Despite changes in the regulations on the mortgage market, which became effective at the beginning of this year, the market recorded an increase and improvement in sales. In the first quarter of 2014, the share of Good Finance brokered the sale of mortgage loans for a total amount of PLN 516 million.
According to the data of the Polish Bank Association, sales of mortgage loans in the first quarter of this year amounted to PLN 8.854 billion.
The result of the sale of mortgage loans
Realized by the company in the first quarter of 2014 was over PLN 73 million better than in the first quarter of last year. This shows that usually the weak months of the first year, already at the start brought an increase in demand for real estate and mortgage loans.
Although many skeptics feared that the changes that entered into force at the beginning of the year would be “for the worse”, the housing market did not collapse. On the contrary, he quickly adapted to the long-announced requirements.
Most of the fears were related
Undoubtedly, most of the fears were related to the introduction by the Polish Financial Supervision Authority of the requirement for obligatory own contribution.
However, as the very good sales results of mortgage loans show in the first quarter of 2014, clients who planned to take out a mortgage this year, were mostly prepared and had the required 5% own contribution – comments Robert Pepłoński, President of the Board, Good Finance ARE
New government program to support young people
Also, the entry into force of a new government program to support young people in purchasing their first apartment, i.e. “Apartment for the Young” encouraged many indecisive clients to consider buying real estate on credit. About 4% of transactions carried out by Good Finance were loans under MdM.
The first quarter was also better in terms of average loan value. Customers who carried out housing transactions through the company borrowed from banks an average of approximately PLN 220,000, i.e. about 15,000 more than the market average according to the data presented.