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Ceturtdiena 13.12.2018 | Name days: Veldze, Lūcija
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Demand for mortgage loans grew 53% in March

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIncreased demand for mortgage loans with state guarantees was observed in Latvia in March. Nearly every other loan application filed last month was intended for housing purchase using Altum guarantee. The largest amount of interest came from families with children, as reported by Citadele Bank.

«While previously Altum guarantees were provided only to families with children under the age of 23, then, starting from 1 March, the range of eligible recipients is much wider. It is now possible for young specialists to receive support for housing purchase. This applies to specialists with vocational or higher education and no older than 35,» says Citadele Bank external communication manager Baiba Ābelniece.

Citadele Bank’s board member Vladislavs Mironovs describes housing guarantee programme’s recipients: «According to Citadele Bank’s data, housing guarantees in March were requested by young residents. The average applicant is 39 years old with children. The average age of representatives of families with children is 36, whereas the age of a young specialist applying for mortgage loans is 29.»

He continues: «There are differences for the kinds of housing options for which mortgage loans are requested. Standard mortgage loans are most often used for standard apartments in older buildings (37% of loan application) and apartments in new projects (22%). The picture is somewhat different with loan applications for guarantees from Altum – interest for new and standard apartments is equally high there (35%). There is also a growing tendency for private homes (27% of loan applications). Riga residents also seem to have the highest amount of interest for mortgage loans – applications in other Latvian cities and regions form roughly 42% of the total number.»


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