Legal mechanisms of mortgage lending: foreign experience and ukrainian practice
Journal Title: Економіка. Фінанси. Право - Year 2018, Vol 12, Issue
Abstract
The research paper deals with the analysis of the current legislation on mortgage lending in Ukraine. The theoretical substantiation and development of practical recommendations for improvement of mortgage lending in Ukraine, the clarification of the content and essence of the main principles of legal regulation of this sphere are presented in the paper. Etymology and definition of the term of “legal mechanisms” are provided. The search for improvement of mortgage lending is being conducted on the basis of systematization of the existing proposals on this issue, the regulation of the legal framework governing these relations have been suggested, the key issues within the research topic have been identified and resolved. The main provisions of the system of mortgage lending in foreign countries are determined, as well as the possibility and expediency of implementation of legal provisions of foreign legislation to domestic ones is identified. It is well-known that the development of the mortgage lending market is one of the important guarantees for a stable development of the country. In Ukraine, this direction is inadequately developed, taking into account certain problems, such as: the underdeveloped infrastructure of the housing and housing construction market; lack of effective lending mechanism on the security of agricultural land; lack of perfect legal framework as well as political and economic stability. Taking into account that mortgage lending is a reliable way of attracting investments of foreign investors, aimed at economic development of the country, the solution of the problems of this direction is rather urgent, since today there is no clear model of mortgage lending in Ukraine. One of the leading factors of this problem is the rather low level of regulation of this sphere by the state. As a way to resolve this issue, we can suggest a clearer regulation of the procedure for granting loans and building our own model of mortgage lending, taking into account both the experience of developed countries and national specifics. In general, a detailed and in-depth study of the state of the mortgage lending market in the legal aspect provides an opportunity to determine the promising direction of further development of schemes, mechanisms for intensification of mortgage lending, since its development is directly dependent on “balanced” legislation, which should provide reliable protection and incentives for further development and improvement of the legal relationships in this area.
Authors and Affiliations
Tetiana Mykhailivna Yamnenko, Alina Oleksiivna Morhun
Keywords
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