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First-time home buyers may continue taking out mortgages worth up to 95 per cent of the value of collateral posted at the time of loan approval.
First-time home buyers may continue taking out mortgages worth up to 95 per cent of the value of collateral posted at the time of loan approval.

 

The Finnish Financial Supervisory Authority has revealed that its executive board has decided to adjust the loan-to-value ratio limit for new mortgages by five percentage points, writes Kauppalehti.

The decision prohibits mortgage lenders from granting mortgage applications exceeding 85 per cent of the fair value of the collateral posted at the time of loan approval by other than first-time home buyers. The mortgage cap for first-time home buyers will remain at 95 per cent.

The Financial Supervisory Authority says the mortgage cap was adjusted in an attempt to curb household indebtedness. The cap for first-time buyers, on the other hand, was not adjusted in order to facilitate the entry of new home-owners to the real estate market.

Household indebtedness is perhaps the greatest vulnerability associated with the financial system of Finland, according to Kauppalehti. The ratio of household debt to disposable income has crept up steadily for almost two decades, hitting 128 per cent in the third quarter of 2017.

The Financial Supervisory Authority also continues to urge mortgage lenders to refrain from providing irregular, extended re-payment periods and mortgage payment holidays without sufficient grounds.

The new mortgage cap will come into effect on 1 July, 2018.

Aleksi Teivainen – HT
Photo: Roni Rekomaa – Lehtikuva
Source: Uusi Suomi

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