Home economics

Only one bank does not raise interest rates when you change housing

Skandi Bank is the only bank that does not require higher interest rates on medium-term financing.

Only one bank does not raise interest rates when you change housing

Most of us come in a situation where we are going to sell current housing and buy new ones. In that situation, very many people need a medium-term financing.

Medium-term financing causes for a shorter period of time an extra high debt burden, which is to be served in a reasonable manner. And it will not be easier for most banks to take higher interest rates for the medium-term financing.

It shows a survey click. no has completed. Only Skandi Bank has the same interest rate.

– And we do because we do not see any reason to pay us more than necessary, says information manager at Skandi Bank, Leif-Kjartan Bjørsvik, to click. no.

Deductible Interim Funding

If you raise a $ 2.5 million funding, it will involve a monthly additional expense of $ 2600 compared to a regular mortgage.

Of course, this amount comes in addition to the total deduction for the interim financing. However, some banks have deductible until the current property is sold. It goes without saying that the load becomes smaller.

A deductible interim financing of 2.5 million, with a rate of 5.6 per cent, implies a monthly amount of approximately NOK 11 500.

Click. no has checked seven loan institutions and it turns out that it is only the Skandibank that has the same interest rate on intermediate financing and ordinary mortgages. They have 3.64 per cent in nominal interest rates for both types of loans.

Only one bank does not raise interest rates when you change housing

Buying quiz you hardly manage

DnB tops the list of most expensive medium-term financing by 5.6 percent. On regular mortgages they take 3.65 percent.

The table shows nominal interest rates, and we have based on loan financing of 75 per cent of the value of the property. The exception is Nordea and Gjensidige, which operates 75 per cent of housing value.

Loan Institution

Interest Funding

Interest Ordinary Mortgages

Comment

DnB

5.6%

3.65%

Nordea

Agreed with the customer

3.5%

Unemployment Until

Sparebank1

5.15%

4.15%

Skandiabanken

3.40%

3.40%

Only for existing

Customers

Danske Bank

5.5%

3.65%

BN Bank

5.5%

3.45%

Reciprocal

4.5%

3.5%

Higher risk, higher interest rate

Banks’ reason for taking higher interest rates on inter-financing is an increased risk of loss.

Concepts – Mortgages

  • Annuity Loans: You pay monthly payments, consisting of installments and interest rates
  • Deductions: The portion of the fixed monthly amount that will pay off on the loan amount.
  • Deduction: You only pay interest for a specific period of time. This means that the repayment of the loan itself is shifted and the monthly payments will be greater when the repayment begins.
  • Effective rate: The interest rate you actually pay. Unlike nominal interest rates.
  • Establishment fee: One-time fee payable when the loan is raised.
  • Floating rate: Varies constantly with interest rates in the market.
  • Fixed rate: The interest rate is fixed for a specific period. Fixed interest rates are generally higher than liquid, but provide more predictability.
  • Medium-term financing: Currently on purchase and sale of housing. The amount you need to borrow when financing new housing while waiting for settlement for existing housing.
  • Nominal interest rate: The interest rate the bank indicates on your loan, but because you often pay fees, the effective interest rate will be greater.
  • Serial Loan: Declining Monthly Amount. You pay a fixed installment, but the interest rate decreases for each installment. The serial loan gives a high payload at the beginning, but the lower the end.
  • Term Amount: The monthly amount you pay on a loan.
  • Termination fee: Some banks charge a monthly fee to manage your loan.
  • Deduction fee: The fee paid by registration of joint and pantry.

The reason why mid-financing has a somewhat higher interest rate is that, in general, there is a slightly higher risk of sitting at two homes at the same time, compared to just owning one, explains DnB, Even Westerveld Information Director, to clicks. no.

– In addition, it could represent an increased risk to the bank, as the customer in the medium term period generally has a higher borrowing burden than what the actual operating capabilities imply.

The Skandi Bank, the only one in our survey that holds the same interest rate, provides only intermediary financing to existing customers.

– Therefore, we see no need to charge us more than necessary. Simply, Bjørsvik says.

– Do not see yourself blind to the middle financing

Editor and General Manager of the Financial Portal, Elisabeth Realfsen, advises mortgage customers not to put too much emphasis on the interest rate on the medium-term financing.

– It is the price of the home loan, which you will be serving for many years, which is essential. One or a half percentage points extra for two to three months will mean little, she says to click. no.

An average funding of 2.5 million, with a rate of 5.6 percent, will cost 2600 kroner more a month than a regular mortgage. Ordinary housing rate is set at 3.65 percent.

But Realfsen is clear that one should still orientate themselves in the market and see what one can get from offers.

You can argue that you have security in two homes, but the bank still does not experience both homes as equally secure and therefore prices are intermediate.

She confesses that whatever one can do is to show her ability to pay and that he has not defaulted on the current loan.

– And if you find a bank that provides a good rate of interest on your home loan and the medium-term financing, well, you have your bank.

Also read:

Finding the best mortgage

Mortgages to save on mortgage, insurance and electricity

Looking for good interior ideas? You can find them in the Inspiration Guide

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