In September 2021, drawdowns of new housing loans amounted to EUR 2.0 bn. This was 6% more than in the same period a year earlier and more than ever before in September. Owner-occupied residential mortgages accounted for 91% and buy-to-let mortgages for 9% of the new drawdowns.

The average interest rate on new housing loans in September was 0.72%. The average interest rate has remained almost unchanged over the past two years. In September, the average interest on new owner-occupied residential mortgages (0.87%) was higher than the average interest on new buy-to-let mortgages (0.71%).

Fuelled by the large amounts recently drawn down, the housing loan stock grew at a brisk annual pace of 4.3% in September 2021. However, the pace has no longer picked up since end-July. As of March 2021, the Bank of Finland’s statistics have been able to sort buy-to let mortgages from other housing loans. Since the end of the March, the stock of buy-to-let mortgages has grown almost twice as fast as the stock of owner-occupied residential mortgages. At the end of September, buy-to-let mortgages accounted for 8%, or EUR 8.5 bn, of the total housing loan stock (EUR 106 bn).

Despite the COVID-19 pandemic, the problems related to housing loans have remained small even though the amount of non-performing[1] housing loans has increased since the beginning of 2020 and there has been a slight increase in impairments and credit losses. In the third quarter of 2021, however, the stock of non-performing loans contracted and, at the end of September, the non-performing stock was 1.5% in relation to the total housing loan stock. Relative to the loan stock, the amount of non-performing buy-to-let mortgages was smaller (0.9%) than the amount of non-performing residential mortgages (1.5%). Impairments and credit losses resulting from housing loans were moderate in the third quarter of 2021.



At the end of September 2021, the stock of loans to Finnish households comprised EUR 16.6 bn in consumer credit and EUR 18.1 bn in other loans.

Drawdowns of new loans[2] by Finnish non-financial corporations in September 2021 totalled EUR 1.4 bn, of which loans to housing corporations accounted for EUR 450 bn. The average interest rate on the new drawdowns rose from August, to 1.8%. At the end of September, the stock of loans to Finnish non-financial corporations stood at EUR 96.0 bn, of which loans to housing corporations accounted for EUR 38.8 bn.


The stock of Finnish households’ deposits at end-September amounted to EUR 109.5 bn, and the average interest rate on the deposits was 0.03%. Overnight deposits accounted for EUR 100.3 bn and deposits with agreed maturity for EUR 2.4 bn of the deposit stock. In September, households concluded EUR 66 million of new agreements on deposits with agreed maturity, at an average interest rate of 0.19%.


Loans and deposits to Finland, preliminary data

  July, EUR million August, EUR million September, EUR million September, 12-month change1, % Average interest rate, %
Loans to households, stock 139,733 140,118 140,605 4,2 1,29
    - of which housing loans 105,330 105,535 105,954 4,3 0,79
    - of which buy-to-let mortgages 8,362 8,408 8,465   0,92
Loans to non-financial corporations2, stock  95,914 95,781 96,018 -0,8 1,28
Deposits by households, stock 108,410 108,202 109,498 6,7 0,03
Households' new drawdowns of housing loans 1,787 1,764 1,994   0,72
    - of which buy-to-let mortgages 155 176 177   0,87

* Includes loans and deposits in all currencies to residents in Finland. The statistical releases of the Bank of Finland up to January 2021, as well as those of the ECB, present loans and deposits in euro to euro area residents and also include non-profit institutions serving households. For these reasons, the figures in this table differ from those in the aforementioned releases.
1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes.  
2 Non-financial corporations also include housing corporations.


For further information, please contact:

Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)

Antti Hirvonen, tel. +358 9 183 2121, email: antti.hirvonen(at)


The next news release on money and banking statistics will be published at 10:00 on 30 November 2021.


Related statistical data and graphs are also available on the Bank of Finland website at


[1] A loan is non-performing when the exposure is more than 90 days past-due or the borrower is unlikely to pay.

[2] Excl. overdrafts and credit card credit.