Level Group: every second mortgage holder in Russia pays off the loan ahead of schedule
Every second Russian (52 percent) pays off their mortgage early. The development company Level Group found out how quickly compatriots manage to close their housing loans. The results of the study are shared “Gazeta.Ru”.
The majority of respondents, if they pay off their mortgage prematurely, do so after a third of the term—29 percent of Russians admitted this. Less than half of the initially allotted period for closing a loan takes 10 percent of citizens, a little more than half is required by 12 percent of survey participants. 48 percent of respondents paid the bank exactly on time.
The lion’s share of respondents are not confident in their ability to close a mortgage—70 percent of citizens said so. Such self-confidence is characteristic of only 13 percent of respondents. 10 percent said that although they did not plan this in advance, they made every effort. 6 percent of Russians owe their success to a coincidence.
Related materials:
Study participants also named reasons that allowed them to pay off their mortgage early. For 17 percent, the solution was constant savings – they set aside any available money to pay off the loan. 16 percent of mortgage holders were supported by their parents, 15 percent were helped by an inheritance, and 10 percent admitted that they began to earn more after taking out the loan. For 30 percent of respondents, the way out of the situation was the sale of their old apartment – they were able to close the loan ahead of schedule with the proceeds from the transaction.
Previously, brokers gave Russians advice on early repayment of mortgages. From an economic point of view, it is preferable to shorten the loan term – thus, the overpayment will be minimal. Experts also recommend keeping an amount of 2-6 monthly payments in the bank as a financial cushion while repaying the loan.
#Russians #assessed #success #early #repayment #mortgages