According to press service of the State Mortgage Institution (SMI), since beginning of 2013, 117.7 million UAH have been allocated for re-financing of mortgage loans. In particular, according to Valentine Rybachuk, CEO of SMI, over 500 Ukrainian families have actually benefited from state support under one of SMI programs, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

According to analysts of banking market, development of mortgage lending system is an important part of providing the citizens with own housing and encouragement for growth of housing construction in the country, which has a significant effect on level of economic growth.

Meanwhile, in their opinion, widespread use of mortgage lending in Ukraine is severely limited by lack of efficient re-financing for mortgage loans.

During SMI establishment, it was subject to high hopes as mortgage institution of the second level, which had to ensure the active procurement of mortgage portfolios from the banks with subsequent formation of mortgage pools and their securitization. However, in the course of years, potential of this institution was not fully unlocked, recognize the banking experts. According to them, in many ways, this was due to objective and subjective reasons.

Banking experts say subjective factors include a decision (adopted in 2008) on deviation from classical model of second-level mortgage institution. Such institution must specialize exclusively in re-financing and securitization of mortgage loans, note the banking experts.

According to banking analysts, the decisions about a partial reorientation of SMI activities were mostly due to the fact that the government failed to fully implement the pension reform. In this view, second and third levels of pension system have not been formed. At the same time, due to savings, which had to be accumulated by non-state pension funds and life insurance companies beyond pay-as-you-go pension system, long-term financial resources allocated for purchase of mortgage securities are being formed.


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