Mies keltaisessa sadetakissa etsimässä kotia

Take advantage of FlexiPayment

Most housing loans with Nordea include a feature that allows you to reduce or increase the monthly instalments on your loan or skip some of them altogether. Check your repayment schedule to see if you have FlexiPayment and adjust your monthly instalments conveniently in Nordea Mobile or Netbank without having to consult the bank!

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

  1. Check in Nordea Mobile or 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 Netbank. We apply normal credit-granting procedures to FlexiPayment and instalment-free periods, taking into account current exceptional circumstances.

See more detailed instructions for instalment-free periods.

Oops! Accept Marketing cookies to view contents like this from Nordea

How to use FlexiPayment in mobile bank

  • You can see the next monthly payment in mobile bank 14 days prior to the due date, at the latest.
  • You can change the instalment by selecting the ‘Payments’ tab at the bottom of the screen and then ‘Upcoming’. You need to make the change by 23.00 on the day preceding the original due date of the instalment, at the latest. If the original due date of the instalment is on a Saturday and the instalment will be changed to Monday, please note that you need to make the change by 23.00 on Friday. If the original due date of the instalment is on a Sunday and the instalment will be changed to Monday, you need to make the change by 23.00 on Saturday.
  • Choose the instalment you want to edit and press the ‘Edit’ button.
  • Edit the repayment amount and tap ‘Continue’. If the repayment amount is too small, you will get a notification, after which you can edit the repayment amount.
  • If you want to check the smallest possible repayment, choose ‘Accounts’ and then ‘Loans’ – from there you can choose the loan you wish to edit this month. In the loan details, you can see a section which displays the mandatory minimum repayment amount.
  • Finally, confirm the change. If you do not confirm the change, the monthly payment will not be paid.

How to use FlexiPayment in Netbank

  • You can see the next monthly payment in Netbank 14 days prior to the due date, at the latest.
  • You can change the instalment by choosing ‘Payments’ from the drop-down menu and then ‘Due payments and transfers’. You need to make the change by 23.00 on the day preceding the due date, at the latest.
  • Choose the instalment you want to edit and press the ‘Edit’ button.
  • Unconfirmed changes are shown in Netbank until the due date.
  • If you have entered the payment via the 'Change' link, but then decided to leave the payment as is, return by clicking the 'Cancel' button.
  • If you have clicked 'OK', remember to give the confirmation code - whether you changed the amount or not. Otherwise, the payment will not be paid at all.

What is FlexiPayment?

  • The amount of FlexiPayment can be 5–10% of your loan amount. Example: You have a housing loan of 100,000 euros with a 10% FlexiPayment. With FlexiPayment, you can reduce or skip your instalments up to a total of 10,000 euros.
  • When you use FlexiPayment and skip an instalment, you only pay interest and a direct debiting fee or a contractual payment on your loan. In other words, with FlexiPayment you can only change the instalment amount.
  • The condition for adding FlexiPayment to your loan is that you have handled your banking well.
  • FlexiPayment is not available for loans that have a state guarantee (eg an ASP loan) or fixed interest.
  • If you have already used a part of your FlexiPayment and pay a higher-than-normal instalment, it will release more FlexiPayment for your future needs.
  • You can choose whether to only pay the interest and monthly fees or also the part of installment. You can also pay a higher-than-normal instalment.

FlexiPayment brings flexibility to loan repayment

  • You can decrease or increase the amount of your next instalment without asking the bank’s permission for it.
  • FlexiPayment is suitable for both long-term and temporary changes of monthly payments eg for the duration of your parental leave or summer holiday. 
  • You can easily change the instalment amount in mobile bank or Netbank every month when the instalment appears in your upcoming payments. 
  • You can add FlexiPayment to a new loan as well as to an existing one. 
    • If you want to add FlexiPayment to your housing loan, you can easily apply for it online.
    • If you want to add FlexiPayment to your secured consumer credti, olease call Nordea Customer Service.
  • If you are not sure if you already have FlexiPayment linked to your loan, you can check it in your loan details in mobile bank or Netbank.

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.