The expert called the main mistake in early repayment of the mortgage

A long-term mortgage can reduce the monthly burden and make the loan more manageable, but the repayment strategy depends on the borrower's financial situation. On April 23, the head of the mortgage department at Level Group, Julian Ovechkin, told Izvestia about this.

"The longer the mortgage term, the lower the monthly payment and the easier it is to fit the loan into the family budget," he said.

According to the expert, today most Russians apply for a mortgage for 20-30 years, but many of them plan to repay the loan ahead of schedule. At the same time, the attitude towards mortgages is gradually changing: borrowers increasingly perceive them as a financial instrument, rather than as a debt burden.

Ovechkin stressed that early repayment is not always the optimal solution. In particular, if the borrower does not have a financial cushion, it may be risky to allocate all available funds for payments. In addition, in the later stages of the loan, early payments practically do not reduce the overall overpayment, since the bulk of the interest has already been paid.

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The expert added that partial early repayment with a shorter loan term is considered the most effective strategy, especially in the first half of payments.

"In this case, the borrower pays the amount in excess of the mandatory payment, without reducing the monthly contribution, and the bank recalculates the schedule, "cutting off" the last months or years of payments, which would account for the interest," he explained.

According to Ovechkin, an alternative could be to reduce the monthly payment, which makes the budget more sustainable, although it increases the final overpayment. The choice of strategy may vary depending on life circumstances. The specialist also recommended considering alternative ways of using funds, including bank deposits, and also not forgetting about the possibility of refinancing, which can reduce the interest rate and the total cost of the loan.

Leonid Waldstein, sales director of the developer Dar, said on April 19 that against the background of a high key interest rate in the new building market, the share of alternative home purchase schemes is growing, but such tools carry additional risks for buyers. According to the expert, today some buyers are applying for a mortgage with the expectation of lower rates and subsequent refinancing, but such expectations are not guaranteed. A similar situation exists with installments, where the financial burden is shifted to the future.