On Tuesday, November 12, the Financial Supervisory Authority, Fi, shared a press release in which it was stated that Swedish banks’ margins on mortgages continue to increase.
This has resulted in the authority now directing a clear call to you who have a mortgage.
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Finansinspektionen, also known as just Fi, is a government authority whose task is to monitor the Swedish financial market.
This is carried out by, among other things, ensuring that the financial system in Sweden remains stable so that it can thus contribute to and develop consumer protection.
The authority also sets up regulations aimed at financial companies, such as banks, for them to follow. They also check that the rules are followed so that you as a consumer are as protected as possible.
The banks make a fortune on your loan
The Financial Supervisory Authority writes that at the end of the third quarter of 2024, i.e. during July, August and September, the banks’ gross margin for mortgages was 0.78 percentage points, which can be compared to the 0.64 percentage points that was the margin at the end of quarter two.
What Fi refers to as precisely the gross margin is the difference that exists between the banks’ lending rate for mortgages with a variable interest rate and the cost that is added to finance the loans.
– Right now we also see that the banks’ interest discounts are relatively high, so there is extra room to negotiate down your mortgage interest rate. Therefore always use the bank’s average interest rate, not the list interest rate. If you are not satisfied, you should look for a new bank, says Moa Langemarkconsumer protection economist at Fi i the press release.
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Photo: Bertil Ericson / TT
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The Financial Supervisory Authority’s call to you
This has now resulted in a clear call to you who have a loan, especially a loan on the home. The Financial Supervisory Authority now wants you to compare offers from the various Swedish banks so that you can get even better terms on the loans.
– Fi now requires banks to provide digital amortization documents to make it easier for consumers to switch banks. If more people switch banks, competition between banks increases. This, in turn, can lead to the average mortgage interest rate being pushed down, says Langemark.
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The Financial Supervisory Authority now places higher demands on the big Swedish banks. Photo: Jessica Gow/TT
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New requirements for Swedish banks make it easier for you
If you should get an offer that is better elsewhere and thus want to change banks, you as a customer first need to get your amortization document from your current bank. However, their processes have been perceived as complicated and long-lasting precisely when it comes to getting the amortization document issued.
Finansinspektion highlights the fact that since 1 September 2024 there are new rules that have been decided on by the authorities. This means that banks are now required to hand out the amortization document digitally and that it must be given to you as a customer without delay.
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