Does the new loan-to-value cap of 90 per cent apply to all property types?

Yes, it applies to tenant-owned apartments (bostadsrätter), houses and holiday homes. The cap refers to market value, not the purchase price if the two differ.

New Swedish mortgage rules 2026: six weeks of market data and what it means for your purchase

Q: How do the rules affect a first-time buyer with a low down payment?

The saving time for a down payment (kontantinsats) is shortened by roughly 4–6 years depending on the city. However, a lower down payment means a higher loan-to-value ratio, which means a higher amortisation requirement (2 per cent at 50–70 per cent loan-to-value).

Q: Will prices rise sharply because of the rules?

So far, no. Six weeks of data show modest increases nationwide. SBAB estimates that the expected price increase of roughly 5 per cent during 2026 is primarily driven by income growth, not rule changes.

The new mortgage rules took effect on 1 April 2026. Six weeks later prices have risen modestly — condominiums (bostadsrätter) +0.8 per cent, houses +1.0 per cent nationwide — but the increase is not where most people expected. The biggest practical effect for buyers is shorter saving time for the down payment and the option to reduce amortisation, not higher housing prices.

What actually happened after 1 April?
How much does the new loan-to-value cap affect prices?
How much do you save from the abolished tightened amortisation?
What do the new rules mean for top-up loans?
How will interest rates affect the market going forward?
What does this mean for you if you are buying now?
Frequently asked questions

What actually happened after 1 April?

On 1 April 2026 the minimum down payment was lowered from 15 to 10 per cent and the tightened amortisation requirement for debt-to-income ratios above 4.5 was abolished (Act 2026:226). The relief was primarily intended to benefit first-time buyers of one- and two-bedroom flats. Six weeks later the picture looks different.

Sellers who had been sitting on small flats waiting for better conditions listed their properties the moment the rules took effect. Buyers came too, but not at the same pace. The result was a sharp increase in supply for exactly the properties where the price increase was expected to show.

Fastighetsbyrån CEO Ulrica Hedman describes it as a sharp rise in supply at the beginning of April that dampened expected price increases. Estate agents in Södermalm, Stockholm, report that one-bedroom flats have a slower market than the rest of the area. Similar trends are visible in Malmö: selling times are falling overall, but the smallest properties stay on the market longer and attract fewer prospective buyers.

The stronger price development is instead where demand is tighter and supply more limited:

Area	Price change April 2026	Annual trend
Nationwide, condominiums	+0.8 %	—
Nationwide, houses	+1.0 %	—
Central Stockholm	+1.5 %	+7.4 %
Central Gothenburg	approx. +2 %	—
Central Malmö	approx. +2 %	—

It is the larger flats and attractive villa areas driving the numbers, not the one- and two-bedroom flats the rules were designed to help.

How much does the new loan-to-value cap affect prices?

Less than the debate suggested. SBAB concludes in its analysis that most households simply do not borrow up to the cap. The loan-to-value cap increase from 85 to 90 per cent of market value therefore does not have the market-wide effect many expected. SBAB’s forecast of roughly 5 per cent price growth during 2026 is largely explained by expected household income growth, not the rule changes themselves.

The big practical difference lies in the down payment. Handelsbanken has calculated how long it takes to save after the rule change:

City	Saving time before (15 %)	Saving time after (10 %)	Reduction
Stockholm	approx. 16 years	approx. 10 years	approx. 6 years
Gothenburg	approx. 10 years	approx. 6 years	approx. 4 years
Malmö	approx. 10 years	approx. 6 years	approx. 4 years

Based on median prices, average savings rate. Source: Handelsbanken.

That is significant for a first-time buyer who previously expected ten or more years of saving. Example calculation: a two-bedroom flat in Stockholm priced at SEK 3,500,000 now requires SEK 350,000 as a down payment instead of SEK 525,000. The SEK 175,000 difference amounts to roughly three years of saving at SEK 5,000 per month.

A more detailed overview of the rule changes is available in our article New mortgage rules 1 April 2026.

How much do you save from the abolished tightened amortisation?

The abolition of the tightened amortisation requirement (Finansinspektionen’s regulation requiring 3 per cent at a debt-to-income ratio above 4.5) is the second concrete relief. Example calculation:

	Before (tightened)	After 1 April
Mortgage	SEK 3,000,000	SEK 3,000,000
Amortisation requirement	3 % (debt-to-income >4.5)	2 %
Monthly amortisation	SEK 7,500	SEK 5,000
Difference per month		SEK 2,500

Important: the change does not happen automatically. You must contact your bank and request reduced amortisation. The bank is obliged to offer the new requirement (2 per cent at loan-to-value 50–70 per cent, 1 per cent below 50 per cent), but will not take the initiative.

If you already had an individually adjusted amortisation plan under your bank’s terms, your situation may differ. Check your specific agreement.

What do the new rules mean for top-up loans?

The rules eased in one direction and tightened in another. The cap for top-up loans was lowered from 85 to 80 per cent of market value, and revaluation to increase the loan may only be done every five years.

Example calculation:

	Amount
Existing mortgage	SEK 3,800,000
Property market value	SEK 4,750,000
Loan-to-value ratio	80.0 %
Available room for top-up loan	SEK 0

At 80 per cent loan-to-value there is no room without amortising first. Previously a price increase could have been used to free up room via a new valuation. That option is now locked for five years.

If you are planning a renovation in connection with a purchase, it is sensible to build the cost into your financing at the time of purchase rather than counting on a top-up loan later.

How will interest rates affect the market going forward?

It is still the interest rate level that affects monthly costs the most. The Riksbank left the policy rate unchanged at 1.75 per cent on 7 May 2026. Inflation measured as CPIF halved from 1.6 per cent in March to 0.8 per cent in April. That is well below the inflation target of 2 per cent.

At the same time the Riksbank’s March forecast pointed to a first rate hike in Q4 2026. Two signals pulling in opposite directions:

Low inflation argues for continued wait-and-see or even a cut.
The Riksbank’s own forecast points upward.

The next rate decision is on 17 June 2026, with a new monetary policy report and an updated rate path. That is where we will get the first clearer signal on which direction the Riksbank actually intends to take.

Example calculation of interest rate impact:

Mortgage SEK 3,000,000	Rate 3.5 %	Rate 4.0 %	Rate 4.5 %
Interest cost/month (before deduction)	SEK 8,750	SEK 10,000	SEK 11,250
Interest cost/month (after 30 % tax deduction)	SEK 6,125	SEK 7,000	SEK 7,875
Difference vs 3.5 %	—	+SEK 875	+SEK 1,750

Half a percentage point in interest rate difference amounts to SEK 875 per month after tax deduction on a SEK 3 million loan. That is more than what the rule changes themselves affect monthly costs for most households.

What does this mean for you if you are buying now?

Three takeaways:

The rules have made it easier to enter the market, but they have not driven up prices noticeably. It is still the interest rate level, supply, and your own finances that determine what you can afford. Use a KALP calculation to estimate what the bank is likely to approve.
If you are looking for a small flat, supply is unusually high right now. It is a buyer’s market in that segment, at least as long as the wave of listings from April persists. For larger properties and houses, competition is tougher.
If you have an existing mortgage with the tightened amortisation requirement: contact your bank. The change does not happen automatically and can free up SEK 2,500 per month or more depending on your loan.

Six weeks is still very little on a market where title registration takes three to four months. The first complete picture of how the rules have landed will come at the earliest after summer.

Frequently asked questions

Do I need to do anything to get rid of the tightened amortisation requirement? Yes. You must contact your bank and request reduced amortisation. The bank does not change it automatically.

Does the new 90 per cent loan-to-value cap apply to all property types? Yes, it applies to condominiums, houses and holiday homes. The cap refers to market value, not the purchase price if these differ.

Can I take a top-up loan for renovation after the purchase? The top-up loan cap was lowered to 80 per cent and revaluation may only be done every five years. If your loan-to-value ratio is already close to 80 per cent there is no room. Plan the renovation cost into the purchase instead.

How do the rules affect a first-time buyer with a low down payment? The saving time for the down payment is shortened by roughly 4–6 years depending on city. However, a lower down payment means a higher loan-to-value ratio, which means a higher amortisation requirement (2 per cent at loan-to-value 50–70 per cent).

Will prices rise sharply because of the rules? Not so far. Six weeks of data show modest increases nationwide. SBAB estimates that the expected price rise of roughly 5 per cent during 2026 is primarily driven by income growth, not rule changes.

Calculate what the new rules actually mean for your situation. In BoKalk you can compare 10 % and 15 % down payments, see how different interest rate levels affect monthly costs and stress-test your finances against the bank’s KALP calculation — all in one place. You can also see directly on each saved property when the loan-to-value ratio drops below 80 per cent and top-up loans become possible again.

Christoffer, founder BoKalk