Bankers and developers have drawn up a portrait of a borrower who takes out a mortgage at rates starting at 28%

Borrowers of market mortgages are usually people between 35 and 45 years old who are not entitled to preferential programs, Vitaly Kostyukevich, director of the retail products department at Absolut Bank, told the newspaper. About 40% of those who take out expensive loans are raising children, a VTB representative said.

At the same time, mortgages at market rates are provided not only by wealthy clients, Kostyukevich noted. According to him, the average amount of loans under Absolut Bank’s own programs is 3 million rubles, which is much lower than in the case of preferential programs, the average bill of which is 6 million rubles. VTB has similar data, where the average size of mortgages on the market is about 3.8 million rubles, 20% less than in 2023.

Representatives of RNKB and the developer FSK attributed the small amount of loans to the fact that mortgages at unsubsidized rates are often taken out by clients who do not have enough money to purchase real estate in cash. Most of them are people who urgently need to solve their housing problem, Kostyukevich added.

Marina Zabotina, deputy head of the Mortgage Business Development Department and the Premium Segment of Promsvyazbank, identified two main categories of clients who take out mortgages at high rates. In their opinion, the first group includes those who take out a loan and hope to refinance it in the next 1.5 to 2 years, the second group includes borrowers who are willing to make a large down payment.

In mid-November, the average market rate for mortgages for primary and secondary housing exceeded 28%, writes Vedomosti. The total cost of the loan at some banks reached 35%: the final overpayment on a 30-year mortgage can now be five times greater than the amount borrowed, the newspaper notes.

Mortgage rates began to rise after the Central Bank increased the key rate by 200 basis points in late October. p. – up to 21% annually. The regulator explained the measure as an attempt to “return inflation to the target.” Analysts surveyed by RB.RU said that at the end of 2024 the Central Bank could increase the interest rate to 22%.