Thousands of homeowners cheating themselves, bank says

Billions of kroner in potential savings being lost by homeowners not refinancing

Thousands of homeowners with mortgage rates locked in at five, six or even seven percent are cheating themselves, Nordea Kredit warns. According to Nordea, over 100,000 homeowners could refinance their loans at a lower rate.

"It is incomprehensible that there are so many homeowners who choose to keep their old high-interest loans instead of converting to a new, cheaper one," Lise Nytoft Bergman from Nordea Kredit told the financial daily Børsen.

There are fixed rate loans available for as low as 3 and 3.5 percent, but time is running out to cash in on the low rates.

"There are only ten business days remaining for homeowners to minimise their costs," said Bergman.

There is much more than pocket change at stake. Nearly 65 billion kroner worth of mortgages remain on the market at higher rates that could be converted. 

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