The Interest Map puts pressure on banks
Check out how much your neighbours pay for their housing loans, and then confront your own bank. Svenska Dagbladet’s interactive interest map has lowered cost of living for thousands of Swedes and made the actual mortgage rates transparent.
The Interest Map (Räntekartan) is an interactive map using Google technology where Swedes enter their exact interest rate on their home mortgages together with their post code, mortgage sum and other facts. This has created the input for a unique database that makes it possible for people to compare their interest rate with their neighbours’. This digital tool, launched in 2012, kicked off immediately and has been used by thousands of Swedes in their negotiations with their bank. Subscribers to SvD are also offered a personalised negotiation guide which includes advice and arguments that can be presented to the bank.
SvD has followed up the launch with several editorial articles both online and in print, such as expert panels giving recommendations on how to negotiate a better mortgage rate. More than 64 000 entries have been made to date in the map.
The Interest Map has also had a major impact in the debate on banks’ mortgage margins. Both the former Swedish Finance Minister, Anders Borg, and the Governor of the Swedish Central bank, Stefan Ingves, have recognised the map as a tool to help people negotiate their mortgage rate and that it has contributed to increased market transparency.