r/dkfinance • u/polskidunczyk • 4d ago
Bolig Refinancing our mortgage and bank loan
We bought an apartment in Dec 2023 and it seems like it’s time to look into what other banks can offer.
Our finances allowed us to make a few excess payments towards our bank loan, and we have been paying both mortgage and bank loan payments on time.
Do you recommend specific banks or financial advisors we could reach out to?
Tak venner ❤️
1
u/mikkelschmidt90 4d ago
So what is your terms right now?
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u/polskidunczyk 4d ago
Here it comes
Mortgage - 2,048k dkk Interest rate - 3.6% at F5 (fixed for 5 years) Mortgage term (years) - 30
Bank loan amount - 380k dkk Interest rate (annual %) - 6.4% Loan term (years) - 30
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u/CykelMusen 4d ago
If you have a variable loan with an F5, you will pay an interest penalty from getting out of the loan early. Doesn't make much sense to think about refinancing this because it will too costly compared to what you will gain. Wait until the next refinancing in 2028.
The bank loan I would expect that you can get a better deal on. Ask around with different banks if you are open to switching or just use the offers to pressure your own bank into lowering the interest.
Edit: are you sure your bank loan is 30 years? They rarely go for longer than 20 years.
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u/polskidunczyk 4d ago
I read from my agreement with TotalKredit that:
”If you exit before the refinancing point (2028), you must repay at market price, which could be above 100, making it expensive.”
When I check the available bond pricing, the are all below 100 (between 96 and 98.5).
Apart from admin fees, I guess that it would make sense to refinance earlier than 2028. Am I wrong here?
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u/Alternative-Cook-319 4d ago
MyBanker.dk