The economy is brightening in Sweden. The Riksbank has lowered the policy rate twice this year, and more cuts are to be expected.
This gives many Swedes more money in their wallets – not least mortgage holders. Their mortgages become increasingly cheaper the more the interest rate falls.
Small house owners in Stockholm, for example, can get up to SEK 7,000 more to spend every month, something like News24 previously reported on.
READ MORE: 7,000 more a month – here are the winners when the economy strengthens
Now comes another announcement that favors Swedes with mortgages.
Photo: Fredrik Sandberg/TTFinansinspektionen: “Constituted an obstacle”
The Financial Supervisory Authority (FI) recently issued a new requirement that all Swedish banks must comply with in the future.
It is about making it easier for mortgage customers to switch banks.
In order to change banks as a mortgage customer, it is required that you receive an amortization document from your current bank. The documentation shows how your bank has calculated and determined repayment terms.
This has previously been a long and protracted process, something FI draws attention to in one posts on their website.
“The Financial Supervisory Authority has established that the banks’ handling of amortization documents has constituted an obstacle to mortgage customers’ ability to change banks,” writes the authority.
The Swedish Financial Supervisory Authority comes up with new rules for the banks. Photo: Lars Schröder/TT
DON’T MISS: 1.5 million Swedes can have more expensive everyday life – are you one of them?
The new rules – how you are affected
The Financial Supervisory Authority further explains that they have decided on new rules that oblige the banks to provide the amortization basis digitally – and faster than before.
“We have therefore decided on new rules that require the banks to quickly provide their mortgage customers with amortization documents digitally. This is a measure to strengthen the position of consumers in the mortgage market.”, announces FI.
The new rules came into force on 1 September.
Photo: Jessica Gow/TT
DON’T MISS: 3.4 million Swedes get a lower interest rate – are you one of them?
“Making it difficult for customers”
Daniel Barrdirector general at FI, explains to Göteborgs-Posten about the idea behind the new rules.
– Customers feel that it can be difficult to influence their situation and that it can be difficult to move their mortgage. One reason is considered to be that the lenders for various reasons delay or make it difficult for the customers to get the amortization basis, he says to the newspaper.
READ MORE: Swish new change – and you will be affected