Tuesday, July 16, 2024

Mortgage loans

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The high inflation and interest rates has determined many people to restructure their loans. Why? If you have a fixed-interest mortgage on your home, you can take another loan with a higher interest rate instead and cut part of the remaining debt. This also means accepting a higher interest rate until the market calms down. Have a talk with your bank advisor about it. For example, if you convert a fixed-loan of 1 million DKK with 1% interest rate into a 5% interest rate, you can cut 238.000 DKK from the debt. However this only works if you plan to pay your loan faster and/or the interest rates will fall in following years. 

Narcis George Matache
Narcis George Matachehttp://www.narcis.dk
Executive Editor and Founder of "Last Week in Denmark".

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