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Mortgage payments have taken off. What UOKiK recommends to borrowers [PORADNIK]

Mortgage payments have taken off.  What UOKiK recommends to borrowers [PORADNIK]

in April monetary policy board I picked up interest rates For the seventh time, experts agree that more increases should be expected. – In the event of an increase in interest rates Webor Used in mortgage loans, paying the installments may be an increasing burden for some people. Using a number of support tools guaranteed by Polish regulations could be a huge relief – answered Thomas Crostiny, President of UOKiK.

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How much will it cost the banking sector bank holidays and departure from WIBOR?

Holiday credit. Mortgage Suspension

The people who repay them home loan It is a serious burden on the family budget will be able to take advantage of the so-called statutory credit leave. This solution allows for a suspension of payment for a period of three months credit Real estate loan or consumer loan without adding interest or additional costs. Yukik He asserts that this is the best option for those who have just lost their job or main livelihood.

To take advantage of the credit holidays, it is enough to submit an application to the bank via the form on the website The bank must suspend the agreement immediately upon receipt of the application. UOKiK explains that if you have loan-related insurance, the bank will inform you about the amount of the installment to be paid, and the loan period itself, as well as all conditions stipulated in the loan agreement, will be extended by the suspension period.

“Credit holidays are more financially beneficial to the consumer than public holidays credit note“- UOKiK guarantees. And the aid to borrowers recently proposed by the government is to facilitate their availability and ease their borrowers. This facility will operate in 2022-23 years. So it can be predicted that it will remain in effect until interest rates are lowered again.

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Credit overpayments and financial cushion

Another solution suggested by UOKiK is to overpay for the loan. It is about early repayment of all or part of the loan, which allows you to reduce the amount of installments or shorten the loan period. Both the amount owed and the interest on it will be reduced. “Loan overpayment can give you more advantages than many advantages, including investment bank deposit– confirms the office.

If the loan is partially or fully repaid before the due date, the banks will repay a proportionate portion of the fees that make up the total cost of the loan. It must correspond to the shortening of the repayment period and is calculated using the straight-line method.

However, some borrowers do not have any funds that would allow them to pay off the loan early. There is a so-called financial cushion. Allows you to save some money and secure higher premium payments incident Unforeseen circumstances in the future, for example job lossOr even a higher interest rate hike.

“If you can, limit consumption to a minimum in order to build financial security and savings for future unforeseen events in small, regular steps,” urges UOKiK.

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interest rates. Is it worth setting a fixed interest rate?

In addition to deferring or speeding up loan repayment, you can also change the interest rate to a fixed interest rate. According to information from the Office of Competition and Consumer Protection Banks They suggest a fixed interest rate, usually for 5 years. Some contracts also retain fees in case of overpayments.

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“In the event of a rise in interest rates, the fixed interest rates that banks propose periodically are usually higher than the current level of reference rates. Webor 3M or 6M, but then you have a guarantee that the amount of your premiums will not change in the coming years ”- the office explains.

However, UOKiK feels that before making such a decision, carefully read the content of the contract and consider whether the fixed rate will be profitable, because in the future it may “rise and lower”, and the fixed rate will remain at a constant level.

credit margin. Can it be changed?

With banks, you can negotiate not only a change in the interest rate to a fixed margin, but also a loan margin. It changes every few years, and if the borrower has an agreement with an exceptionally high margin, say over 2.5%, he may negotiate the amount with the bank again. Especially when you pay off part of the debt and pay the price Real estate more.

– Thus, the LTV ratio, i.e. the ratio of debt to the value of the apartment, decreases, and consequently the margin will be less in the present conditions. You can apply to change a loan to a cheaper loan from another bank – the difference in margins will decrease loan installment. This change will be in effect for the life of the loan – explains UOKiK.

However, changing the bank may involve the collection of many additional documents, and therefore additional costs, such as a notary, brokerage, or resulting from early repayment at the parent bank.

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Borrower Support Fund. Will government aid work?

The Polish government also announced that it will be reinforced with additional measures Borrower Support Fund (1.4 billion PLN in 2022 and 2 billion PLN in 2023). Today, it is about 600 million PLN, which is to provide assistance to borrowers in difficult situations. Refundable loan for debt repayment is granted when the installment is half of the income available to the borrowers or when the family income after deducting the installment is less than 1,200 PLN per person (for a family of one person it is less than 1,552 PLN) and in the event of job loss.

– The support is granted for a maximum period of three years and is paid in monthly installments equal to the loan installment, up to PLN 2,000. PLN per month. The loan is repaid in 144 interest-free installments, some of which, 44, may be voided if the remaining 100 installments are paid on time, UOKiK explains.

UOKiK has prepared a guide. What will the MPC do?

economic inflation In April, by fast Gus, up to 12.3 percent. every year. This is much more than expectations and more since May 1998. Economists boldly predict that on Thursday, May 5, the Monetary Policy Board will raise interest rates again by up to 100 basis points. Although peak increases are usually expected to be around 7-8%, analysts at ING Bank Śląski believe that “double-digit interest rates in Poland are no longer a theoretical topic.”

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