Moving your mortgage is easier than most people think. But there are some things to keep in mind. If you choose to compare and then transfer loans from Good Finance, you will be assisted throughout the process by our SwedSec licensed advisors. So compare and move your mortgage at Good Finance
You make an application to compare loan offers on Good Finance
We will contact you for personal guidance and service within a day, usually faster. You choose in peace and quiet the option that suits you best.
Once you have made your choice, we will help you finish your old mortgage and transfer it to the new bank. You sign and submit the new loan documents.
The loan is moved
Moving a mortgage with a fixed interest rate If you move a mortgage with a fixed interest rate, you may be able to pay a so-called interest differential payment for the loan’s remaining maturity, to your old bank. This is something we will help you to include in the calculation. Often it is still profitable to move your mortgage. In other cases, you can wait until the bond page for your old loan expires.
Then a move costs nothing extra. Mortgage Discount A suitable opportunity to move the mortgage is when the discount for your old mortgage expires. The discount is a lower interest rate for a certain period, usually the first year, when you take out a mortgage. It is important to pay attention to when this discount expires for your old loan, which then leads to a higher monthly cost.
If you want to keep your monthly costs down
This is a good time to move your loan. Good Finance’s advisor will help you figure out what you save on moving your mortgage, whether you have a discount today or not. Amortization requirements It is also important to remember that new loans are covered by the new amortization requirements. For a brand new loan, the repayment requirement applies, which means you have to pay 1-3% of the total amount each year.
This applies if the loan is at 50% of the value of the new home or more. If your old loan is taken out before June 1, 2016, it is not covered by the repayment requirement. If you move an older loan, there is a transitional rule that says it can be done without activating the amortization requirement. At the same time, banks can have their own rules. Some want the new repayment rules to apply to all loans, ie even if you move your old loan. This is something to watch out for if you want to keep your monthly costs down. It’s also something Good Finance’s advisor will help you include in the spreadsheet. Read more about the new amortization rules here.