Just a year ago, 6 percent using the mortgage search engine as part of Lite Lender sought to refinance loans. Today it is only 2 percent. The reason for the drop in the popularity of this product is very simple.
Most people who took out loans before the effects of the global financial crisis appeared in Poland enjoy interest-bearing loans based on a margin in the 1 – 2 point range. percent. Today, this level is the peak of dreams. And this is only available for USD loans. In the case of loans, a margin of 2% that’s a great result.
Banks are not fighting for new customers
And if not through low-interest rates. The lack of access to money does not allow this. Bank CEOs say there is still a problem with lending financing on the market. They do not have access to money outside their owners’ pockets and deposit base. However, both sources do not solve the problem.
The owners are not willing to add money today. In turn, the deposit base is of a short-term nature. They are mostly deposits for 3 or 6 months. After this time, the money must be returned to the client, and the mortgage is to be repaid much longer.
Refinancing loans can still be a good solution
Only for people who pay consumer liabilities with them: cash loans, credit cards, car loans. In this case, despite the current higher margins, the customer can go out.
Also due to the fact that the liability, thanks to mortgage collateral, will be extended for a much longer period. The installment will then fall significantly and the borrower will slip out of the tightening loop.
There is nothing to count on the popularity of classic refinancing loans. The times in which banks granted commission-free mortgages, with record low margins and a statement have now fallen into oblivion. A lot of water will pass before the banks return to expansive lending. Unfortunately. For the customer and for the economy.