Sweden government plans to ease mortgage rules to help first-time buyers
STOCKHOLM:
Sweden
's government said on Tuesday it planned to ease mortgage rules to help first-time buyers and those without capital for a deposit to get into the housing market.
Under the plan, people wanting a mortgage will be able to borrow up to 90% of the value of their property, up from the current 85%. A current requirement for the heaviest borrowers to pay back 3% of their loan each year will be dropped.
The new rules are expected to be introduced at the start of next year.
"The new proposals will make it easier, for example, for first-time buyers and young families to get onto the property ladder," Housing Minster Andreas Carlson said.
"At the same time, we have taken into consideration financial stability through measures to hold back indebtedness."
The proposal broadly reflects recommendations in a white paper last November.
Critics have said that tough mortgage rules, introduced after the financial crisis of 2008-9, are necessary to reduce risks in the banking system.
Swedish home-owners are among the most highly indebted in Europe, with debts of around 180% of disposable income, down from a peak of around 200% in 2021.
Most mortgages are floating rate, making households sensitive to interest rate changes and amplifying swings in the economy.
The government said it also planned to strengthen the central bank's role in macroprudential oversight. The central bank will take over responsibility for setting the level of banks' countercyclical financial buffer, which has up to now been set by the Financial Supervisory Authority.
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