You probably dont pay mortgage then or have built some wealth. My friend is 2-3y in Denmark paying 500k mortgage on 100k income and life is very expensive and definitely not pleasant there.
500k on 100k income? The rule of thumb for banks in Denmark is to take your yearly income (before tax) and multiply it by four, and that’s what you’re allowed to borrow. So your friend is over-indebted by Danish standards.
As a foreigner, banks would’ve been very reticent about giving him a bank loan, and he would’ve had to down-pay at least 20% of his mortgage.
In other words: I find your friend’s case extremely unlikely and probably made up.
FYI: most people’s expenses go _down_ by buying in Denmark. The interest rates are stupidly low, in some cases even negative, you can pause principal reimbursement for 10 years, and your tax rate goes down.
Never said he borrowed on a single income. My friend works at Visma as SWE. BTW 20% downpayment is the usual deal in most of the EU countries and it does not have to do anything with one being foreigner or not.
I find your remarks incredibly entitled and shortsighted most like coming from the need to defend your home country.
In France you can borrow with a 5-15% down payment. In Denmark, as a Dane, you can easily get a mortgage with a 5-10% down payment. As a foreigner, it’s almost impossible to get with less than 20%. I’m being asked for 30% by my bank (because of the fact I own my own company).
It’s one of the things I absolutely despise about Denmark.
I apologise if I’ve come across as entitled—not quite sure how, however you’re right that this is a topic I feel strongly about.
