Life has many twists and turns, and the repayment schedule you have negotiated with us may sometimes need changing. If you have a child or change jobs, for instance, it may have an effect on your income flows. You can make changes to your repayment schedule in Nordea Mobile or Netbank or by using our online form. Go to formOpens new window.
You can now apply for a six-month payment holiday free of charge when you're on parental leave.
Even if you have already taken a payment holiday, you can still apply for this benefit. A payment holiday does not affect the FlexiPayment feature included in your loan.
This benefit is intended to help families with children balance their daily finances and to support a more equal distribution of parental leaves in Finland.
To get the free payment holiday, apply for a change to your loan and select parental leave as the reason in the field Reason for applying for an instalment-free period or FlexiPayment.
You can include all changes in the same application. Changes may not always be possible. If this is the case, we will contact you. For example, you can’t reduce the monthly payment in a way that would extend the loan period beyond the maximum period for home loans (30 years).
If the loan has a co-borrower, both borrowers will need to confirm the application before we can process it.
You should apply for a payment holiday if you need repayment relief for several months. You can apply for a payment holiday up to two years.
A long payment holiday may be a convenient option for the duration of your parental leave or if you experience another major change in life.
You can also apply for a smaller monthly payment. This may be a good idea if you need to reduce your monthly payment permanently for a longer period of time.
The easiest way to add flexibility to your loan repayments is the FlexiPayment feature included in your loan. If you have used up your FlexiPayment, you can apply for a payment holiday.
Note that reducing the monthly payment extends the loan period which usually can’t exceed 30 years.
You can add FlexiPayment to your loan and change the debiting account and the due date free of charge as long as you apply for these changes in Nordea Mobile or Netbank or by using our online form. Any other changes are subject to a fee. The fee will be lower if you apply for the changes in Nordea Mobile or Netbank or by using our online form.
| Payment holiday | FlexiPayment | |
| What is the duration? | 1–24 months. | As long as you have FlexiPayment amount remaining. |
Can I decide myself how much I repay each month? | No, you must agree on the duration beforehand. | Yes. |
| Is the feature available for loans including an interest subsidy or interest rate cap? | Yes. | No. |
| How can I use the feature? | Apply for it in Nordea Mobile or Netbank or with an online form. | It is automatically included in new home loans. |
| Is it free of charge? | No. See our tariff. | Yes, you can use it free of charge. |
You should choose the reference rate based on your circumstances, and you shouldn’t change it very often, as you will have to pay a fee.
One thing applies to all reference rates: it’s impossible to say beforehand whether you will benefit from your rate choice or not. For example, the benefit you get by choosing the 12-month Euribor is that you will know the amount of your monthly payments (with both principal and interest included) for 12 months ahead, which will help you plan your finances.
Shorter rates are quicker to react to changes in the interest rate level, but you will also have to accept that your loan servicing costs may change quickly.
You can apply for a change to the reference rate from the 12-month Euribor to Nordea Prime or vice versa by filling in the appropriate form. If you want to discuss the 3-month or 6-month Euribor, please call us on 0200 70 000.
If your situation in life changes, you may find that another repayment method would suit you better. For example, you may want to reconsider your repayment method if your costs jump, if you change jobs or if you change homes.
The repayment methods differ from each other in how precisely you know the loan period or what are the proportions of the principal and interest.
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