INTEGRATION ASSESSMENT OF UKRAINIAN MORTGAGE LENDING RISKS
Abstract
The article is devoted to the study of approaches to the classification of risks in the mortgage lending market of Ukraine. It was established that there were complementary views on the systematization of risks, which allowed offering a new perspective of classification – the division of risks of mortgage lending into rational and irrational ones. It is determined that the rational behavior of the subjects of the mortgage market is manifested in the conscious management of certain processes on it, irrationality is considered as a characteristic of the rules of activity, which shapes the economic behavior of consumers, which is unpredictable. It is emphasized that it is the economic behavior of consumers that is crucial for unlocking the potential of the mortgage market, since consumers, on the one hand, are a source of development of this market through deposits in credit institutions and, on the other hand, are recipients of mortgages, investors of housing construction. Rational risks include two groups: institutional and economic. Irrational risks are represented by a group of political and marketing. Attention is drawn to the fact that the effectiveness of the mortgage market, its mechanisms of development depend directly on its state support in terms of transparent legislative framework, as well as the legal protection of investments of every citizen. The most significant risks of the Ukrainian mortgage market are identified: credit risk, investment risk, institutional risk, inflation risk, risk of not completing construction. It is emphasized that the risk of non-repayment of mortgage loans in Ukraine is 33 times better than in the EU, which indicates a high culture of mortgage consumers. The author's method of calculating the integral index of risk assessment in the mortgage market is proposed by multiplying the relative indicators of the national market with the corresponding indicators of the European market. It is concluded that the risks of mortgage lending in Ukraine more than pan-European risks are almost 15 times higher. Effective development of the mortgage market is possible given the risks involved.
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