The general information about a mortgage in Finland
Finland is the country of not cheap real estate and an accessible mortgage. At the moment time the minimum size of interest rates on a mortgage in Finland begins from 3,3 % for floating rates and from 3,7 % for the fixed rates. And if to look in the recent past in the Finnish mortgage market there were periods when the minimum rates made 2,5 %, but there were also moments when the minimum lath rose almost to 5 %.
The statistics shows that mortgage loans in Finland stand out mainly under a floating rate of interest. Under the fixed interest rate it turns out only about 10 % of loans.
At the same time, the mortgage in Finland stands out for the term from 5 till 60 years. Thus the minimum age of the borrower equals to 21 year, and maximum – to 65 years. The size of mortgage rates for non-residents usually a little above, than for inhabitants of the country.
On the developed practice receive a mortgage in Finland can both legal, and physical persons. And both physical and legal bodies have the right to count on the credit at the rate to 85 % from real estate cost. But for Russians and citizens of the CIS countries the maximum size of the credit for which they can apply in Finland, slightly more low, than for local residents, and usually makes no more than 60 % from real estate cost.
The interesting fact is that the mortgage in Finland stands out on the security of the real estate belonging both the borrower, and to the third party.
The mortgage lending volume in the country is in limits of 20-30 billion euro that makes an order of 15 % from gross national product of Finland.
Recommendations about mortgage loan reception in Finland
Despite presence of many similar aspects, mortgage lending at Finland has also some differences from process of reception of a mortgage in territory of the Russian Federation. So, the Finnish banks, in a greater degree pay attention to credit history of the client, instead of on check of its current material condition.
Besides it, the Finnish banks attractively finance building, instead of purchase of inhabited real estate. It is not necessary to forget and that the average area of habitation in the country is much more than in Russia. As consequence, it essentially increases the size of a demanded mortgage loan.
It is recommended at mortgage reception in Finland to specify the sums of all necessary payments which will accompany credit reception.
The international agency of real estate Gordon Rock
• cooperates with leading banks and mortgage brokers of Finland
• renders to the clients assistance in mortgage loan reception in Finland
