new percentage on it. As a result, the refinancing benefit disappeared.

Is it possible to take out a family mortgage again

If the first family mortgage was issued after December 23, 2023, then starting from February 1, it will be possible to re-take out a preferential loan only after the first one is repaid and if another child is born. If the first family mortgage was taken out before December 23, then the conditions are not so clear, and it may be possible to apply for a second loan to improve housing conditions despite the fact that there are no new children. But, apparently, the chances are extremely low.

And if there are twins

The birth of twins or babies increases the chance of a family mortgage application being approved, but this does not mean that you can take out two loans at the same time. It makes sense to apply for a second mortgage under the program if the second child was born after the first loan was issued and it is repaid.

And if it's a divorce

A divorce does not create a new entitlement to benefits. It will arise if the first loan is repaid and if there is (or has appeared in the new family) a child who is eligible for benefits. Previously, divorce schemes were used to obtain a second preferential loan, but now this will not work.

What will happen to several loans that have already been issued?

For spouses who have managed to get two mortgages, the same conditions will remain — their loans will not be reviewed.

Will there be a differentiated rate

Currently, a family mortgage provides a 6% rate for everyone and does not depend on the number of children. However, lawmakers have repeatedly argued in favor of introducing a differentiated rate. The scheme may look like this: 10% for the first child, 6% for the second child, and 4% for the third child. This legislative initiative may be approved in the first quarter of this year. Analysts believe that if a differentiated rate is introduced, the financial burden on families will increase, since most parents raise only one child.

What is happening to the market and is it worth investing in

Before the tightening of family mortgage conditions, demand for the program increased markedly: borrowers were in a hurry to apply for mortgages at 6% until the new rules came into force. In December, demand for mortgages in Sberbank jumped to 613 billion rubles, the highest value in the last five years. Family mortgages accounted for almost 76% of the total volume of loans — more than 460 billion rubles. This is a record figure for this program in the entire history of its existence.

Experts have noticed that the hype in the market has raised real estate prices. So, the average price of a two—room apartment in a new building at the beginning of last year was 18 million rubles, and at the beginning of this year - 26 million rubles (an increase of more than 40%). Analysts believe that investing in real estate in such a situation is irrational — an increase in prices negates the attractiveness of investments. Especially if you remember that apartments are getting more expensive by about 6% per year, and also take into account the interest to the bank on the loan and the initial payment. In this situation, income from a deposit or OFZ will be more pleasant. In some cases, purchasing an apartment on the secondary market with a market mortgage rate and subsequent refinancing will be more profitable than buying a primary family home: with a large gap in the offer price from the developer and on the secondary market.

The main conclusion that can be drawn is that there is no point in trying to jump into the last carriage and take out a family mortgage if an apartment is not needed for housing. The market is currently overheated, which is good for developers who have raised prices in an attempt to capitalize on increased demand. However, soon after February 1, due to the loss of "donor" schemes, housing sales may slip. At the same time, no shortage of supply in the market is expected in the near future — experts predict a "re-adjustment" and a serious failure of transactions by 2027.

A family mortgage is not about demographics, as the birth rate does not respond to mortgage programs, it is about supporting the construction sector. Family mortgages create guaranteed solvent demand in the market, allowing developers to keep sales volumes, keeping prices from falling and reducing the risks of freezing projects. When the key interest rate is high and the market should "cool down," a family mortgage works as a heating system.: it prevents the housing market from collapsing dramatically. Now the conditions for issuing a family mortgage are changing, because the market has been skewed — preferential mortgages, in fact, have replaced the market mortgage, and have also become too expensive for the budget. The rules of the program were adjusted, rather than canceled entirely, so that a sharp collapse would not occur.

The theses contained in the text are not an investment recommendation, but the opinion of the editors.