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Mortgage holders must repay in lump sum at age 75

People who have taken out mortgages denominated in foreign currencies and later extend the maturity will be expected to repay the remainder of their loans in a lump sum when they reach the age of 75, daily Népszabadság said on Thursday.

The paper quoted a recent decision by the Economy Ministry stating that all loans must be repaid by the time borrowers reach 75.

The decision affects those who opt to join a government programme which enables borrowers to repay their foreign currency denominated loans to the bank at a fixed exchange rate. The difference is accumulated on a separate account and must be repaid by the start of 2015.