UrBC, Yekaterinburg, December 10, 2019. The Ural Bank for Reconstruction & Development (UBRD) reduced the interest rates it charges on all of its mortgage options: the rates now start from 8.8% a year (8.6% for homes in buildings still under construction).

According to the bank’s press service, you can also apply for a mortgage refinancing scheme starting at 8.8% a year; if you used your multiple-child allowance to cover a portion of your mortgage payments, the rate goes down to 8.9%; if you’d like to use your existing real estate as the loan collateral the rates start from 11.5% a year.

‘The mortgage market’s average currently comes to 8.9% a year; the refinancing rate comes to 9% on average. To make sure our customers can get the most competitive offers, we revised our policy to reduce the interest rates on all our mortgages by 0.1% to 0.95%,’ says Mortgage Director at the UBRD Elena Botosh.

Botosh says now is the best time to buy a home of your dreams.

‘There’s little point in putting the purchase off in the hope of interest rates dropping even more: analysts say the housing prices will be going up very soon, due to increased demand, among other things,’ Botosh explains.