A guarantee is always needed for a housing loan. OwnGuarantee is an additional security that you can take for your housing loan when the amount of loan you need exceeds the security value of the home. By taking out an OwnGuarantee, you will not necessarily need guarantors or any other security for your housing loan.

You can take out an OwnGuarantee for your housing loan if you intend to

  • buy a home in Finland for permanent residence by you or your family
  • renovate a home currently used as a permanent residence by you or your family
  • renegotiate your existing housing loans; for example, to release guarantors or other security from an old loan.

Features of OwnGuarantee

For the borrower, an OwnGuarantee, i.e. Nordea’s guarantee for a housing loan, is an additional security. For the bank, it is a form of insurance.

OwnGuarantee is subject to an additional fee which raises the total price of your housing loan, but it may be of great help if you face payment difficulties at some point.

In practice this means that if the borrower is no longer able to repay the housing loan and the selling price of the home pledged as security does not suffice to cover the remaining debt, an insurance company will pay the bank compensation amounting, at most, to the size of the OwnGuarantee purchased. 

The insurance company, however, has the right to collect the compensation it has paid to the bank from the borrower.


The cost of an OwnGuarantee depends on the amount of the housing loan and the additional security required. 

For example, if you buy an apartment worth 100,000 and you have saved 10,000 euros, you will need to borrow 90.000 euros. The security value of the new home will be 75,000 euros, so you will need an OwnGuarantee for 15,000 euros. The cost of such a guarantee is 720 euros.

You can obtain the precise price for the OwnGuarantee you need from our nearest branch or by calling Nordea Customer Service. 

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