On Wednesday, the 4th of October, the Saeima Budget and Finance Committee supported amendments for the protection of mortgage loan takers in the Consumer Rights Protection Law. The proposed amendments provide a 50% discount on mortgage consolidated interest rates for one year.
In a year the committee will perform an assessment of this regulation to see if the reduced rate should be extended for another year. Support will be provided to those borrowers with
with a maximum credit balance of no more than EUR 250 000.
Currently the legislative draft provides support to persons with only one mortgage loan. Nevertheless, Saeima deputies promise to continue discussions on the possibility of expanding support to mortgage loans used to purchase a household’s only dwelling. Support will not be provided to those who rent the mortgaged dwelling.
Members of the committee unanimously supported the submission of the legislative draft to the Saeima.
The parliament will view the legislative draft in three readings.
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