Russians have been advised to avoid taking out non-preferential mortgages before spring. Financial consultant Ekaterina Astakhova shared this opinion on the radio station "Govorit Moskva."
Astakhova noted that currently, banks are issuing loans on unfavorable terms with high interest rates and stringent requirements for the initial down payment. However, she added, the situation may change over time.
"If a mortgage is urgently needed, which is usually the case for families with children, one should consider preferential mortgages that are still available until 2024. If we are talking about general conditions, then everything needs to be carefully considered, because taking a mortgage loan at a rate of 15 percent or higher is very burdensome for the budget. It’s worth weighing the options and waiting until next year," advised Astakhova.
The finance expert speculated that, with a potential stabilization closer to spring, the key rate and hence mortgage rates might decrease. In light of this, she recommended those planning to buy property to use deposits with higher rates to save money and wait for a more favorable moment to make a purchase.
