A mortgage loan in Norway is getting harder and harder to get. The regulations were tightened last year and were to apply only until June 2018. However, the Minister of Finance - Siv Jensen - decided to extend this period until June 2019. How to get a mortgage in Norway? What to do when banks say "NO"? You will find the answers to these and other questions below.
Mortgage loan in Norway - stricter regulations
Provisions regarding mortgage loan In Norway were tightened last year. According to Siv Jensen - this was to limit the award loans. Moreover, the Minister of Finance also announces that the regulations on consumer loans will be tightened. what we wrote about here. It is only worth recalling that the economic crisis in 2009 was partly due to the excessive number of grants loans mortgage loans to Americans who have problems paying them back, so from this point of view - Siv Jensen's concerns seem justified.
How to get a mortgage in Norway?
Currently Norwegian credit law it is very restrictive. The basic condition is to have a minimum 15% own contribution, and the amount of the financial obligation cannot exceed five times the annual earnings. Additionally, you should have an impeccable history which is one of the main award criteria of a mortgage. At the same time, not only purely incurred and paid liabilities are taken into account credit cards, but also timely repayment of installments, e.g. for a TV set.
What to do when there is a refusal at the bank?
If you have received a refusal from most banks, this does not mean the end of your dreams of owning your own property. The offer of institutions with slightly more expensive, but more accessible products meets your expectations. The main advantage of these institutions is an individual approach to each client. It is worth knowing that even if you have had financial problems in the past, this does not mean a refusal from such banks. They only verify the current financial situation and the ability to incur a new liability. Thanks to this mortgage loan in Norway has become much more accessible than ever before.
See how to get mortgage loan in Norway - CLICK HERE!
I have a bank loan - what next?
Taking advantage of the bank's offer can be treated as an opportunity to enter the real estate market. Credit taken out in some institutions will have a slightly higher interest rate than in other banks - this is the price you pay for the willingness to take risk from more advantageous offers. However, it is worth knowing that once you have your own property, it is easier to apply for refinancing in another, cheaper bank.
Mortgage loan in Norway
It is regulated by a more stringent law that will be in force at least until June 2019. For this reason, many people have difficult access to invest in their own apartment. The way out of the situation is the offer of more expensive banks that allow entry into the real estate market. After some time, your liability can be transferred to another, cheaper bank. Such refinancing will be easier when you have your own apartment at your disposal.
If you have questions related to the car loan. Would you like to check your credit options or refinance your loan - contact Aleksandra which will provide free assistance in the aforementioned matters.
I cordially invite you to contact me.
Aleksandra Ostrowska real estate agent.
E-mail [email protected]
Mobile: 40754036
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