Homebuyers in capital take out HUF 21 mln mortgage, on avg

Banking

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Homebuyers in the capital who took out mortgages in the first quarter borrowed HUF 21.1 millio, on average, up from HUF 18.4 mln in the same period a year earlier, state news wire MTI reports, citing a quarterly report by real estate broker Duna House.

The average mortgage for home purchases in the west of the country rose to HUF 15.5 mln from HUF 12.2 mln during the period, while homebuyers in the east of Hungary took out HUF 13.4 mln, compared to HUF 11.9 mln a year earlier. 

The loan-to-value ratio for homes purchased in Budapest fell to 36% from 42%. The LTV ratio dropped to 42% from 44% in Western Hungary, but was unchanged at 41% in the east of the country.

Mortgages with interest periods of at least 10 years accounted for around 90% of total loan contracts signed in Q1.

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