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Sunday 04.12.2016 | Name days: Baiba, Barba, Barbara
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EUR 217 million was issued in mortgage loans in Latvia this year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUMortgage loan services develop rapidly in Latvia. In the first half of 2016, Latvian banks provided households new mortgage loans worth a total of EUR 217.1 million, which is 71% more in comparison with the same period of 2015, according to information from Latvian Commercial Banks Association.

«There are multiple reasons for the rise in mortgage loans. The most important of them is the accessibility of the state support programme for young families with children. The problem for young families has always been gathering enough money to afford the first instalment. The support programme successfully solves this problem. In addition, mortgage-stimulating factors are definitely economic growth and a person’s ability to take on loans for the future, as well as the people’s desire and need to improve their home,» – comments President of Latvian Commercial Banks Association Martins Bicevskis.

In Q1, Latvian banks had issued new mortgage loans worth EUR 91.5 million. In Q2, banks had issued loans worth EUR 125.6 million. As a comparison – the volume of mortgage loans issued in Q1 2015 was EUR 51.6 million and EUR 75.3 million in Q2.

As part of the state support housing programme, 1,419 guarantees worth a total amount of EUR 9.4 million have been provided to families in the first half-year of 2016. Since the beginning of the programme, 2,686 families have been assisted.

The total loan portfolio of Latvian banks was EUR 15.03 billion at the end of June 2016. Of this amount, loans provided to Latvia’s national economy comprised EUR 7.33 billion and mortgage loans to Latvian households – EUR 4.43 billion.

Ref: 102.109.109.4782


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