Do you need it? More than 60% of borrowers will pay a mortgage after 60 years

Banks are increasingly issuing mortgage loans for a long time. This was told by the head of the Department of Financial Stability of the Central Bank Elizaveta Danilov in an interview with Investfuture.

More than half of the mortgage borrowers will completely pay a housing loan after 60 years, Danilova noted. According to the Central Bank, the share of such borrowers reaches 62%. According to her, the average age of repayment gradually shifts to the right. The share of those who close the mortgage after 60 years is growing.

People draw up about 50% of housing loans for a long time-25-30 years. In 2022, the real time for repayment of a mortgage was on average 8 years. Now the situation in the mortgage market has changed — people who have issued loans at low rates are in no hurry to close the mortgage ahead of schedule.

According to Danilova, about 70% of mortgage issues falls on citizens of 20-40 years. The age of repayment of a mortgage is growing due to an increase in the terms of lending and a large share of the family mortgage.

source: CYANOGEN