Payment holiday and other changes to home loans

How to confirm a change to your loan during the loan period

If you have been directed to this page due to a change to your loan during the loan period, you have made the application in our old system. We have closed the old system and it’s no longer possible to confirm applications with two co-borrowers made there.

You can submit a new application by selecting “Manage loan” under your loan details in Nordea Mobile or Netbank.
Applications submitted through the new system can be confirmed directly in Nordea Mobile or Netbank.

Nordea access codes

If you don’t have Nordea access codes yet, you can easily set them up in our “Become a customer online” service. You can then apply for a change to your loan and confirm your application with Nordea access codes in Nordea Mobile or Netbank.

If you want to apply for a change using your online banking credentials from another Finnish bank, you need to call us and verify your identity during the call.

Become a customer online

Take a free payment holiday when you’re on parental leave

You can get a payment holiday of up to six months on your home loan free of charge if you apply for one when you’re on parental leave. The payment holiday can extend up to 12 months if both guardians take parental leave and each of them applies for a 6-month payment holiday.

During the payment holiday, you only pay interest and expenses for the 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.

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. Changes may not always be possible. If this is the case, we will contact you.

The normal fee for a payment holiday is 150 euros when applied for online and 250 euros when applied for through our Customer Service.

You can apply for these changes to your home loan

You can apply for a payment holiday between 1 and 24 months. During the payment holiday, you only pay interest and expenses for the loan.
The repayment methods we offer are equal payments (annuity), equal instalments and fixed equal payments.
You can change your reference rate to any Euribor rate or our Nordea Prime rate.
You can also apply for a change in the monthly payment, debiting account and due date.

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.

When should I apply for a payment holiday?

You should apply for a payment holiday if you need repayment relief for several months. You can apply for a payment holiday of 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.

How much will the changes cost?

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. Any other changes are subject to a fee.

See our tariff

Payment holiday or FlexiPayment?

Differences between a payment holiday and FlexiPayment
Question	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 application 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.

When should I apply for a change to the reference rate?

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.

When should I apply for a change to the repayment method?

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.

Equal payments (annuity) is a good choice if you want a fixed loan period.
Equal instalments suits you if you want your monthly payments to be larger at the beginning of the loan period than towards the end of the period.
Fixed equal payments is a fitting option if you want to know the exact size of your monthly payments well into the future, and the duration of the loan period is not as important.

Apply for changes to your loan in Nordea Mobile

Log in to Nordea Mobile.
Go to the Overview tab and select ‘Loans’.
Select the relevant loan.
Tap ‘Manage loan’.

Apply for changes to your loan in Nordea Netbank

Log in to Nordea Netbank.
Go to the Finances tab and select ‘Loans’.
Select the relevant loan.
Go to ‘Manage loan’.

Frequently asked questions about changes to your home loan

Can I change the reference rate of my current home loan?

You can change the reference rate of your current home loan to any other reference rate we offer during the loan period. For example, you can switch from the 12-month Euribor to the Nordea Prime rate, the 3-month Euribor or the 6-month Euribor.

We will charge a fee for changing the reference rate. The fee is lower if you switch on the interest rate adjustment date. You can see the interest rate adjustment date under your loan details in Nordea Mobile and Netbank. If you wish to change the reference rate, please inform us of this at most 30 banking days and at least 5 banking days before your current interest rate period ends. Unlike the other reference rates we offer, the Nordea Prime rate does not have an interest rate adjustment date.

You can apply for changing your reference rate in Nordea Mobile or Netbank.
Changing the reference rate may also affect the margin of your loan.

We will send the appendix to the loan agreement for you to sign digitally. The borrowers and any third-party pledgers must sign the appendix before the end of the interest determination period.

If you decide to purchase an interest rate hedging product, you can change the reference rate free of charge, regardless of whether you do this on the interest rate adjustment date or not.

See our tariff

How quickly do you process applications?

We process applications within a few banking days, after which you will receive the appendix to loan agreement for digital signing. We will make the change to your loan once you have signed the appendix. If you are applying for a minor change, such as change of due date, your signature is not required and you will receive a confirmation of the change in Nordea Mobile, Netbank and our Omaposti service.

How can I apply for a change to my home loan if I don’t have Nordea access codes?

You can get Nordea access codes through our “Become a customer online” service. Once you have the codes, you can apply for changes to your home loan in Nordea Mobile or Netbank. You get many perks when you have a home loan from us and choose us for all your banking needs.

Alternatively, you can apply for the change by contacting us if you have online banking codes from another Finnish bank.

Become a customer online

How do I apply for a change when my loan has more than two borrowers?