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Govt submits amendments expanding scope of forex mortgage assistance programme

The government on Friday submitted amendments to Parliament that would make more people eligible for a state assistance programme for borrowers with foreign currency-denominated mortgages.

The assistance programme, launched on August 19, fixes the exchange rate for repayments on the loans and puts the difference between the fixed rate and the market rate on a separate forint account to be repaid later. The programme's rate for Swiss franc-based loans -- once the most popular lending product in Hungary -- is 180 forints to the Swiss franc, well under the market rate of around 247 on Friday.

The amendments would open the programme to borrowers whose loans end before January 1, 2015. They would also make eligible borrowers whose loans are covered not only by the value of their home but by a state guarantee, such as earlier participants in the state-subsidised "Nest-Building Programme".

Govt submits amendments expanding scope of forex mortgage assistance programme

Budapest, September 2, 2011 (MTI-ECONEWS) - The government on Friday submitted amendments to Parliament that would make more people eligible for a state assistance programme for borrowers with foreign currency-denominated mortgages.
 

    The assistance programme, launched on August 19, fixes the exchange rate for repayments on the loans and puts the difference between the fixed rate and the market rate on a separate forint account to be repaid later. The programme's rate for Swiss franc-based loans -- once the most popular lending product in Hungary -- is 180 forints to the franc, well under the market rate of around 247 on Friday.

    The amendments would open the programme to borrowers whose loans end before January 1, 2015. They would also make eligible borrowers whose loans are covered not only by the value of their home but by a state guarantee, such as earlier participants in the state-subsidised "Nest-Building Programme".