GOVERNMENT SUPPORT FOR MORTGAGE LENDING: ADVANTAGES AND DISADVANTAGES, WAYS TO IMPROVE
Today, mortgages are regarded as one of the most affordable and popular ways to buy a home. In the context of rising real estate prices (especially in the central part of Russia) and the downward dynamics of the real incomes of citizens, the development of the mortgage lending system (including through state support) becomes one of the priorities of the social development of the country. The purpose of this study is to develop ways to improve government support for mortgage lending in the context of the spread of coronavirus. In the process of achieving this goal, a scientific hypothesis has been put forward that: 1) excessive number of government mortgage lending support programs reduces their effectiveness; 2) Abandoning targeting individual categories of the population in favour of one or two programmes fully funded that can reach a wide range of the population can increase the effectiveness of government support for mortgage lending. In the first stage of the study, using the method of theoretical analysis, the author revealed the concept and essence of «mortgage lending», its advantages and disadvantages, as well as the pros and cons of state support for mortgage lending from the position of the state and the mortgage borrower. In the second stage, using mathematical analysis methods, the author analyzed the dynamics of the weighted average rates of the Russian mortgage market on loans issued during the month, the number and amount issued under various programs of state support for mortgages, and calculated the share of «Concession Mortgage under 6.5 %», «Family Mortgage» and «Far Eastern Mortgage» in the market of issued mortgages. In the third stage, using expert survey methods, the author found that, in the opinion of bank employees, excessive number of government programs to support mortgage lending actually reduces their effectiveness, and also developed measures to avoid targeting certain categories of the population in favor of the program «Beneficial Mortgage under 6.5 %» financed in full (without a limit of 1850 billion rubles).