The Mortgage Company,
The Greenhouse, 2nd Floor
Adams Arcade, Ngong Road
P.O. Box 29310-00100, Nairobi

Tel: +254 729 933955, +254 737 933955
Email: info@tmcafrica.com
www.tmcafrica.com
WATCH TMC VIDEO
HOW CAN I REDUCE THE COST OF MY MORTGAGE?

One of the biggest questions in every home buyer’s mind right now is How long can I continue to meet my mortgage payments? Developers are wondering whether they should continue with the projects and whether they will have takers for their developments.

Over the last 3-4 months, the Kenyan property market has suffered a double blow. The Kenya shilling depreciation from an average of Kes 80 for the longest time to an all time low of Kes 107 to the US Dollar which drastically increased the cost of imported finishes and the increase in interest  rates from all time low of 9.9% p.a. to 27%p.a. over a span of 3 months! Every person with a mortgage facility was thrown into shock facing the reality that their mortgage repayments had close to doubled overnight! For the developers the double whammy of facing increased cost of construction and high loan repayments on the project financing has left them wondering if they can break even let alone make a decent return. To make matters worse, the mortgage takers who had committed to buy the units at the pre-sale and development phase are also wondering if they can really buy the houses now.

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WHAT DOES THE FUTURE HOLD FOR THE KENYAN MORTGAGE MARKET?

If someone posed the question 6 months ago, everything looked like Kenya was the best place in the world to invest in the real estate sector… the Central Bank of Kenya had opened up the mortgage market to the entire banking sector allowing all the market players to participate in whichever area of property financing that they wished to participate in. It is no wonder that there was no shortage of new projects coming up and new developers were excited to move into this lucrative area without reservation. International players began to eye the market and the emergence of Masterplan developments meant that the more experienced developers were beginning to offer lifestyle solutions to the discerning Kenyan and international market. The strong infrastructure also influenced decisions of many international companies to set up base in Kenya as a regional hub for Africa including Airtel, Google, Worldbank and IFC among others.

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Did you know

Should my first house be my dream house?

What the experts say

False, never attempt to borrow more than you can afford to pay back.  Whilst that 5 bedroom house with the swimming pool might be the home of your dreams, you won’t think so when you’re struggling to meet the demands from the mortgage company when you miss your first repayment. Keep it real.

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