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Bank of Finland: New mortgages amount to €2.2bn in June

New mortgages continued to grow in June, following a month in which housing loans were at the highest level since 2008.

Asuntolainat. Kiinteistötoimisto. Helsinki. 20.5.2021.
A real estate storefront window displaying properties on the market. Image: Jorge Gonzalez / Yle

The trend of increased housing loans continued in Finland during the month of June, according to the Bank of Finland.

The central bank reported that Finnish households were granted mortgages worth a total of 2.2 billion euros in June, which was 358 million euros more than the same month last year.

Finland's housing loans amounted to 104.9 billion euros by the end of June, reflecting an annual growth rate of 4.3 percent.

The amount of new mortgages issued in May was 2.1 billion euros, which the bank said was the highest seen in the country since June 2008.

Holiday home loans at near-record levels

Consumers in Finland also increasingly borrowing funds towards purchases of secondary homes.

The Bank of Finland said consumers took out loans valued at around 151 million euros for holiday properties in June.

New holiday housing loans have grown at a record pace throughout the first half of this year, with such mortgage levels during the second quarter at 20 percent higher than the same period last year.

In total, 600 million euros in holiday home mortgages were issued during the first half of this year, representing a 31 percent increase on 2020. The overall amount of housing loans increased to 4.3 billion euros in June.

Meanwhile, secondary housing loans accounted for just over three percent of the country's total household loan stock during June, according to the central bank.

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