“Vote with your feet” is the advice that many mortgage borrowers receive when the bank has raised the interest rate. But changing banks is not always so easy. When you want to move the mortgage, the new bank makes a calculation to see that you have large enough margins, and those who took out loans before the interest rate increases may not be able to meet the new, tougher requirements. It can also be expensive to settle a tied loan early. Finance Minister Elisabeth Svantesson does not think that the banks take enough responsibility. – It is remarkable and it stands out that you have such high profits at the same time that many are struggling with high mortgage costs. Acting with constructive talks The banks have justified the gains by saying that it is an insurance that they can cope with tougher economic times. A recent survey by the European Banking Authority (EBA) shows that the banks have a resilience to cope even with a greatly deteriorated economic situation. Elisabeth Svantesson says that what she can do to influence the banks is to “talk, be constructive and remind everyone that everyone has to take responsibility”. – Banks and other companies must take their responsibility. That is the message from politics, but also from customers. Have you set specific requirements? – As finance minister, I don’t know if it is right to make demands, I have been very clear that everyone must take responsibility. Will investigate facilitating switching There will be an investigation to facilitate switching banks, says Svantesson. – What I can do and what we do is to ensure that competition increases by allowing customers to move between banks even more. We know, for example, that if you have a fixed mortgage, it is expensive to pay off that loan early. Here we now want, and there will be an investigation after the summer, that it will be cheaper to pay off your mortgage so that you can get ahead.
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