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首页> 外文期刊>European Journal of Housing Policy >Mortgage Product Innovation in Advanced Economies: More Choice, More Risk
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Mortgage Product Innovation in Advanced Economies: More Choice, More Risk

机译：先进经济体的抵押产品创新：更多选择，更多风险

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摘要

In many developed countries, house prices have been rising rapidly, mortgage debt has been increasing and affordability has worsened. It is in this context that the standard annuity mortgage is increasingly being supplanted by mortgages with non-standard features, such as longer terms or interest-only payments. Many of these new features aim to reduce the borrower's monthly debt service in the initial period of the loan. While these new mortgage types help households to enter owner-occupation and to vary their expenditure patterns, the long-term cost to the borrower cannot normally be less than for a standard product. Moreover, such mortgages can also be more risky: the interest-only borrower does not accumulate equity as an annuity borrower does, and loans with longer terms expose the borrower to greater risk of interest-rate or other economic shocks. As a result both borrowers pay more and the housing finance system may be more fragile. This paper brings together evidence from 13 developed countries about house prices, debt and affordability, and particularly the availability and market share of mortgages with these new features. It analyses trends over the last ten years and discusses the risks of these mortgages compared to standard annuity products.
机译：在许多发达国家，房价一直在迅速上涨，抵押贷款债务在增加，负担能力也在恶化。在这种情况下，标准年金抵押越来越多地被具有非标准特征的抵押所取代，例如更长的期限或仅利息支付。这些新功能中的许多功能旨在减少借款初期的借款人每月还本付息。尽管这些新的抵押类型可以帮助家庭进入自有住房并改变其支出方式，但借款人的长期成本通常不能低于标准产品的成本。此外，此类抵押也可能具有更高的风险：纯利率借款人不会像年金借款人那样积累股本，期限较长的借款会使借款人面临更大的利率风险或其他经济冲击。结果，两个借款人都付出了更多，住房金融体系可能更加脆弱。本文汇集了来自13个发达国家的有关房价，债务和负担能力的证据，尤其是具有这些新功能的抵押贷款的可用性和市场份额。它分析了过去十年的趋势，并讨论了与标准年金产品相比这些抵押贷款的风险。

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