Members of New in Danderyd and Sweden

Halloween and the weekend after in Sweden

27/10/2016

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Halloween is becoming a more and more popular event here - Swedes do love a chance to get dressed up and play/party! According to Wikipedia, around 40% of Swedes now celebrate it. Each year, we see more trick-o-treating going on and children's parties organised. So far, we've only seen the good side - no nasty treats given out, no tricking or misuse of costumes for vandalism or burglary.
Halloween - New in Sweden
Don't expect visitors unless you make it very clear with lights and decorations that you want some! We put out a lit pumpkin and balloons.

Alla Helgons Dag is always the Saturday following the 31st October and is a holiday day so many small shops will be closed and shopping centres limited hours. It is easy to confuse it with 'Allhelgonadagen' which is the 1st November and is not a holiday. 
All Saints' Weekend - New in Sweden
All Saints' Weekend
This weekend, we remember those who have died. Graves are decorated with flowers and lit candles to light up the dark between All Saints' Day (Saturday) and All Souls' Day (Sunday). It is usual to walk around the church graveyards and cemeteries, which look spectacular, all lit up. There are special services to remember those who have died in the past year.
Do you plan to celebrate Halloween this year? Or have an special traditions to bring with you? Let us know in the comments below or on Facebook or tag us in your photos!
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Not got SWISH? If you can, you should...

27/10/2016

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Using SWISH to pay from your mobile phone

Swish allows private individuals to quickly, simply and securely send money to other private individuals in real time, by connecting mobile phone numbers to bank accounts.

To use the service, you need a smartphone, the mobile Bank ID which you get from your bank and the Swish app: https://www.getswish.se/

If you have a Swedish mobile and mobile Bank ID, Swish is well worth getting. You'd be amazed what you can use it for!

Get our guide to SWISH when you sign up for more information at www.newinsweden.com

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Autumn weather today, unlike two years ago...

23/10/2016

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...no snow yet!
Picture
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The most poisonous mushrooms in Sweden!

18/10/2016

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Do NOT eat these!!!
The most poisonous mushrooms in Sweden!
The most poisonous mushrooms in Sweden!
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The need for repayment mortgages from now on

17/10/2016

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In June 2016, interest-only mortgages ceased to be available for mortgages of 50% or more of the property price. Existing ones are still valid but all new loans must involve some repayment of capital every year.  This applies to re-mortgaging as well as those for a new purchase. There are specific requirements depending on how much of the purchase price is covered by the mortgage – i.e. how much deposit was paid. The new rules specify a minimum repayment but there is nothing to stop the bank requiring a greater amount.

Rather than specifying a repayment period, such as 25 years, the amount is calculated as a percentage of the initial mortgage amount. 
In general the rule is that if the mortgage is for 70% or more of the purchase price then 2% of the mortgage must be repaid each year. If the mortgage is for between 50% and 70%, then 1% must be repaid each year.

Two sample calculations:
Purchase price 3 million sek, with 15% deposit.
Loan will be 2.55 million sek which exceeds 70% of the property value. Therefore repayment 2% of this every year, ie 51 000sek or 4250sek per month.

Purchase price 3 million sek, with 35% deposit.
Loan is 1950000 million and this is less than 70% but more than 50% of the property value. Therefore repayment 1% of this every year, ie 19 500sek or £ 1625sek per month.

FAQs
Does this apply to all types of property?
The requirement applies to apartments (condominiums) and single-family homes/villas, but not to agricultural and forestry plots.

Does this apply to a plot of land which has not yet been built on?
If the construction contract is not yet completed, the loan for the construction of the building is subject to the repayment/amortization requirement.

Does it apply to newly built apartments?
Banks have the option to waive the repayment requirement for five years for the first buyers of new homes. However, it is up to each individual bank.

What if I want to move my old loans to a new bank?
If you do not increase/extend the loan, the old rules still apply.

Can I revalue the home in order to bring down the loan rate?
It is possible to revalue the home every five years. There needs to have been a ‘substantial change in value’, e.g. an extension or renovation so rebuilding the kitchen or bathroom is not enough. The five years is counted from the date you bought the home. The new rules will apply to the new mortgage.

Are there any exemptions available from the new rules?
It is possible to obtain exemptions from the amortization/repayment requirement if you have special reasons, such as death in the family, illness and unemployment.

Are you going through a purchase at the moment? Or thinking of buying? Let us know how you are getting on in the comments below.
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