Mortgage Cost Increased by USD 9,000 in 2014

Turkey’s leading credit consulting firm negotiated that according to a report prepared by analyzing the data of 18 banks, monthly installments in the new year housing loans 1,319 from USD 1,393 to USD while 100,000 per loan total cost to the consumer in terms of 10 years to about 9 thousand pounds increased.

End of Year Campaigns Effective in December

End of Year Campaigns Effective in December

Interest rates have increased continuously since June, when historic bottom levels were observed in 2013. In December, banks were pleased to see the appropriate opportunities offered by banks wishing to meet their year-end targets. Banks offered a discount rate of 0.83%, while users benefited from 0.77% interest rates through year-end campaigns.

Reactive Interest Increases from Banks in New Year

Reactive Interest Increases from Banks in New Year

As the year-end opportunities offered by the banks came to an end with the new year, a total of 16 banks revised their interest rates upwards in January. Several banks raised interest rates by up to 1% and then back to 0.90%. A consumer who wants to use a loan of USD 100,000 for the house he will buy in January with special rates for can proceed with the lowest interest rate of 0.94% in 10 years. For a consumer who wants to repay in 5 years, the interest rate of the loan with the best cost is 0.92%, but the additional cost can be reduced to 0.88% by paying 2,350 USD.

100 thousand USD Monthly Installment of the Credit Increased 75 USD

100 thousand USD Monthly Installment of the Credit Increased 75 USD

While interest rates increased, monthly installment amount and cost rates increased. While the lowest monthly installment paid in December for a 100,000 USD loan in 10 years was 1,319 USD, this amount increased by 75 pounds and became 1,390 USD in January. The total repayment cost of the same loan increased by USD 9,000. Compared to the same period last year, the rates have increased by 24%.

Odds may rise slightly in the first quarter

Odds may rise slightly in the first quarter

When hundreds of requests from offer free advice every day, it is seen that with the increase in credit costs, some of the consumers who want to buy a house are waiting. In this period, Founding Partner Onur advised consumers who were hesitant about buying a house with credit.

Stated that they expect an increase in housing loan interest rates in the short term, adding that they believe that interest rates will go down to lower levels in the long term. underlined that rates can be an opportunity for consumers looking for housing and the down payment of the period of increase, and added that price cuts that allow opportunity purchases in the real estate market can occur during periods of contraction in the market. For this reason, in the environment of interest rates increased enough and the consumer seeks the right price of real estate, even if the loan uses a little high interest in the restructuring within 1-2 years can reduce the cost seriously reminded.

The interest rate increases in the period of consumer credit and credit card debts observed that the increase in consumers, he said. Adding that these solutions are expanding rapidly to consumers, Suggested that consumers who are trying to get out of the credit bottleneck should use solutions such as house collateral and lower interest rates, collecting loans and structuring in the long term.

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