Norges Bank has not touched the key interest rate in 2024, and the money market interest rate has been close to flat since the New Year. Nevertheless, several banks have lowered their interest rates on mortgages during the spring and summer. Norges Bank’s recent lending survey shows that competition for mortgage customers has increased throughout the first two quarters of the year. Competition is expected to increase somewhat in the third quarter as well – and the banks’ lending growth to households is low in a historical perspective. It provides opportunities for people with large mortgages, shows services such as the Consumer Council’s financial portal and the commercial service Renteradar. – A little annoyed with myself Anette Andresen in Svelvik thinks, like many, that most things have become expensive and loan interest rates high. She therefore used one of the services. Anette Andresen in Svelvik had her mortgage interest reduced by one percentage point. She saved a lot on that. Photo: private – They automatically sent a letter to the bank, which contacted me shortly afterwards. I got an immediate reduction in interest rates of almost a percentage point. For me, it amounts to almost 25,000 a year. So that was terrific for me. – What did you think then? – I get a little annoyed with myself, that I haven’t dealt with it earlier. It was an easy service for me. But I have spoken to many people who are somewhat in the same situation, says Andresen. She says that she has now been inspired to check other large expenditure items, such as insurance and electricity. The banks want to keep their loan customers – and ideally get new ones Figures from Statistics Norway show that debt growth among households is now close to the lowest level since the mid-90s – probably far lower than the banks would have liked. Banks live largely by lending money, and it is essential for income that lending grows. Sindre Noss is one of the founders of Renteradar, which is a comparison service for mortgage interest rates. Sindre Noss is marketing manager at Renteradar. Photo: Renteradar.no Their figures show that the average effective loan interest rate among the service’s users is now 5.85 per cent. – If you have an interest rate that is above average, there are good opportunities to be able to negotiate down the interest rate. But then you should find the best offer. You can do this on services such as Renteradar or on Finanportalen. – It is much simpler, I think, than people are aware of, says Forbrukerrådet’s director Inger Lise Blyverket. She is talking about moving the mortgage. Photo: Anne Cecilie Remen He says it should be the starting point when talking to your own bank. – Two banks that were priced quite aggressively initially, Landkreditt and Sbanken, lowered interest rates this spring. Some other banks have had to respond a bit to that and adjust their prices, he says. – It may well be that we can see that some banks, now that the holidays are over, will also have to take a look at their pricing, Noss believes. – The cheapest mortgage is also the best In 2023, nearly 3 out of 10 renegotiated their mortgage or changed banks, according to the Consumer Council. There are far more than the year before, when 2 out of 10 tried the same exercise. Director Inger Lise Blyverket believes it is important for people to be aware that the quality of mortgages is the same regardless of who pays out the loan. – Interest is interest, and it does not come with different qualities. It is very rare that it is not possible, either for your own bank or another bank, to match the conditions you have. The cheapest mortgage is also the best, she says. The Norwegian Consumer Council is behind the free Finanportalen service. – Here you get very concrete tools that enable you to contact your bank both to compare interest rates, but also to make the first enquiry. It may take you an hour or two, but it’s very good hourly pay, she says. Published 16.08.2024, at 08.02
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– Many can get a lower interest rate – news Norway – Overview of news from different parts of the country
