The liberal approach of banks to the creditworthiness of customers interested in mortgage loans may lead to excessive debt of some households and related disputes – warns the Financial Supervision Commission. Borrowers who fall into difficulties with repayment of the loan, may have a claim that the banks their “przekredytowały”, and the state this does not counteract.
Surreal assumptions
disclaimer KNF raises, among others, the level of possible changes in interest rates that banks take into account calculating the creditworthiness of customers. Most of the banks when such calculations assumes that rates will not rise throughout the repayment period (often 25-30 years!) By more than 2 percentage points. This seems irrational to assume that even less than 4 years ago NBP rates were higher than today by more than 3 percentage points
KNF, Report on the situation banks in 2015.
Why liberal approach banks so outrageous Financial Supervisory Commission? Currently, interest rates in the country are at a record low. Sooner or later, however, they start to grow. Then they will go up as installment loans.
Today, the first installment of the loan of 250 thousand. zł for 25 years is approx. 1330 zł. Buffer 0.80 percent. means that the bank verifies that the customer could handle the repayment of such loans, installment had been higher … 110 zł.
What happens when the payment will increase by 400 or 600 zł in compared to the present level? These scenarios consider only the most conservative banks. However, such increases are not theoretical possibility – it will be in a few years, when rates will move up.
Downgrade maintenance costs
KNF points out banks also lowering the cost of maintenance of the person applying for a loan. As the Commission points out, most of the banks in the process of calculating creditworthiness accept lower costs … even a few hundred dollars of the poverty.
KNF, Report on the situation of banks in 2015.
will pay up to death
KNF critically also evaluates very long, the maximum repayment period of the mortgage. Quite a few banks offer loans, which the last installment falls when the customer is 75 or even 80 years.
KNF, Report on the situation banks in 2015.
According to the Commission, at the end of 2015. loans whose final maturity falling on the retirement age of the borrower, accounted for more than 25 percent . of the total and more than 30 percent. of the loan portfolio of banks.
What to do, not to “przekredytować”?
Extending the repayment period up to 80 years or accepting incompatible to Indeed assumptions for the calculation of creditworthiness is to serve one – to lend us the most money. To Kowalski got 300 thousand. zł and bought a bigger flat, not eg. 200 thousand. zł, which is enough to him in Warsaw barely studio apartment.
According to the Financial Supervision Authority, childless couples with incomes of 10 thousand. zł gross banks for 25 years usually lend more than 600 thousand. zł. If we assume assumptions for on-lending to the UK. Britain and Ireland, where banks should borrow up to 4.5 times or 3.5 times the annual income of the client, such a marriage would receive a maximum of 420-540 thousand. zł.
KNF, Report on the situation of banks in 2015.
of course, banks are defending themselves that fulfill the housing needs of the Poles, and tightening the spigot of money zamknęłyby many way to own your dream M. Such an approach does not share the KNF, which once again sent a letter to banks recommendations.
However, nobody will take care of the security of financial borrowers better than themselves. Irrespective of the positive opinion of the bank should independently and objectively analyze what installment will function without stress. It should be taken into account that in the future, payment may increase by more than 50 percent. It should also decide on a shorter repayment periods, possibly regularly nadpłacać credit. This will help significantly reduce the cost of liabilities over time.
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