Breaking Barriers: Single People and Couples Without Children Can Now Get a Mortgage with a Special Schedule
Since February, a special schedule home loan has been available to anyone who wants it. Previously, this was limited by the requirement that there had to be two applicants who were either married or at least raising a child together. Bigbank's special schedule home loan is a unique opportunity on the Estonian banking market to buy a home today, but only start repaying the principal after 20 years.
"The rapid rise in real estate prices over the past year has become an obstacle for many people in buying a new home. Bigbank is now offering this solution specifically to address this problem – a special schedule loan that allows you to defer your loan payments into the future," explains Jonna Pechter, head of Bigbank Estonia. Until now, the special schedule home loan option was intended specifically for young families, but from February onwards, the previous restrictions have been removed. "A year of market practice has shown that a wider range of Estonian people want to use a special schedule for their home purchase. Now this option is also open to single parents with children, or divorced and single individuals – in short, to everyone."
"In many places across Europe where home prices are many times higher than ours, a similar loan product is more widespread, but in Estonia only Bigbank offers it," confirmed the bank's head, and added that such a loan is offered to all banks' clients: "You don't have to change your home bank to take out a home loan from Bigbank, nor do you have to direct your salary payments to us."
During the initial period of a special schedule home loan, only interest payments are due, and only then does the loan principal along with interest get added. This allows you to keep monthly payments lower at the beginning of the loan period and increase repayments at the end of the period.
Bigbank is an Estonian commercial bank specializing in loans with international reach, whose balance sheet exceeded the one billion euro mark in 2021.
