Less mortgages granted in 2009?

The banks tightening loan conditions will impact the number of mortgage loans granted in 2009, according to president of the Polish Bank Association (ZBP) Krzysztof Pietraszkiewicz. According to Pietraszkiewicz, the amount of mortgage loans granted in 2008 by banks will amount to zł.65 billion.

"During the first three quarters of 2008, banks have given eight percent more mortgages in terms of their value, and four percent less in terms of the number of mortgages compared to the same period in the previous year," he told TVN CNBC Biznes.

According to Pietraszkiewicz, high rates will impact the amount of mortgage loans taken out adding that the ideal situation would be a percentage cut for next year that will influence potential home owners to purchase a home. (AO)

Source: TVN CNBC Biznes