Mortgage Market Kenya

The ongoing COVID-19 crisis has left in its trail, marks of economic carnage. The IMF has officially declared that global markets are in a recession. Below are some of the measures that countries have put in place to cushion mortgage owners.


Extension of repayment period as well as interest cut of 0.5 percent form eligible households. A number of banks have initiated forbearance measures.

Hong Kong

Many lenders have deferred principal mortgage repayments by up to 12 months.


The Central Bank of Nigeria (CBN) has cut interest rates on all applicable CBN intervention facilities from 9 to 5 percent per annum for 1 year effective March 1, 2020 and also granted a further moratorium of one year on all principal mortgage repayments.


The Hong Kong and Shangai Banking Corporation (HSBC) is offering forbearance with a 6 to 12-month deferment of mortgage principal payments applicable to customers with good credit rating.

United Kingdom

A three-month payment holiday on mortgages for qualifying customers. Unpaid interest will be recovered at later dates but credit scores will not be affected.

Republic of Ireland

Five major banks have agreed to suspend mortgages and business loan repayments for 3 months. However, this will not affect the customer credit score.


The country has issued in a moratorium on mortgage repayments for families whose incomes have been hit by the crisis.

According to the information from Centre for Affordable Housing Africa, only one African country (Nigeria) has so far put in place measures directly cushioning mortgage holders.

Kenya has so far not issued any measures to directly cushion mortgage holders. However, the reduction of Resident Income Tax (Corporation Tax) from 30 percent to 25 percent may offer a little reprieve.