Before you move a Swedish mortgage to another bank or renegotiate it with your current lender, compare the written offer with the complete cost of your existing loan. List every loan part, request a payoff figure and amortization statement, check any ränteskillnadsersättning (early-repayment compensation), and apply the mortgage and tax rules that took effect in 2026. A lower advertised rate is not enough if a fixed-rate payoff charge, expiring discount, higher amortization or non-deductible unsecured borrowing erases the saving.
This guide reflects rules and guidance available on 13 October 2026. Swedish consumers often call changing lender byta bank; renegotiating with the existing lender is a different route, but both require the same disciplined cost comparison.
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1. Map the mortgage before asking for a new offer
Many Swedish mortgages are split into several loan parts. Each part can have its own balance, rate, fixing period and discount, so a single rate shown on an account overview may conceal different exit costs.
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Create a loan-part inventory
| Item to record | Why it matters |
|---|---|
| Outstanding balance | Determines how much must be refinanced and the interest base. |
| Interest rate and rate type | Shows whether the part is on a three-month (commonly called variable) rate or a fixed period. |
| Fixing end date | Identifies when a fixed part can normally be moved without ending the agreed period early. |
| Discount and expiry date | A temporary discount can make today’s payment look cheaper than the rate that will apply later. |
| Monthly payment and amortization | Lets you compare cash flow and required principal repayment, not just interest. |
| Fees and linked products | Account for arrangement, administration or package costs and any products required for the quoted price. |
Ask the current lender to confirm these figures in writing. Request a separate payoff amount for every part, rather than assuming all parts share one fixing date or one compensation calculation.
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Separate flexibility from predictability
The shortest period commonly offered is three months. Its rate can change during the life of the loan, so payments are less predictable. A fixed rate keeps the interest rate predictable for the agreed term, but paying it off before that term ends can trigger ränteskillnadsersättning. Decide whether your priority is payment certainty, the ability to move quickly, or a balance of both; do not compare a three-month quote with a fixed quote as though they were the same product.
2. Compare the real price, not the headline rate
Obtain an individual written offer from the prospective lender for the same fixing period as the loan part you are comparing. A list rate is a public starting point; it is not necessarily what customers receive. Use lender average rates for the matching fixing period as a market reference. Konsumenternas’ comparison service reports both advertised and average rates; its displayed figures were last updated on 7 September 2026, so treat them as a dated benchmark rather than a promise for your application.
Use a like-for-like comparison
| Comparison axis | Question to ask |
|---|---|
| Rate and period | Is each offer three-month/variable or fixed, and is the period identical? |
| Effective cost | What will you pay over the period you realistically expect to keep the loan, including stated fees? |
| Discount | How large is it, how long does it last, and what rate applies after expiry? |
| Early repayment | Would any fixed part incur compensation if transferred on the proposed date? |
| Amortization | What monthly amount does the new lender require, and must a term change be agreed separately? |
| Ancillary requirements | Are salary accounts, insurance or other services required for the quoted price, and what do they cost? |
| Valuation and credit conditions | What property value, loan-to-value ratio and credit assumptions does the offer rely on? |
| After-tax cost | Does any portion lack qualifying property security or exceed applicable loan-to-value conditions? |
Compare the expected cost for the period you will actually hold the loan. A small rate difference may not cover a one-time exit charge, while a discount that ends after a short period can reverse an apparent saving. Ask the new lender to state the rate, discount, expiry, fees and conditions in the same document.
3. Price the cost of leaving the current lender
Request a written payoff figure
Ask the existing lender for the amount required to close each loan part on a specified date. The statement should identify accrued interest, administrative charges and any ränteskillnadsersättning. Keep the date consistent with the proposed transfer date; compensation and interest can change over time.
Understand fixed-rate compensation
A fixed-rate loan can carry compensation when repaid before the fixing period ends. This can arise when switching banks or selling a home. The amount depends on the loan agreement and the lender’s calculation, so neither a general rule of thumb nor the new bank’s estimate is sufficient. Compare two scenarios in writing:
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- Transfer on the proposed date, including the exact compensation and all fees.
- Keep the part until its fixing period ends, then move it without an early fixed-period payoff (subject to the terms then available).
Do this calculation separately for every fixed part. If one part is already on a three-month rate while another is fixed for years, a single “switching cost” number can be misleading.
4. Obtain the amortization statement and understand the handover
Request the current lender’s amorteringsunderlag (amortization statement) and give it to the prospective lender. It helps the new lender understand the balance, amortization basis and terms used by the current bank.
Finansinspektionen’s earlier page describing a prompt electronic-or-suitable-means delivery requirement concerns regulations that were repealed on 31 March 2026. The new mortgage-credit law applies from 1 April 2026, so do not rely on the old page as a complete description of today’s procedure. Ask both lenders how the statement is requested, delivered and accepted under their current process, and keep a copy with the date of issue.
5. Apply the mortgage rules effective from 1 April 2026
Purchase borrowing and refinancing are not the same
The Government of Sweden states that a loan used to buy a new home may be up to 90% of the home’s market value from 1 April 2026. That is a purchase cap. It does not automatically permit the same percentage when you refinance an existing home or take cash out.
Additional borrowing secured against an existing home is capped at 80% of market value under the same 2026 framework. If a proposed refinance includes extra funds, calculate the resulting loan-to-value ratio using the lender’s accepted valuation and keep the additional borrowing within that limit.
Revaluation timing can limit extra borrowing
The five-year restriction on revaluing a home has also been extended to valuations used to increase borrowing. A recent informal estimate may therefore be unusable for a cash-out request. Ask the lender which valuation date it can accept and whether a new valuation is permitted for your purpose.
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Before 1 April 2026, an additional one-percentage-point amortization requirement applied when debt exceeded 4.5 times gross annual income. That threshold describes the superseded rule, not a current automatic obligation. The Government states that removal does not automatically change the payment for borrowers who were already subject to the extra amortization: they must agree a change of terms with their bank.
When comparing offers, therefore, ask whether your existing monthly amortization will continue, decrease only after a formal term change, or be replaced by another amount based on the lender’s assessment. Do not assume that changing banks alone changes the contractual amortization.
6. Check the 2026 interest-deduction treatment
From income year 2026, Skatteverket’s rules tie interest deductions to the loan’s security and maximum loan-to-value conditions, not merely to the label “mortgage.” Interest on a qualifying loan secured by residential property can be deductible in full under those conditions. Interest on unsecured loans receives no deduction from 2026.
This matters when refinancing combines a secured mortgage with an unsecured top-up, personal loan or other borrowing. Separate the portions in the offer and ask how each is secured, what loan-to-value basis applies and how the structure affects your after-tax cost. Compare both the contractual interest and the tax treatment; a nominally cheaper refinance can be less attractive if part of the balance becomes non-deductible.
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7. Wait for the lender’s individual decision
General rules do not establish the rate or approval you will receive. The comparison is complete only when the prospective lender confirms its own assumptions in writing.
Confirm these conditions
- Accepted property valuation and resulting loan-to-value ratio.
- Credit decision, income information and any debt limits applied to your case.
- Rate, fixing period, discount amount and discount end date.
- Required amortization and whether a separate term-change agreement is needed.
- All one-time and recurring fees.
- Any required current account, insurance or other ancillary product, with its cost.
- Transfer date and the documents the lender still needs.
Do not cancel the existing loan or accept a new offer on the basis of a verbal quote. Keep the written offer, payoff statement and amortization statement together so that every assumption can be checked.
8. A practical switching sequence
- Inventory the debt. Record each balance, rate type, fixing end date, discount expiry, payment, amortization and fee.
- Ask the current bank for documents. Request a dated payoff figure for each part and the amortization statement.
- Get comparable quotes. Ask one or more prospective lenders for written offers using the same fixing periods and requested loan amount.
- Benchmark the rates. Compare each quote with current average rates for the same period, remembering that the benchmark is dated and not an eligibility guarantee.
- Calculate the net difference. Add exit compensation and fees to the transfer scenario; include the post-discount rate and required amortization in the holding-period cost.
- Test the 2026 limits. For any extra borrowing, check the 80% cap, valuation timing and the five-year revaluation restriction. For a purchase loan, distinguish the 90% purchase cap from refinancing rules.
- Check tax classification. Identify secured and unsecured portions and apply the 2026 deduction treatment to each.
- Negotiate or choose. Present the written competing offer to the current lender if you prefer to stay, and request any revised rate or terms in writing.
- Settle the transfer. Follow the new lender’s document and payment instructions, confirm that each old part is closed, and retain final statements.
9. Common mistakes and how to avoid them
Comparing different fixing periods
A three-month quote and a five-year fixed quote answer different risk preferences. Put the same period beside the same period, then consider flexibility and payment certainty separately.
Ignoring a discount’s end date
Write the expiry date next to the discount in your worksheet. Ask for the lender’s rate after expiry and evaluate the cost over the period you expect to keep the loan, not only during the introductory window.
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Different fixing dates can produce different payoff amounts. Request separate figures and decide whether to transfer all parts, wait for one to mature, or accept a partial change if the lender permits it.
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Treating the purchase cap as a cash-out allowance
The 90% figure applies to a loan used to buy a new home. Additional borrowing against an existing home is subject to the 80% cap from 1 April 2026. Have the lender show the calculation for your intended transaction.
Expecting amortization to fall automatically
The former 4.5-times-income extra requirement ended, but existing borrowers do not receive an automatic contractual change. Ask for a written term change if you want a lower payment and verify the new amount before switching.
Using an old regulatory page as current instructions
Finansinspektionen identifies the earlier amortization regulations and general advice as repealed on 31 March 2026. Use current lender instructions under the law applying from 1 April 2026, while treating older material only as historical context.
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From income year 2026, unsecured interest is not deductible. Make sure any refinance that combines secured and unsecured debt shows the portions separately before you compare after-tax costs.
10. A decision test you can document
Choose the switch only when the written offer improves the result you care about after all relevant costs and conditions are included. Your worksheet should show:
- Current cost and terms for every loan part.
- New rate, period, discount and post-discount assumption.
- Payoff amount and any fixed-rate compensation on the proposed date.
- Fees and required ancillary products.
- Amortization under current and proposed terms.
- Loan-to-value and valuation assumptions, including any additional borrowing.
- Secured versus unsecured portions and the resulting 2026 tax treatment.
- The date on which each figure was issued.
If the saving remains after these checks and the lender confirms the conditions, switching can be justified. If the saving depends on an unconfirmed valuation, a temporary discount or an assumed tax deduction, obtain clarification before committing.
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