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The Local _ Finance _ Getting a higher mortgage (more than 85%)

Posted by: stoilt 5.Dec.2020, 08:42 PM


I've read a bunch of threads about mortgages in this forum so I'm pretty sure the answer for my question would be "go and talk to banks", yet I'd like to hear your opinion - and especially those who managed to get a mortgage for more than 85% of the property price - if and how is it possible.

My situation: I've been living and working in Stockholm for a little more than 2 years, I've got SEK 400k in my savings account (all earned in Sweden) and a permanent full time job with a SEK 58k/month gross salary that enables me to steadily save 15k each month (and I can prove with bank statements that I've put at least this amount into my savings account every single month for the last 2 years).
For various reasons it had become urgent for me to buy an apartment as soon as possible. My issue is that the apartments I like (or need) are sold around SEK 3M-3.3M in which case 15% down payment would be ~450k-500k. If it wasn't urgent I'd just save for another 6-10 months, but...

Do you think - considering these - I have any change to borrow 87-88% instead of only 85%?
My other option would be to buy a cheaper apartment and then sell it in a year, but I'd like to avoid the fuss and losing money on the extra transaction.


Posted by: Martin565 6.Dec.2020, 12:03 AM

Posted by: Anders 6.Dec.2020, 11:19 AM

It is a least a strong recommendation from Finansinspektionen so I guess it is very hard/impossible to get over 85%. But you might get another loan (blancol?n/privatl?n) for the remainder. Much higher rate though. Some banks has offers for union members so if you are a member that is a good start.

Posted by: Essingen55 6.Dec.2020, 03:09 PM

It is a least a strong recommendation from Finansinspektionen...

My understanding is that it is a requirement not a strong recommendation...

In addition to getting the mortgage, there are a couple of other issues you need to think about. In addition to your apartment monthly payment, you will be required to repay the mortgage at the rate of 2% a year.
In addition, if you borrow more than 4.5 times your income, you will have to repay an additional 1% a year. From the figures you give it looks as if you might be on the borderline for this.

So that is around SEK 7,500 per month on a loan of SEK 3million...well within your current savings but not an amount to be forgotten.

Posted by: stoilt 6.Dec.2020, 07:24 PM

Thank you everyone! So as I understand I cannot really get a higher mortgage but in some cases it's possible to get an extra loan with a lot higher interest. I'll ask around with some banks and do some calculations. Btw I have no dependants and my current rent is 13k per month, I was hoping that my costs after buying an apartment (so amortisation, avgift, interest, etc.) would not be much higher than that so I could still put 10k+ in my piggy bank that I can use in case shit happens. Or am I too naive here?

Posted by: Anders 7.Dec.2020, 12:55 AM

Of course you should have money when shit happens. I would keep some of the savings so you don't go down to zero. If you end up with a blancol?n your focus should be to repay that quickly rather than save a lot.

Apartment 3300k, mortage 2800k with 1,43% interest and 2% amortisation is 7k/month. The cost for blancol?n is highly dependent on how fast you pay it off. The avgift varies between apartments.

Posted by: robin 10.Feb.2021, 10:00 PM

Here's what you can do
a. For 85% Take a mortgate loan from SBAB (about 1.5% p.a)
b. For 5% Take private loan from SBAB (about 4.5% p.a) - pay this asap.
c. Rest 10% pay in cash

Posted by: Martin565 10.Feb.2021, 10:39 PM

Posted by: robin 14.Feb.2021, 11:16 PM

Handelsbanken refused to transfer a mortgage loan from another bank to themselves stating the reason that they do not offer loans to people who have residence permit (or work permit) and do not have a permanent residence permit.

This sounded strange to me. Anyone else who had this issue?

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