The First Certified Customer Friendly Mortgage Announced

Similarly as for the family housing allowance (CSOK), it was FHB again to take the first place. According to MNB, those mortgages can qualify as being ’customer friendly’ which have an

• Annuity payment option,
• Fixed rate for 3, 5, 10 years, or until its maturity
• The margins that were used in the iterest rate change index can not exceed 350 base points compared to the reference rate
• The charge of the loan transfer can not be more than 0,75% of the total mortgage, but plateaus at maximum HUF 150,000
• Early repayment fee does exceed 1% of the subject amount
• Early repayment from house savings account must be free
• Credit worthiness evaluation must be 15 day at maximum, once the valuation is available
• The deadline to transfer the loan, once all pre-requisits have been fulfilled, must be within two business days, unless the customer requests otherwise
• Failure to comply with the deadlines the bank should waive part of the loan transfer chargese

By promoting this concept, MNB expects that the fixed-rate loans’ interest rate adjust to the market rate loans, thus the mortgage rates go down overall.

It is not yet known what will be the overall interest rate of FHB’s customer friendly mortgage. The exact conditions will be announced in the relevant publication.

Takarékbank has also submitted its documents to MNB for the certification process, thus it is expected that all 49 savings cooperatives should receive the same certification, according to FHB.

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