According to a calculation from SBAB, a typical family with two children, a car and a mortgage of three million kroner has seen its costs rise by over kroner 100,000 in the past two years.
– It is an unprecedented cost shock that many households have been hit by, says Robert Boije, chief economist at SBAB.
More and more people are applying for an amortization break
At the same time, more and more borrowers have applied for and been granted an amortization break. In just one year, the number of households that have been granted by their bank to avoid amortization has gone from just under 700 households per month to just over 2,800 households per month, according to the Financial Supervisory Authority.
But in order to avoid amortization, special reasons are required, for example loss of income due to illness or unemployment. Also sharply increasing costs, such as rising electricity costs, can be a reason. But the fact that mortgage interest has risen sharply cannot be referred to for those who want to avoid amortization.
Several banks believe that the rules are vague. Should you, for example, be exempt from amortization when you are on parental leave? It is not entirely clear.
– The rules are a bit vague and therefore the banks do things a bit differently, says Anneli Adler, head of private markets at Danske Bank, and continues:
– Clarification is needed from the Financial Supervisory Authority.
The government wants to pause the amortization requirement
All government parties, as well as the cooperation party SD, said after the election that they want to pause the amortization requirement. It was clear from a survey that SVT did at the end of September. But the amortization requirements that were introduced in 2016 and 2018 are still fixed (see fact box).
Both the Financial Supervisory Authority and the Riksbank have said no to abolishing or pausing the amortization requirement.
The Financial Supervisory Authority has been tasked by the government to review the effects of the exemptions from the amortization requirements and will report this on Friday 16 June.