Flexibility for your housing loan repayments

Need relief in your housing loan repayments? You can adjust your housing loan to suit your current life situation by making changes to your repayment schedule.

Do you need a short-term or a long-term relief for your housing loan instalments?

Nordea’s new housing loans come with a FlexiPayment feature which allows you to take a break from the instalments or pay only part of the instalments in addition to the interest. Another option is to apply for a payment holiday.

Instalment-free period for your housing loan

Using the free-of-charge FlexiPayment is the easiest way to take an instalment-free period.

  1. Check in Nordea Mobile or the old Netbank if FlexiPayment is attached to your loan. FlexiPayment allows you to have an instalment-free period right away. This information is included in your housing loan details, which you can view in Nordea Mobile or Netbank.
  2. If FlexiPayment is not attached to your loan, you can add it by applying for a change to your loan. 
  3. If neither of the above-mentioned options is suitable for you, you can apply for an instalment-free period for your loan without any handling fees (EUR 200), if you submit your application on 30 June 2020 at the latest. The easiest way to apply is to do it in Nordea Mobile or in the old Netbank. 

FlexiPayment:

  • It is suitable for both long-term and temporary changes of monthly payments.
  • You can choose whether to only pay the interest or a part of the instalment.
  • You can change the amount one monthly payment at a time.
  • Change the amount yourself in mobile bank or in the old Netbank. It is possible when the monthly payment appears in your due payments before the due date of your loan instalments.
  • The activation is free-of-charge.
  • 5–10% of your loan amount.
  • If you are not sure if you already have FlexiPayment linked to your housing loan, you can check it in your loan details in mobile bank or in the old Netbank.
  • How to use FlexiPayment.

Payment holiday:

  • It is a change to your loan repayment schedule. You need to agree on the duration of the payment holiday with the bank.
  • During the payment holiday, you only pay interest and expenses monthly.
  • A fee according to the tariff will be charged for changing the repayment schedule.
  • For a fixed period of 1–24 months.
  • You can apply for a payment holiday for nearly all housing loans.

Can I apply for other changes to my housing loan’s repayment schedule?

With the different repayment schedule changes you can make the housing loan suit your current life situation.

  • “My payday has changed.” – You can apply for a change to the due date.
  • “I’d like the loan instalment to be debited to my new salary account.” – You can apply for a change to the debiting account.
  • “I don’t want the loan period to be extended when interest rates rise.” – You can apply for a change to the repayment method.
  • “I want to pay a higher-than-normal instalment monthly.” – You can apply for a change to the monthly payment.

Questions and answers about FlexiPayment and instalment-free periods

What loans does the instalment-free period offer cover? Can I get an instalment-free period on other loans relating to my home, such as renovation loans?

You can apply for an instalment-free period on a new or existing housing loan, renovation loan or consumer credit. You can get an instalment-free period through FlexiPayment or by applying for such a period separately. FlexiPayment is a feature of Nordea’s housing loans that is included automatically in most loans. Check whether your loan already has the FlexiPayment feature before applying for it. We apply normal credit-granting procedures to FlexiPayment and instalment-free periods, taking into account current exceptional circumstances.

What is the difference between FlexiPayment and an instalment-free period?

FlexiPayment is a free-of-charge feature included in Nordea’s loans with which you can reduce the amount of your loan instalment or skip it entirely. For example, you can halve the instalment, in which case you will continue to repay your loan, or alternatively pay only interest and fees.

FlexiPayment is more flexible than an instalment-free period, which is a one-off change to your agreed loan repayment schedule. You will have to agree with us on the duration of an instalment-free period, during which you will only pay interest and fees. The amount of your loan will not be reduced during an instalment-free period.

 

In both cases, the instalments you leave unpaid now will be postponed until the future, usually by extending your loan period.

I’m applying for FlexiPayment with my spouse. How can my spouse confirm the application?

The second applicant, i.e. your spouse, will receive a text message stating that a change of repayment schedule is awaiting their confirmation. They can confirm the application in the same place you applied for FlexiPayment, through the webpage www.nordea.fi/en/personal/our-services/loans/home-loans/housingloan. The second applicant should click on “Apply or confirm a change to your housing loan” and authenticate their identity in the service with the code app, code calculator or another bank’s online banking codes. The application can also be confirmed in the old Netbank, under the “Apply for a change” link. Once the application has been confirmed, it will be sent to Nordea for processing.

I already have FlexiPayment. Can I increase its amount?

The amount of the FlexiPayment feature can, in some cases, be raised. If this is not possible, you will often be able to obtain an instalment-free period of six months by changing your repayment schedule.

I already have FlexiPayment. Can I also obtain an instalment-free period?

If your loan has the FlexiPayment feature, then it is the primary and easiest way of obtaining flexibility for your loan repayments. If you still would like to apply for an instalment-free period (e.g. if you have used up the FlexiPayment feature), it is possible to do so and your application will be processed based on your specific case.

How long can I have a repayment holiday with FlexiPayment?

You can use FlexiPayment at any time during your loan period. The amount of the FlexiPayment available, however, will decrease every time you skip instalments. You can check the amount of your FlexiPayment in your loan details in mobile bank and in the old Netbank. With FlexiPayment you can leave an entire loan instalment unpaid or pay only a part of it. FlexiPayment usually amounts to 5–10% of your total loan amount, so when used as a repayment holiday, it will last from one to two years.

When will the instalment-free period I applied for become valid?

Your instalment-free period and FlexiPayment will become valid as of the next loan repayment. Please apply for the change well in advance of the due date on your next repayment to avoid potential delays in making the changes you have requested because of a temporary overload in our Customer Service.

If you have an existing FlexiPayment feature, please note that you must make the changes to your loan repayment before 23.00 on the day preceding the original due date. If the original due date of the repayment is on a Saturday and the debiting of the repayment is automatically postponed until Monday, you still need to make the change by 23.00 on Friday. If the original due date of the repayment is on a Sunday and it will be charged on Monday, you need to make the change by 23.00 on Saturday.

What should I do if, on the day preceding the due date, my loan repayment appears that it will be charged despite the fact that I made my application before the repayment appeared on my payments falling due?

 

If it appears that your monthly repayment will be charged from your account on the due date and you absolutely want the changes to take effect before this repayment, please call our Customer Service at 0200 70 000 (local rates apply), and we will process your application at once.

However, we kindly ask you to submit your application well in advance so as to avoid long queues in our Customer Service.

Will my instalment-free period take effect before the next loan repayment due date?

If your next loan repayment is not yet shown in your payments falling due, the changes will take effect before your next loan repayment. If your next repayment was already shown in your payments falling due at the time you submitted your application, the changes will take effect after your next repayment.

 

We are processing an unusually large number of applications due to great demand at the moment, so it may be possible that, after you have submitted your application, your next repayment will be shown as falling due in the same amount as it was before the changes. However, once we have processed your application, we will remove the instalment (i.e. repayment of loan capital) from this repayment.

 

The instalment-free period will move your instalments until a future date, so you only have to pay interest and fees.

 

Apply for a change to your housing loan

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