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Mortgage and top loan

Some questions

Clando
post 9.Jan.2013, 05:02 PM
Post #1
Joined: 26.Apr.2012

Hey guys,

I have been thinking of buy an apartment in sthlm for a little while now. I'm an ex-pat and have been living in sthlm for almost 8 months now.

I have a large part of the 15% downpayment for my price range already, but I will need to take out a top to bring that up the the sufficient amount. So that means taking out a mortgage and a loan together. Have any of you been in a similar situation? How did it work out?

I know that you are entitled to a 30% return each year on mortgage interest. Would this 30% return also apply to my top loan (as I would be using it for property) or is it just for mortgages?

Are there any banks more accommodating to ex-pats who have only been here a little while? I'm at a disadvantage already only having a small credit history in Sweden.

Tack.
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Yorkshireman
post 9.Jan.2013, 08:25 PM
Post #2
Joined: 22.Nov.2011

QUOTE (Clando @ 9.Jan.2013, 05:02 PM) *
I have a large part of the 15% downpayment for my price range already, but I will need to take out a top to bring that up the the sufficient amount. So that means taking out a ... (show full quote)

If the banks are behaving themselves now, and most are, you will need the entire 15% capital to pay.
And in addition to that many banks will expect you to amortise the amount between 75-85% (ie. 10% of the total) within say 10 years. And the rest, 75% can be at interest only mortgage. That is the general informal agreement between banks, but there are a few variations.
QUOTE (Clando @ 9.Jan.2013, 05:02 PM) *
I know that you are entitled to a 30% return each year on mortgage interest. Would this 30% return also apply to my top loan (as I would be using it for property) or is it just for mortgages?

The 30% rebate on interest paid is on any loan. Not just mortgages.
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