If you have already been to Sweden then you have certainly become fond of almost everything. From cultural, historical experiences to work, social life, and attractions. Bigger cities such as Stockholm, Gothenburg and Malmö really has a lot of immigrant populations that make them a melting pot of cultures.
One thing that is certain about living in Sweden for expats is that you get the opportunity to live your life. Everyone gets a chance to pursue their dreams and make a good life through diligent work. As long as your conduct does not hurt others or offend the statutes, you will have a smooth sailing in Sweden. But one thing is that the cost of living may not allow average income earner to save enough for expensive investments.
For those working in Sweden, there is a guarantee of a modest income to a living level but not adequate for savings. In fact those who save diligently and spend prudently cannot rely on that alone for housing financing for example. There will always be a need for a loan to add up with whatever savings one has to buy a house, purchase a car or spend on any high cost plan.
Comfortably living in Sweden requires cash flow; bills paid in time
They say life in Sweden is sweet and fun but it is very obvious that the cost of living will always give you no moment of rest. If you want to live a good life, it is very prudent that you must work for it, though for some it is always a matter of luck that they are born in wealth. Yes, the economy of Sweden as a country is considered to be one of the most stable economies in Scandinavia, but the cost of living remains to be extremely sore.
Those who know will tell you that the cost of owning properties in Sweden remains very high. For example, if you look at the cost of housing and other needs against the average income level of an employee in Sweden, you will get a clear picture. Therefore, while you live in Sweden as an expat you must ensure to have a very strict budget for you to work things out appropriately.
Loans must feature somewhere in your dream to own a property in Sweden
You have dreamt for a long time to own a home or even to have your decent stylish personal car while in Sweden. The good news, expat in Sweden can buy property and have it in your name provided you have the capability. However, the procedure and duration taken till you have your property is highly dependent upon your nationality. If you are from the Nordic region or the EU, you have a right of residence in Sweden provided that you are working or studying here.
Your level of self-sufficiency is just enough to have you chasing your dream to own properties and you can start the process right away. Otherwise, if you are from a country outside the EU, to be able to own a property in Sweden, then you must have a residence permit and visa. Sometimes, this could take a very long time but if you are lucky, the process could run smoothly and swiftly. But until you secure your stay in Sweden, you cannot own a property.
There are times when our desires and dreams cannot match up to our resources. This shouldn’t be a factor to kill your dreams because there is still hope of you owning your property. No matter how long this could take, the most important thing is to know that you as an expat in Sweden will eventually own something worth. Foreigners are allowed to buy properties and get an overseas mortgage in Sweden and this is exactly what will keep your dreams alive.
Getting a Property Loan in Sweden
It is not logical that you can always bank on friends and relatives to help you whenever you need money to work on expensive personal projects. Times are hard and given the cost of living in Sweden, everyone is struggling to get comfortable while at the same time living their best. No chances exist for people to just have loose money anymore because everybody is committed to doing one thing or the other for themselves. So, getting loans and gifts from friends and relatives cannot be easy anymore.
In such circumstances, lending institutions are always ready to come in handy for your every detailed financial need. In every situation of any financial difficulties, lenders in Sweden are readily available with their offers that could just get you an access to your dream home, car, land, and any other asset. Discrete lending and borrowing are what banking institutions and other lending institutions have in store for any expat in need of any property loan.
You definitely need that roof over your head, a car to take you to and from work with a high level of convenience, as well as other assets for future developments. All you need to do is present yourself at any lending institution once you have secured your stay in Denmark and have get your loan.
Mortgages for Expats in Sweden
The fact that expats and foreigners are allowed to buy and own properties in Sweden, there is a possibility that you could actually get a mortgage in Sweden. What really happens is that lending institutions grant expats up to 75% of a property value with a fixed repayment term. A 2% tax. however applies, with a common maximum repayment period of up to 20 years.
On most occasions it is recommended that you work under the guidance of a real estate agent when intending to purchase a property. This will help you given the presence of unique conditions new to you as a non-national buyer.
International Private Finance is one example of a financial institution in Sweden that has a great focus on ensuring the best international mortgage products for expats. IPF has every financial solution to every individual planning the purchase of a property while in Sweden. All arrangements on mortgages come in perfectly presentation and expatriates can rest assured of the best mortgage products in the market.
Property Lending Requirements for Expats in Sweden
The regulation of lending requirements fall right in the hands of both the legislation and banks. In addition to the common requirement of proof of stable income source from a secure employment source, banks in Sweden will look at the following;
- Your mortgage ceiling
- Amortisation necessities
- Your Loan to income ratio