Bankers do not advise borrowers to convert foreign currency mortgages in the ruble

 Dollar and the euro from August to October 2011 had soared to the ruble, but the bankers interviewed by RIA Novosti is not recommended mortgage borrowers convert foreign currency denominated loans, and the experts, despite talk of a "second wave of crisis," predicting mortgage Russia further.
Lost in Translation
Dollar exchange rate, according to the Central Bank increased from August to October 2011 approximately 17% and the euro - by 9%. It's no secret that a serious weakening of the ruble against the currency of the loan resulting in a sharp increase in monthly payments in rubles.
At the same time to predict the fate of the ruble in 2012, has not yet taken none of the professionals, and mortgage borrowers will have to decide whether to continue to pay rising monthly payments in foreign currency, if you get paid in rubles, or transfer credit denominated in payments until the situation became critical, in 2008.

"If the borrower is assured of long-term growth of the dollar to levels higher than 36-37 rubles, he should change the loan currency. Otherwise, the transfer will lead to even more spending on credit," - said the head of mortgage development bank "discovery" of Alexander Efimov.
He explains that after the transfer of credit in dollar ruble credit and interest rate increases. If the rate will increase by only 2 percentage points, the borrower's payment in rubles increased by at least 30%, equivalent to a rise of the dollar to 36.5 rubles. And if the difference between the ruble and foreign exchange programs is 3 percentage points, the equivalent of a future dollar exchange rate should be not less than 39 rubles.
"The experience of the last crisis, it is clear that the first blow will fall under the borrowers of foreign currency loans and loans with a floating rate, but if a borrower decided to refinance the loan currency, it must be remembered that the change of currency leads to an increase in payment," - said General Director of the "Agency to restructure mortgage loans "(ARIZHK) Andrew languages.
In turn, Vice-President, Head of the development of loan products and affiliate programs of the Department of mortgage lending, "VTB 24" George Ter-Aristokesyants warns that in the process of refinancing the borrower the costs associated with obtaining a loan (bank commission for loans), with updating of collateral (state duty for state registration), as well as the implementation of insurance.
There is one more obstacle to lending-related collateral.
"Our bank is willing to refinance a loan unless the borrower has real estate, unencumbered by the key", - says head of sales of mortgage products, "Nordea Bank" Roman Slobodian.
However, bankers point out that due to the changes occurring in the market, financiers started to get quite a lot of calls asking to refinance foreign currency credit.
"One client was prepared to its 9% in dollars to change by 13% in rubles", - says CEO of a mortgage loan broker "Kreditmart" Julia Kupka.
Experts remind that rates may rise or fall and, and calculate at what level to set boundaries rise and fall of the dollar and the euro is almost impossible. Therefore, the mortgage borrower, who has taken credit in foreign currency, it is necessary to follow the course sensibly assess their risks and not to panic, even if the currency is now growing, no one does not exclude the possibility of weakening it over time.
Output in the ruble
However, the ruble may strengthen and two years later, and pay for foreign currency loans should be now. How many will pay a premium on the loan?
Suppose the borrower took out a loan for 30 000 conventional units (dollars / euros) for 15 years with a rate of 11.8% per year, says managing director of retail lending Sberbank of Russia Natalia Karasev.
Dollar exchange rate at the beginning of May 2011 was at 27.4 rubles, euro - 40.48 rubles. Thus, the monthly payment in foreign currency amounted to 356.2 conventional unit (9.762 thousand rubles for dollar credit or 14.42 thousand rubles for a loan in euros).
By late September, the dollar rose to 32.34 ruble and the euro - up to 43.54 rubles. Monthly payment in foreign currency amounted to 356.2 the same conventional unit, but the ruble rose to 11.519 thousand (dollars in credit), or 15.51 thousand rubles (with credit to the euro).
Overpayment for the entire term of the loan amount in currency of 34.119 thousand standard units, but due to the growth rate in rubles it had grown to 168.3 thousand rubles - to 1.103 million rubles, and euros to 104.4 thousand rubles - to 1.486 million rubles .
"From the above example shows that the foreign currency credit growth in the dollar / euro could lead to a substantial increase in overpayment of the loan. We always recommend and encourage now draw a loan in the currency of their income," - concludes Karasev.
Currency roulette
However, the coin has another side - some borrowers may be based on future appreciation of the ruble exchange decide to take credit for the relatively low rate. However, experts here and remain pessimistic: the majority of financiers are inclined to think that now is not the most opportune time for taking a mortgage in the currency of the borrower receives a basic income in rubles.
Let's say the dollar is 32 rubles, and the client wants to take a combined loan to 3 million rubles for a term of 20 years. Fixed interest rate in dollars (in the first five years of age) was 10.5% and in dollars - 8.5%, reflects Slobodian.
Monthly payments in the first five years will amount to about 30 thousand rubles for the redemption of annuity payments, and if the client chooses a loan in dollars, payment amount, or $ 830 for a given rate of 32 rubles per dollar - 26.56 rubles.
"Thus, the payment in foreign currency will be profitable until such time as the dollar has reached 36.14 rubles," - draws the attention of the agency.
The bulk of customers who take out a loan in dollars or euros - is circulating in the company to foreigners who buy real estate in Russia, said Kupka.
Bankers believe that the foreign currency loans are suitable only to citizens who receive revenues in dollars or euros - for them it does not matter the exchange rate against the ruble, and the rates for foreign currency loans is lower than on ruble loans.
Emergency exit for borrowers
We can only understand what to do to borrowers who already shoulder the unbearable burden of credit. Indeed, the exchange rate may continue to grow, and to calculate the credit load for the year ahead is just not possible.
Between the problems in the stock market and real problems with the income of people is not less than six months, and probably a year, but if things go badly, it's best to plan your income and expenses in the near future, and to be in constant contact with the lender, according to Languages .
"As soon as the borrower understands that in the coming months it will be difficult to pay the mortgage - he should advance to the bank and tell about their problems", - stressed the head of ARIZHK.
Language indicates that if the borrower understands that the loan will still have the strength to serve, you need as quickly as possible to make a decision on voluntary early repayment of the loan and do not accumulate debt to the bank.
"If the bank refuses to support or proposes unacceptable terms - you can contact the Financial Ombudsman, whose task is, to judge the situation and to find mechanisms to impact on the lending institution, unless the creditor rights. Financial Ombudsman is a member of the Duma Committee on Financial Markets Pavel Medvedev ' - advises languages.
However, the head of the agency, organized to help borrowers who are in difficult financial situation, sees no need to renew the program to help borrowers who developed and tested during the global financial crisis.
"However, we are monitoring the quality of debt service, collect statistics with our regional partners, has its finger on the pulse", - speaks the language.
Bright future for bankers
It should be noted that during the global financial crisis of 2008-2009 in Russia, mortgage practically defunct. Banks offer the unclaimed mortgage products at rates over 20% per annum, and many borrowers were unable to service even when taken to the credit crisis.
It was to save these people ARIZHK was developed and implemented a program aid, which involved the restructuring of mortgage loans and deferred payment of approximately one year.
At present, against the background of turmoil in the currency markets bankers remain Olympian calm on the future of mortgages in Russia. All experts say that major changes regarding the issuance and service of foreign currency loans in the coming year are expected. This peace is based on the actions and policies of the state in respect of the mortgage sector.
"In the next six months, we are waiting for implementation of earlier promises voiced the country's leadership to ensure the availability of mortgages and a slowdown in mortgage portfolios of some medium-sized foreign and private banks will not affect the market. The market share of these players is not commensurate with the share of state banks and HMLA, which account for almost 80% of the mortgage market, "- says Efimov.
HMLA not see some events in the financial market, which would have severely affected the mortgage market, told RIA Novosti Deputy General Director of JSC "Agency for Housing Mortgage Lending" Andrew Semeniuk.
"Yes, increased volatility, but the mortgage - the inertial type of business, so our forecast on the development of the mortgage market does not change. If you look at the volume of issuance in rubles, then we come to record the volume of issuance in 2008 - 656 billion rubles. The upper limit of our forecast for 2011 - 640 billion rubles. A direct loans themselves will be given much more than in 2008 - 415-460 thousand against nearly 350 thousand credits, "- confirms the previously stated position of the agency Semeniuk.
He stressed that the tendency to reduce mortgage rates still remains.
"After the crisis in the market there is real competition in the area came to the new banks, and the average mortgage rate in Russia for the first time fell below 12%. In July, HMLA significantly reduced rates for almost all its mortgage programs, in particular, the agency already has a program in the primary housing market, where the minimum rate of 6.4% per annum "- sums up the deputy director of AHML.