Average mortgage rises to Sh8.3m on costly upfront fees

The average mortgage size rose to Sh8.3 million last year due to increase in home prices, locking out a majority of Kenyans from bank-financed housing.

The Central Bank of Kenya (CBK) data shows that the average home loan has increased fromSh6.9 million in 2013 and Sh7.5million in 2014, a jump blamed on expensive homes and upfront fees.