February 14, 2012
Published: 19 Oct 09 14:56 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22744/20091019/
Only one in ten mortgage holders in Sweden is taking special measures to prepare for any upcoming interest rate hike, a new study shows.
What do you think? Leave your comment below.
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fin
adjective
Fin means anyhting from sweet to proper. When someone says, Du är så fin it's quite a compliment.
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Most places don't have garage places included in the monthly avgift, and although the average seems to be around 4000 SEK, the newer apartment blocks charge horrendous avgifts of up to 10 000 SEK.
I wonder how these people think they will pay back the loan if the rate goes up to 6% (which is the average over the last 15 years).
7% nearly killed me, it was almost so bad I couldn't afford beer.
For me the answer is no. Life would be tough, and there would be significantly less meals out, vacations abroad, etc... but I wouldn't have to move house if rates were that high, which would also imply that the property prices would take a dive at that point. However, that is based on the premise that I am making interest only payments.
I do wonder what other people are doing...
Mortgages are best avoided if you can pay cash, otherwise get a fixed rate for as long as possible, so as to have stability in your payments, otherwise financial planning goes out the window.
Now is a very bad time to enter into a long term loan of any description. People are being to easily misled by low interest rates.
In Sweden they have a thing called Kronofogen, which I have saw take a kompis's home. They are merciless. They can not be reasoned with and give no extra time to make payments or sell anything to cover payments.
My last mortgage I planned for 20% in case of economic meltdown. That gave plenty of room to manouveur.
Always plan for a wide swing in interest rates, otherwise you could end up losing your property.
Plan your financies with plenty of financial room to maneuvour in Sweden.
mate that sounds a little deep 20% ahahhaha...
anyways the bottom line is if you can't afford it don't buy it!!!
people today buying 3million +homes at low interest have minimum 30,000 + salarys each and large savings and with good financial planing your sweet..
"mate that sounds a little deep 20% ahahhaha..."
Just good planning. Also I am not your mate, I am a big assed bitch:)
I always plan with wide parameters, as I want to retire early and have a good financial base to do so. It is also why I don't have a mortgage as I paid my of mine a lot faster than the bank expected, namely 5 years.
My home in this country and others are all paid for, all with good planning.
Anyone earning only 30,000 buying a 3million home will be on the edge of losing it at a rate of 6% to 8% when the mortgage rates go up again. At 12% they will most likely lose it.
Please do not give such bad advice in case someone is stupid enough to follow it.
Anyone earning 30,000 and getting a mortgage of 3 million to 3.5 million would need to have a fixed rate for at least 6 years so as to allow inflation to reduce the payments to the point they will not be at risk, upon being freed from a fixed rate under possibly high future interest rates.
I want to see people own there own homes, not lose them due to bad advice.
Please anyone purchasing a home, go over all the worst case scenarios and factor them into your calculations, so as to ensure you not only gain an investment but it is at the minimum risk possible. That way you will always have your investment, paid for by your hard work.