Good morning everyone,
I, like most 20-somthing-year-olds have in the last couple of years gotten more into the idea of buying and owning my own home/apartment. The usual idea in Sweden is that you need 15-30% of the value of the property in a down payment in order to get a loan at the bank.
Great I thought! I’m probably 50k short or so… MAX 100k but that is a possibility in the near future. Fast forward me going to a meeting with a consultant at my bank, aware that they’d say, you’re a bit short but getting there.
WRONG! My consultant told me that with my salary of a bit over 21 000 SEK a month I would at least need a down payment of 1,5 million Swedish kronas in order to get a loan for a property that would be sold for 2,1 million SEK. You are reading that right! A down payment of around 72%. Haha!
I mean yeah my dreams of buying it with a loan is most definitely broken. IF I had 1,5 million I wouldn’t loan the remaining 600 000 thousand… I’d just safe a few extra years and pay the whole thing in CASH!!! I really don’t understand this system. It’s making it so hard for young people to enter the real estate market.
The bright side with this news is that I will most defiantly appreciate my rented space so much more now!
1,5 M in a down payment…
