From April 1, the mortgage ceiling will be raised from 85 percent to 90 percent. This is the percentage of the home's value you can borrow from the bank, aimed at making it easier for first-time buyers.
But while one ceiling is raised, another is lowered.
What is not as well-known is that the ability to borrow against a home – to renovate the house, build a new terrace or borrow for a boat using the house as collateral – is being restricted at the same time.
The ceiling is lowered
If the house is mortgaged at 75 percent of its value, you could increase the loan to 85 percent to expand the veranda. From April 1, that ceiling will be lowered to 80 percent.
For those considering buying a house, it may therefore be worth borrowing more than you need now.
Even if you only plan to renovate in a year, it is important to remember that you will not be able to borrow more then, says Christina Sahlberg, private economist at Skandia.
But the bank must give the go-ahead, of course.
Because the bank will still expect you to be able to make the payments, she says.
Strict view
At the same time, the rules regarding the revaluation of the house are being tightened. A revaluation of the house has been possible every five years with the help of a broker, for example. A higher value of the house provides increased borrowing capacity.
Previously, the rules were more generous, and banks could decide more freely, according to Sahlberg.
But now there will be a stricter rule that says you cannot revalue to increase your loan amount or change your amortization more than once every five years, she says.
Exceptions are made if there has been a significant change to the home that has increased its value.
But then it's not enough to have renovated the kitchen or bathroom.
The point of the stricter regulations is to reduce indebtedness.
The new rules aim to ensure that we do not use our homes as collateral when prices rise, says Christina Sahlberg.
