We have the most expensive mortgage loans. APRC twice as high as German
Poland with the highest “mortgage” in the EU. Additional costs are raised by the total cost of housing loans to a record level.
Recently, the media are increasingly alerting about the record interest rate on new housing loans in Poland – the highest in the entire European Union. Experts of the RynekPierwotny.pl portal also returned to the topic, publishing a detailed analysis. However, it should be remembered that interest is only part of the actual costs of taking a loan. To assess the full picture of the situation, it is worth looking at the data on the actual annual interest rate (APRC) in individual EU countries.
European Central Bank and APRC data
The European Central Bank publishes data on the average actual annual interest rate (APRC) of new housing loans only for selected European Union countries. As the expert from the RynekPierwotny.pl portal explains, statistics regarding the APRC of consumer loans are much easier. Despite this limited availability, the information contained in the table below is worth attention.
– They present the average February APRC of new “mortgages” from eight countries and an analogous level of average interest rate of housing, which is of course lower. The difference between these indicators is mainly due to the costs of credit commission and insurance – explains Andrzej Prajsnar, expert on the portal RynekPierwotny.pl
APRC of our “mortgages” more than twice as high as German
As the expert notes, in the case of Poland, the average level of APRC of new housing loans in February was the highest among the analyzed countries.
– It is very likely that in terms of the total cost of new housing loans, our country also achieved the largest result in the entire European Union. Attention is drawn not only to the large difference in the average APRC of new “mortgages” from Poland (8.42 percent), the Czech Republic (5.05 percent) and Germany (3.63 percent). It should also be noted that additional costs (including commissions) are a relatively large part of the “Polish” APRC. However, not as large as in the case of Romania, which stands out strongly from the background of the analyzed countries – says Andrzej Prajsnar.
