Mortgage lending continues to grow at an accelerated pace - by 25.6% in annual terms by October 1 of this year, but a number of risks are hidden in this market dynamics. This warns the Central Bank of Russia.

The first risk is a sharp increase in the share of mortgage loans with low first payment (less than 20%). For three quarters, the indicator increased from 28.2 to 42.6%, which creates interest rate risk for banks (losses due to changes in interest rates).

The second risk is an increase in the number of consumer loans with which citizens finance a mortgage down payment. Thus, according to the calculations of the Bank of Russia, the share of borrowers who received consumer loans three months before filing a mortgage application in the first half of 2018 was about 3%. Thus, this category of borrowers "does not have a significant impact on the mortgage lending market and does not bear the risks of financial stability."

The third risk, which is indicated in the Central Bank, is the easing of mortgage lending standards against the growth of average mortgage terms up to 195 months and the growth of nominal wages at rates that are twice as low as the rate of new mortgages - 11.1% in January-September 2018 compared the same period last year.

Only in the third quarter Russians took over a mortgage of more than 761 billion rubles, calculated at the Central Bank.

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