The RGR called unstable employment the reason for the refusal of a mortgage

Unstable employment, that is, experience of less than 3-6 months in the current position, is one of the key reasons for rejecting a mortgage application. Denis Morgunov, a member of the mortgage committee of the Russian Guild of Realtors (RGR), told Izvestia on February 17.

"This is (unstable employment. It is included in the top 5 risk factors along with a bad credit history and a high debt burden. Predictability is important for the bank. If the client has just settled in, then he has no confirmation that he will pass the probation period and the income will be stable in the coming years," he said.

If the borrower has recently got a job, he can use several ways to get approval for the loan. For example, to attract a co-borrower. If the spouse or partner has a lot of experience in their current position and a high income, the bank will be more willing to take into account their ability to pay. You can also increase the initial payment.

"The standard minimum today is 20% . If [the borrower] If he contributes 30% or more, he will seriously reduce the bank's risks, and his situation will be treated more loyally. Thirdly, to confirm the income in full using the 2-personal income tax certificate (or the bank's form. — Ed.) is a huge plus. For the bank, this is a sign of transparency. Some banks may accept salary account statements, even if the length of service is short," the realtor noted.

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Most large banks require a minimum length of service at their last job of at least three months.

"The scope of activity and the status of the company is an important signal for the bank when deciding on the possibility of lending to a potential borrower. Low—risk sectors include civil servants, public sector employees (doctors, teachers), and employees of large, stable corporations. Banks trust such borrowers more, as the risk of dismissal is lower," Morgunov said.

Employees of car sales, retail, outbound tourism, as well as employees of foreign companies from "unfriendly" countries, on the contrary, are considered high-risk borrowers. Banks may reject such applicants more often, fearing that the company will shut down its business or reduce staff.

"It is most difficult for the self—employed to get a mortgage - they receive refusals of more than 80%, even with high incomes, as banks are wary of irregular receipts. Individual entrepreneurs (sole proprietors) with a business history of more than 12 months are trusted more by banks," Morgunov emphasized.

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Mikhail Golovnin, Director of the Institute of Economics (IE) of the Russian Academy of Sciences, said on February 3 that regulating mortgage interest rates could make lending more affordable for Russian residents. The expert added that the policy of subsidizing rates in certain groups of regions of the Russian Federation can also be implemented at the federal level. He also noted that the possibilities of the budgets of the constituent entities of the Russian Federation are limited by regional preferential programs and do not allow them to be subsidized.

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