The increase in mortgage rates at the bank was explained by the growing cost of money in the market. VTB believes that other players will also do the same
VTB Bank has been raising rates on market mortgage programs by 1.3 percentage points since the first of July, RBC-Real Estate reported in the bank’s press service.
The minimum rates after the increase will start from 19.2% per annum. Such a minimum rate is available for salary customers to purchase loans subject to comprehensive insurance, proof of income and employment, a down payment of 30% and a large loan amount. Borrowers who receive approval of mortgage applications before July 1 will be able to use the “old” conditions until July 13 inclusive, the press service said.
The increase in mortgage rates at the bank was explained by the growing cost of money in the market. “Now the dynamics of the key rate and the long—term cost of borrowing OFZ are multidirectional: the yield on federal loan bonds has been growing for several months, while the key rate has not changed,” VTB explained. “The situation is similar for other market participants, so we expect other players to follow our decision,” they added.
This is the third increase in market mortgage rates at VTB in a month. Since May 29, VTB Bank has already increased rates on market mortgage programs. Then the increase was 1 percentage point. For the second time, the bank increased mortgage rates on June 17 by 0.5 percentage points. rates for market mortgage programs. Other major banks are also increasing mortgage rates despite the unchanged key rate. In particular, mortgages have risen in price in Sberbank, Alfa-Bank, Dom.RF Bank.
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