Since August, the Bank of Lithuania has changed the Responsible Lending Rules (RLR), making borrowing easier for young people. For loans to those buying their first home, the minimum down payment threshold has been reduced from 15% to 10%. However, an important condition is set – neither the borrower nor their co-borrower could have owned any real estate (RE) for five years.
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Since August, changes have also affected those buying a second or third home with a loan, but their conditions have worsened. What down payment will be required when buying a second home, which important exception no longer exists, and what should those wanting to move to a bigger home do? 15min asked bank representatives.
