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Found your dream house by the Mediterranean? Arrange the housing deal smoothly from Sweden

Published: June 9, 2023, 11:34 p.mFredrik Lager at Nordea Private Banking. Do you want to extend the summer by buying a holiday home or apartment abroad? Qualified help is available for the financing as well as the legal and practical aspects of the deal. – In practice, you can arrange the entire housing deal from Sweden, something that is really appreciated, says Fredrik Lager at Nordea Private Banking.External link: Read more about Nordea Private Banking’s offer Fredrik Lager, who is a business developer at Nordea Private Banking, has specialized in supporting Private Banking customers all over Sweden who plan to buy a holiday home abroad. He is a lawyer by background and has worked with international private banking since 2006. Prior to that, he worked as a lawyer and partner in a law firm in London for almost 10 years. In his current role, he is responsible for the housing financing process and ensures that everything is taken care of in a correct and flexible way. For some time now, Nordea Private Banking has been offering help with financing properties in both Spain and France, and customers can also get help with legal documents and other practical questions before their purchase. Which are the most popular places for customers to buy property in?– As far as France is concerned, it is almost exclusively about the Riviera, i.e. the coastal strip between Monaco and Saint-Tropez, although we have also financed floors in, for example, Paris. In Spain, it is mostly about Mallorca or the Costa del Sol on the Spanish south coast.What conditions apply to be able to get a foreign mortgage?- First of all, you have to be a customer of Nordea Private Banking and the home must therefore be located in Spain or France. We also require that you have at least as much money under management with us as the loan amount. How much can you borrow against your house in Spain and France? – There is really no upper limit, but the minimum loan amount is 750,000 euros. The properties we mortgage must have a fixed value of at least 1,100,000 euros. If you have found your dream house, how does one go about taking out an international mortgage? – The first thing we do in Private Banking is value the house or floor. For this purpose, we use impartial and reputable valuation institutes in Spain and France.When the value and loan amount are established, Nordea draws up loan and pledge agreements in Swedish. In other words, you don’t need to sign an agreement in a language you may not be fluent in. When the agreements are signed by both the buyer and Nordea, they are sent to our lawyers in Spain or France, depending on where the property is located. The lawyers arrange for the translation of the documents, which must then also be signed by the buyer. After all the documents are signed, an appointment is made with a notary. Unlike Sweden, both France and Spain use notaries to formally finalize the purchase of real estate. A purchase agreement is signed at the notary and the bank’s lawyer ensures that our mortgage is registered in the local property register.There is no requirement that the customer you yourself must attend the meeting with the notary, but you can authorize your own lawyer to sign all documents. Is it expensive to finance your accommodation abroad? – Just like in Sweden, the bank has a borrowing cost in the currency in which the loan is made. In the case of Spain and France, we lend in euros, which means that the interest base is EURIBOR. This interest base does not differ much from the Swedish one. At the top of the interest base, the bank takes a margin, just like in Sweden. Then there is an arrangement fee for the international mortgage and some other fees. Why do Private Banking’s customers choose to borrow when they can finance the residence abroad with their own money? – I think that most customers do not want to tie up too much of their wealth in their properties . You simply want to spread the risks and perhaps also think that you can get a better return on the capital via your management than what you pay in interest on the same amount. The interest on the international mortgage is also deductible in Sweden.Then you have to remember that both Spain and France still have wealth tax and inheritance tax. In many cases, the taxes also affect foreigners who own large unsecured properties in the country, even though they actually live permanently in Sweden and do not have these taxes, Fredrik Lager points out. – Since Nordea does not provide any tax advice, I always recommend our customers to seek local expertise in these matters.External link: Find out more about how Private Banking can help you with home purchases abroad


We offer a comprehensive solution for wealth management through personal advice to private individuals, companies, foundations and institutions. As a customer with us, you get access to a range of exclusive services – knowledgeable experts, a large network of specialists and insightful advice that is tailored to your specific needs. To get the maximum benefit from Private Banking, you need to have more than five million kroner in investable wealth. Note that the content of this article only constitutes marketing material and general information. Borrowing in foreign currency can involve a currency risk. The content should not be interpreted as legal advice, tax advice, tenders or as a recommendation in any respect from Nordea’s side. Conclusion of separate agreements and conditions is required to use Nordea Private Banking’s range of services. The article is produced by Brand Studio in collaboration with Nordea Private Banking and not an article by Dagens industri

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