Every third Russian planning to buy a house with a mortgage this year revised his credit history due to information about the closure of preferential programs, reports the financial market Vyberu.ru, citing the results of its survey (1 were surveyed .5 thousand residents, more than one million cities that plan to take out a mortgage).
Potential borrowers wanted to make sure they had a high enough credit score to be approved for a mortgage. However, only 61% of them were satisfied with the data from the credit bureau. 23% admitted that after checking their history, they tried to close all credit obligations that could potentially affect the score score, and 16% decided to refuse to buy an apartment because they realized they would not get approved.
In the market itself, the number of requests regarding credit history verification also increased sharply after the Central Bank announced in March that it would close preferential programs from July. Thus, in April, the number of applications in the “credit rating” section increased more than three times compared to March. On June 1, interest in the service became a little more muted, but still more than doubled March’s numbers.
“Every fifth borrower surveyed tries to obtain a prime mortgage several weeks before its cancellation. More than 50% of respondents admitted that they planned to buy an apartment later, but the end of preferential programs forced them to make a decision. “In favor of buying an apartment as quickly as possible, it is obvious that banks, during abnormal rush, adjust their ratings as much as possible, and even a person with an excellent credit history is not guaranteed approval,” says the director Anna Romanenko. from the communications policy department of Vyberu.ru.
In the second half of the year, after the reduction of preferential mortgage programs, the issue of good credit history will be no less relevant, since the mortgage payment will be significantly higher.
Borrowers without excellent credit should come up with a “plan B,” Romanenko believes: find a co-borrower, consider increasing the down payment, and open an account in advance at the bank where you plan to get a mortgage. This increases your chances of approval.
Anyone who is going to apply for a mortgage should correctly assess their debt load, says Yulia Pozachenyuk, head of the mortgage lending department at TSN Real Estate. Banks are ready to approve a housing loan when the monthly payment does not exceed 50-70% of the borrower’s net income. At the same time, Russians often do not take into account their additional expenses and, in particular, forget about credit cards. “Today, the bank considers each credit card to have a debt load of 10% of its monthly limit, regardless of whether the person uses it or not. Therefore, if you are planning to get a mortgage, you should refuse to open credit cards. If you already have them, before applying for a housing loan, I recommend reducing the limits to a minimum and not closing them, since closing can take about 45 days, and the limit can be updated in 5-7 days,” the expert advises.
In addition, according to her, it is worth checking debts through the websites of the Federal Tax Service and the Federal Bailiff Service. If there are debts, it is advisable to close them; Otherwise, the chances of a positive solution will be noticeably lower.
In addition, you should not apply for a mortgage in all banks at once, believes Pozachenyuk. “Each subsequent bank will see where the borrower has previously applied, and each rejection will reduce his credit rating. We always send an application to one of the banks first and, if the borrower does well, then we look for him the most profitable offers in the market, taking into account its opportunities and situation,” says the expert.
In the absence of a preferential mortgage in the second half of the year, the mortgage payment for an average apartment will increase to 200 thousand rubles. in Moscow and up to 80 thousand rubles. In the regions, Olga Sidorenko, development director of Sdelka.RF, presented her calculations at the Dvizhenie real estate forum. To approve such a loan, salaries must be one and a half to two times higher: between 400 and 200 thousand rubles. respectively.
Due to the growth of the mortgage payment and the need to increase the borrower’s income, the number of transactions in which there will be many co-borrowers will increase: not 1 or 2, but 3 or even 4, says Marina Zabotina, deputy director of the department of development of PSB’s premium mortgage investment and sales segment.
