Many Norwegians with a lot of debt are taking out new loans: “Worrying”

KronerPhoto: Gorm Kallestad / NTB
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A large and growing proportion of new mortgages are taken out by people who have high total debt in relation to annual income, according to a survey by the Financial Supervisory Authority of Norway (Finanstilsynet).

Almost half of the loan volume in this year’s survey was given to borrowers with debts over four times their annual income.

“Many borrowers have both high total debt in relation to income and mortgages, which make up a high proportion of the value of the home. 

“That is worrying, as these borrowers can be particularly vulnerable in the event of loss of income, increased interest rates, or a fall in house prices,” Per Mathis Kongsrud, director of digitalization and analysis at Finanstilsynet, stated.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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