financial supervisory authority of norway asked earlier in the year, finance minister Siv Jensen tighten into boliglånsforskriften. the Now is determined a new boliglånsforskrift from 1. January 2017.
Banks will still be able to be flexible, but the requirement of equity changes for them to buy second homes.
From the 1. January is required that one must have 40 per cent equity with loans for the purchase of second homes in Oslo, alerts the government in a press release.
Changes for the growth in debt and the interest-only period valid for the whole country.
the Regulation applies to new loans with collateral in housing. The existing mortgage is regulated not and can be moved between banks as before.
< p> ” We are concerned about boligprisutviklingen– Boligprisveksten is high in large parts of the country, but especially in Oslo. I have therefore chosen to correct some of the measures up against the mortgage in Oslo, but at the same time maintaining good flexibility is also there, ” says minister of finance Siv Jensen (Frp), according to the press release.
Oppussingsobjekt were three million of the valuation
Tightening of the interest-only period
the Government writes further that:
- Loans should not be granted if the customer’s aggregate liabilities exceed five times the gross yearly income.
- repayment loans secured on second homes in the city of Oslo shall not exceed 60 per cent of a proper set of values for the property.
- Loans without avdragsplikt (rammekreditter) shall, at the innvilgelsestidspunktet not exceed 60 per cent of the home’s value is calculated after the first paragraph. By the loan that exceeds 60 per cent of the home’s value, to finansforetaket require annual repayment at least should be 2.5 per cent of the granted loans or the avdragsbetalingen would have been on a annuitetslån with 30 year repayment period if this is lower. The first paragraph is not to preclude that finansforetaket provides avdragsutsettelse because of later circumstances circumstances that are expected to be temporary. Read more about the changes on the government.en
Large debt makes households more vulnerable to a fall in house prices or interest rate increases, and increases the risk that they later may need to tighten in on the consumption, believes the minister of finance.
– the Growth in house prices and household debt poses a risk to the Norwegian economy, and it is therefore necessary for individual measures. The new regulations set clear requirements for banks utlånspraksis, at the same time that we give banks the flexibility to continue to exercise good bankhåndverk. the We want that the young people in the establishment phase shall have the opportunity to get in on the housing market, ” says Jensen.
Believe in strong growth in the housing market next year
Excited about, but think the prices will be muted and the betting rounds are slower
the first Impression of the precepts is good. Creative and targeted forskriftsendringer. It is nice to be able to rose people. Finanstilsynet was previously against having regional regulations, as this should we be excited about, ” says Jan Ludvig Andreassen, chief economist Eika Group.
He believes that the prices in the metropolitan area have risen problematic a lot of the apartments.
no Matter what boligbyggerne says I think there is a speculative buy in the småleilighetsmarkedet. This is speculation that inflicts all of society risk. To build apartments and should the unexpected happen, a new 9/11 or an unknown risk to show up, then suddenly boligspillet stop a little bit up. Just long enough to make projects fail, and so people are unable to pay for the apartments, ” says Andreassen.
- I think innstrammingene will have the effect, that the prices will be muted, and fewer are in the betting rounds. People will be more cautious.
Andreassen don’t think innstrammingene will have something to say before christmas – the housing market is in effect closed. He encourages people who have purchased many apartments, the last time to contact the bank and do some thinking on it.
- There are probably many who have bought between five-ten apartments now. They have bought to sell on in the near future. Take a foot in the ground and talk about how to get out of this. It surely goes good, but they can probably be sold treigere with the new regulations.
Six reasons to own property: Therefore, it is much cheaper to own than to rent
Industry: Too early to say whether it will affect house prices
the Proposal innstramminger for Oslo-buyers surprises Christian Dreyer, managing director of the Estate in Norway.
” We think it is sin it is necessary to do measures in Oslo, but it’s probably necessary if you see on the market today. It is important that the authorities follow this closely, so the effect is not too great and the recovery is to decrease, ” says Dreyer.
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He thinks it is difficult to say how much innstrammingene for the loans to second homes has to say for housing prices, but think the tightening of the repayments and the debt growth for the entire country may affect.
– Very many we have seen on display the last time will not have the possibility to buy second homes. It can be positive, but not if it produces a decline in the market, ” says Dreyer.
The most important thing is that Siv Jensen kept the banks ‘ ability to be flexible. It is important where the housing market goes bad, and for individuals who need flexibility in demanding situations.
Some of the sekundærboligene are bought by parents for kids. Is it now only rich people with inherited funds that can buy the housing for the chicks?
– Yes, it is a bit early to say. Also is this temporary regulation. Egenlkapitalkravet will not apply in the whole country. But we will be able to get such a difference, ” says Dreyer.
Norwegians are extremely local: Therefore moved Merete one meter
– Strictly requirements about the maximum five times the income
the Requirement of a maximum of five times gross income is strictly, mean forbrukerøkonom Kristina Picard in Storebrand.
Banks have largely moved away from such rules of thumb, but use instead Sifo-model to calculate the total betjeningsevne. This is the good reasons, ” says Picard.
There are so many other factors that come into play on betjeningsevne than wages, she points out.
– A household with two high incomes, who either have children or, for example, car, can finely control a loan that is more than five times his own income.
Fortunately, it appears that the banks can continue with no deviation from the rule about five times the income if the borrower has good betjeningsevne and security. It is good that there still is some wiggle room so that banks can perform a good bankhåndverk.
Happy that Oslomarkedet to be addressed
It is sensible to facilitate tightening against Oslo, believes Carl O. Geving, managing director of Norway’s real estate agents.
– We will give the finance minister the credit for the three elements is done. We have supposed that one must think regionally. That one distinguishes sharply between primary and second homes is good. The government are stricter egenkapitalkrav to residence number two. It means that the regulation is not going to affect the primary market. It will not get any effect of significance on the demand side. One should be able to borrow to buy a home, ” says Geving.
We are happy that you restrict some of the investorbiten in the Oslo market. It seems like a wise decision.
Geving think few enough will have difficulty to get loans when the ratio is set to maximum five times the income, but think the grip is good for the long-term stability in the housing market. To borrow six to seven times your income is risky, he believes, but will also ensure that some will struggle to get into the housing market in Oslo.
– How do you think the mitigation will affect the housing market before it introduced 1. January?
– It is not so much time left. It is so close before christmas and a few homes there for sale that I don’t think we will see a great effect. To run to the bank now to get the loan before it is tightened into – when you are running late. It can also be a reason for that decision is coming close to christmas, ” says Geving.
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