More apply for state-backed mortgages

A total of 967 families have been granted loans within the government-backed mortgage program for families with children, reported Latvian Radio Sunday. 

A total of 1,272 loans were backed by the state within the program last year, so it would seem that interest in the program has peaked. 

Within the program, the state acts as a guarantor for part of the downpayment. The government-guaranteed part is 10 to 20% of the mortgage sum, depending on the number of children in the family. The program was restarted last year.

The program reduces the time required to save money for the downpayment, which is typically 25-30% of the total sum.

"This year we have backed 967 loans for the total sum of €6.3m. The total loan sum is €123m. As could be expected, the people of Rīga are the most active, as 46% of the loans were backed there and 16% near Rīga," Juris Cebulis from the Altum Program Development Department told Latvian Radio.

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