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Purchase of property
More and more people use independent financial advice in connection with a property purchase. Banks make a lot of money from customers in the form of interest, fees and other costs.
My motivation is to be able to advise without being a seller!
I am an impartial advisor and has no one else, I have to earn money for. I focus 100% on your inquiry and your need, and I do not try to create any false need. I have only one purpose: To optimize your finances! This is in contrast to the banks, where the “free” advice often is given on the basis to earn most money to the bank. Unfortunately, often their “free” advice is not necessarily the best for the customer, and in the longer run it can be expensive for the customer.
The property area is probably the biggest subject in economics. Financing your purchase can be very difficult compared to how the Danish market is set up. Banks and mortgage credit institutions are your best bet for help, financing the purchase of your property.
Foreigners have exactly the same rights as Danes when taking out a mortgage in Denmark.
Most mortgages in Denmark are provided by one of the seven major mortgage banks.. You can usually borrow up to 80% of the value of the property, usually to be repaid over a period of 10 to 30 years.
Most mortgages in Denmark are funded by bonds issued in the capital market. You can either get a fixed rate or a variable rate mortgage with rates linked to the price of these bonds.
When bond prices rise, mortgage interest rates fall and vice versa. Despite this, it is still hard for borrowers with a poor credit history and first time buyers to get a mortgage.
The 20% down payment when buying property also acts as a major obstacle to getting onto the property ladder. From November 1, 2015 is a 5% down payment required from own savings.