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Sweden to lower 140 year mortgages to 105 years to cool down market
Posted on 3/30/16 at 8:03 am
Posted on 3/30/16 at 8:03 am
Someone just sent me this,I have to admit I never knew this existed, amazing really that the average is 140 year term. I googled it and couldn't find the average rate or amortization table anyone know anything more about these products? Are they just conventional like our 30 year fixed?
LINK
This post was edited on 3/30/16 at 8:04 am
7
Posted on 3/30/16 at 8:19 am to dabigfella
Per the WSJ...
Could be trouble in paradise?
quote:
Today, around 40% [mortgages] don't amortize at all, and of those who do, some 40% do it in such a way that it will take 50 years or more before they are free of debt, according to the Riksbank. The FSA has estimated that at the current rate of amortizations it would take the average borrower 140 years to pay off his loan.
quote:
More than half of all mortgage holders would have bigger loans than the property's value if house prices dropped 30%, according to FSA estimates. Such price collapses aren't unheard of. In Ireland, house prices plummeted around 30% since peaking in 2007 following a construction boom. One bank, Skandinaviska Enskilda Banken, is now asking all new borrowers to pay back their entire loan within 50 years.
quote:
Household indebtedness has reached an average of 175% of disposable income, making Swedes among the top five most heavily saddled borrowers in the European Union.
Could be trouble in paradise?
This post was edited on 3/30/16 at 8:23 am
Posted on 3/30/16 at 8:29 am to schexyoung
LOL now you tack on the immigrant problem they have and swedens super pricey real estate sounds like a greatttttt investment. I saw the 60 minutes video where the crew was attacked by somali muslims lol
Posted on 3/30/16 at 9:05 am to dabigfella
So, generational mortgages. I like it.
Posted on 3/30/16 at 9:08 am to dabigfella
I wonder if they allow variable rates. Wouldn't that be a motherfricker
Posted on 3/30/16 at 9:14 am to boosiebadazz
so does anyone own a home free and clear out there?
Posted on 3/30/16 at 9:21 am to dabigfella
Damn... 140 year mortgages make subprime lending seem like a good idea.
Posted on 3/30/16 at 9:28 am to dabigfella
That's crazy. They just reduced the term by 5 years more than a "traditional" mortgage in the US
Posted on 3/30/16 at 9:39 am to dabigfella
quote:The creator of IKEA. He still lives there. People were shocked when he stayed and didnt move to a different country friendlier to rich people. None of the rich Swede athletes stay
so does anyone own a home free and clear out there?
Posted on 3/30/16 at 10:02 am to dabigfella
Just give us free stuff, what's the problem?
Posted on 3/30/16 at 11:03 am to dabigfella
Most of Sweden's successes are all a facade.
LINK
LINK
Posted on 3/30/16 at 6:21 pm to deNYEd
Part of the reason is because goods are taxed at such high rates. In Denmark, cars are taxed at ~180% so even basic cars end up with luxury prices. This is one of the forces behind everyone riding bikes in these countries...car ownership is just too expensive.
When you consider that the average person in Scandinavia is taxed around 80% off their gross income and capital goods are taxed at super high rates, then you have low take homes and high monthly payments...unless you extend the timeline. I didn't realize that they were extending it this long though
I'll report back in a month when I am talking with the Swedes
When you consider that the average person in Scandinavia is taxed around 80% off their gross income and capital goods are taxed at super high rates, then you have low take homes and high monthly payments...unless you extend the timeline. I didn't realize that they were extending it this long though
I'll report back in a month when I am talking with the Swedes
Posted on 3/30/16 at 10:44 pm to lynxcat
I'd be on a fricking raft to America.
Posted on 3/31/16 at 11:13 am to Rize
It's the only way to afford anything when the government takes your entire paycheck.
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