The expert told about the trends of the real estate credit market
The introduction of the mortgage standard will make lending terms more transparent for clients and reduce risks for all real estate market participants, including developers, Yulia Arkhangelskaya, head of the mortgage lending department at the Mangazeya development company, told Izvestia on January 13.
"Trench mortgages and installment programs are among the most popular among buyers who do not fall under the preferential family mortgage rate. The underwriting procedure for tranche mortgages is virtually no different, there is the possibility of further refinancing, and most importantly, it is possible to make housing affordable in a crisis," Arkhangelskaya explained.
According to her, one of the main topics of the year will be the mortgage standard, the task of which is to "bring order" to the housing lending market from January 1. In addition, combined programs with preferential mortgages will be abolished in 2025, as well as manipulations with rate subsidies between the bank and the developer, resulting in an increase in the cost of the property.
"In 2025, schemes with cashback, zero down payment, long deferred letter of credit will leave the market. Family and classic mortgages with a regulated down payment, most likely not less than 30%, will still be in force," Arkhangelskaya said.
According to the specialist, as a result of the introduction of mortgage standard lending conditions will become more transparent for customers, as well as reduce risks for all participants of the real estate market, including developers. Banks will be able to offer clients more reliable and predictable financial instruments that correspond to their real needs and opportunities.
"Mortgages will gain momentum by the middle of the year. The market will adapt, and with the key rate down to 13-15%, everything will normalize. First of all, order will come after a prolonged increase in combo programs, subsidized programs, programs without a down payment, schemes with cashback, prolonged freezing of the issued loan on the letter of credit. Such schemes are becoming a thing of the past. The only thing that may remain on the market, in addition to the classic programs - is a tranche mortgage, provided that it is not affected by the mortgage standard," - summed up Arkhangelskaya.
Last year, December 31, Managing Director of Metrium Ruslan Syrtsov told Izvestia about the situation on the primary real estate market. According to him, developers of mass and business segment projects in 2025 will continue to adjust prices downward, setting a discount on a wide pool of lots. But there will not be a sharp reduction in prices, as developers need to fulfill financial obligations to banks and maintain at least a small margin.
