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Mortgage without having a permanent job contract

Any advice?

SkyeSong
post 11.Oct.2017, 10:41 AM
Post #1
Joined: 11.Oct.2017

Hello,
We bought a house last month for 3,300,000 kronor. We were able to buy it without mortgage. since moving in we realise we have to do some urgent renovations and would like to take a mortgage to pay for that (about 700,000 kronor). The thing is, despite my husband working full time, because his contract is contract is year to year rather than permanent, our bank has said no to giving us a mortgage.
Does anyone have any advice? Do all banks take this approach?
Thanks! :-)
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axiom
post 11.Oct.2017, 01:52 PM
Post #2
Location: Stockholm
Joined: 24.May.2011

How long have you lived in Sweden?
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SkyeSong
post 11.Oct.2017, 08:53 PM
Post #3
Joined: 11.Oct.2017

Since July 2016. My husband is Swedish, I am Scottish. We lived in Scotland for 9 years before moving to Sweden.
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john.boy
post 14.Oct.2017, 12:53 PM
Post #4
Location: Stockholm county
Joined: 27.Sep.2017

You have a short term contract, if you do not have any income insurance for unemployment, then you have no visible income once the contract ends. Did you ask for a loan with terms less than the length of the job contract, could you repay within that duration? What income can you show exists after the contract termination date?
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Cheeseroller
post 15.Oct.2017, 10:06 AM
Post #5
Location: Germany
Joined: 10.Apr.2007

Try more banks. There is little risk to them as you have a 3.3M:- asset.
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BhuBhuKaZoo
post 16.Oct.2017, 12:15 PM
Post #6
Location: Uppsala
Joined: 29.Jun.2017

I would echo the previous repliers comments -

Try more banks. Nordea and Swedbank are amongst the easiest banks to deal with so I would suggest heading to them, explaining your situation and bringing your contract - don't worry about the length of period, only stipulate if they ask.

Good luck!
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SkyeSong
post 16.Nov.2017, 01:02 PM
Post #7
Joined: 11.Oct.2017

Thanks for replies!
After getting “no” from lots of banks, we were recommended a local branch by a friend. It seems we didn’t meet the criteria for a mortgage in the computer programs, (non-permanent job,no credit history due to length of time in Sweden etc) but thankfully we found a bank who would take what we think is a sensible view! As some of you have said, we posed no risk to the bank, having a 3.3 million asset!
Anyway, we have now got the loan that we need...and my husband signed a permanent job contract yesterday. So happiness here...and the builders start soon :-)
For anyone else though, definitely shop around. It seems that smaller local branches take a different view to large city banks
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Essingen55
post 16.Nov.2017, 02:20 PM
Post #8
Joined: 12.Dec.2013

Good. It would be interesting to know which bank it was.
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yet another brit
post 16.Nov.2017, 07:27 PM
Post #9
Joined: 5.Jan.2013

In general, a lot of people like Handelsbanken, they are often prepared to look beyond the script, especially once you have built up a good relationship with someone. Even then, if you don't get the answer you like at one branch, try another branch.

In general, the bigger the bank, then the more likely they are to be accommodating.
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yet another brit
post 16.Nov.2017, 07:34 PM
Post #10
Joined: 5.Jan.2013

... and by the way, if you bought a month ago and suddenly find you need to renovate - make sure that the problems aren't something that the previous owner is accountable for! The so-called "hidden faults", basically things which you couldn't have known about despite having undertaken reasonable due diligence and reports. Also if the previous owner has omitted (wilfully or otherwise) something s/he should have disclosed, or if something done by a previous contractor is still under guarantee.
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