absolutelypaper.com http://www.absolutelypaper.com My WordPress Blog Wed, 30 Jan 2019 09:27:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.1 Loans to start up until 2019 http://www.absolutelypaper.com/2019/01/30/loans-to-start-up-until-2019/ http://www.absolutelypaper.com/2019/01/30/loans-to-start-up-until-2019/#respond Wed, 30 Jan 2019 09:27:16 +0000 http://www.absolutelypaper.com/2019/01/30/loans-to-start-up-until-2019/ Read More]]> Starters in the housing market can still receive a so-called start-up loan in some municipalities until 2017. This loan, actually a second mortgage, is provided by the municipality and is intended for starters who can not afford their home. A maximum of 20 percent of the purchase price can be financed with the starters loan.

If you are eligible for this loan, you do not have to pay interest and repayment for the first three years. Only after three years do you start paying off, so that you first have the opportunity to work on your career and start earning more. The costs of the first three years are a gift from the municipality: they do not have to be paid afterwards.

If after three years you do not earn enough to start paying off, for example because your salary has not risen as fast as expected, you pay what you can miss. This also only applies to the start-up loan, not for the first mortgage on your house! In addition, there are some additional costs involved in concluding the start-up loan: 1.5% closing costs, 1% bail commission and notary fees for the second mortgage (the start-up loan).

Many differences in start-up loans per municipality

Whether you qualify for a start-up loan depends on the municipality where you want to buy a house. They determine themselves whether and under what conditions they provide the loan. At this moment you can still turn to 256 of the 400 municipalities for a start-up loan. It is mainly the municipalities that want more residents who provide the loans. In Zeeland, for example, 85 percent of the municipalities provide the loan, while in the Randstad only Utrecht participates. Some municipalities work with certain postcode areas for which the loan may be applied for, or with a maximum amount that may cost your home.

In short, if you want to be eligible for the start-up loan, first inform your municipality whether they provide it and under what conditions. You still have a chance until 2017, after which the loan is probably canceled by all municipalities.

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Less and less payment arrears on mortgage loan http://www.absolutelypaper.com/2019/01/30/less-and-less-payment-arrears-on-mortgage-loan/ http://www.absolutelypaper.com/2019/01/30/less-and-less-payment-arrears-on-mortgage-loan/#respond Wed, 30 Jan 2019 09:26:52 +0000 http://www.absolutelypaper.com/2019/01/30/less-and-less-payment-arrears-on-mortgage-loan/ Read More]]> There are fewer and fewer Dutch people with a payment arrears on their mortgage. In the past twelve months, the number of Dutch people with long-term payment arrears on the mortgage has fallen by 12 percent. The Mortgage Barometer of Stichting BKR recently appeared. This provides insight into the trends and developments of payment arrears on Dutch mortgage contracts. According to the barometer, the Netherlands had almost 86,000 people with long-term arrears on their mortgage as of 1 April 2018. The year before, there were still 98,000.

Since 2015

That is a big difference with three years ago. In July 2015, the payment problems on the mortgage reached a low point. At that time, more than 113,000 Dutch people were in trouble. Stichting BKR considers the decline of 12 percent, compared to 2017, to be substantial. The end of the economic crisis and the reduced unemployment of recent years have contributed to this good development.

 

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Government measures

The decline in the number of people with a payment arrears on the mortgage will continue according to the BKR. Various measures, which the government takes, have an influence on this. For example, as a buyer you still can not borrow more than the house value. In addition, it becomes less attractive to take a high mortgage when the mortgage interest deduction is reduced (accelerated).

When payment problem?

You speak of a payment problem on the mortgage when you are more than three months behind paying your mortgage. When you have paid everything again, the backlog is restored. a payment arrears naturally do not arise. You may not be able to raise the mortgage amount because it is too high because of the interest. Fortunately, you can lower this interest by transferring your mortgage through an independent mortgage adviser in your area. We are happy to put you in touch.

 

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Stricter rules for loans http://www.absolutelypaper.com/2019/01/30/stricter-rules-for-loans/ http://www.absolutelypaper.com/2019/01/30/stricter-rules-for-loans/#respond Wed, 30 Jan 2019 09:26:09 +0000 http://www.absolutelypaper.com/2019/01/30/stricter-rules-for-loans/ Read More]]>
The National Institute for Budget Information (Nibud) wants stricter rules for all types of loans, including small loans. The organization thinks that when it comes to taking out a loan, it becomes clear more quickly whether people can pay the loan.

When a personal loan is taken out, a check is currently being made to check whether someone can pay the monthly costs associated with the loan. Do the costs match the income, the family composition and other payment obligations? That control, called the acceptance procedure, should also be applied to the other (and smaller) loans, according to Nibud.

Influence choice environment
Nibud researched, among other things, the acceptance procedure and the influence of the environment in which loans are offered. Furthermore, the choices and experiences of consumers who have taken out a loan were examined. The investigation shows that the structure of the lender’s website influences the loan that someone chooses. The fact that the influence of the choice environment, such as a website, has also been considered for the first time.

Better pay attention to maturity
With a personal loan (which has 5 percent of the Dutch) the term is fixed (usually 8 years with a repayment per month of 300 euros). Almost no one thinks it is a problem. 3 percent said she should not have taken out the loan. Nibud is keen to see lenders helping consumers better pay attention to the term of a loan. For example, by showing the total amount of the loan more clearly on the website. Currently, consumers pay special attention to the level of interest and the monthly amount. From May 1, 2019, stricter rules will also apply to revolving credits. For example, the carrying capacity of a loan is assessed more often and the term of a loan is limited (er).

Reduce interest rates on loans

Ongoing loans, credit cards and other forms of loans often have high interest rates. You can reduce the interest on your current loans at no cost. Enter your details here

and you will be contacted as soon as possible to look at the possibilities.

Answer to all questions about loans

What types of loans are there? What are the disadvantages of a personal loan? These questions and more questions are answered in the question & answer section.

 

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Increase in Private Loan contracts http://www.absolutelypaper.com/2019/01/30/increase-in-private-loan-contracts/ http://www.absolutelypaper.com/2019/01/30/increase-in-private-loan-contracts/#respond Wed, 30 Jan 2019 09:25:47 +0000 http://www.absolutelypaper.com/2019/01/30/increase-in-private-loan-contracts/ Read More]]>
Although this form of leasing has just been introduced among Dutch households, this market is growing considerably. Meanwhile, private leasing already makes up 10% of the loan market. This is slowly maturing the market.

Private loan especially popular at 40+

The age of private loan drivers is quite widespread with an average age of 46 years. Nevertheless, adults between the ages of 46 and 55 make the most use of private leasing. This group represents 23% of all private loan contracts. Even younger Dutch people aged between 26 and 35 often use private leasing over 21% of the contracts.

More and more B-class

In the first period of private leasing, small, compact cars with relatively low monthly amounts were particularly popular. These cars fall in the A-class and you pay on average € 200, – per month. Yet there is a shift from the smaller cars to the larger and the more luxurious cars from the B and C class. For this you lose € 400, – per month on average and are attractive with a longer duration. Volkswagen is the most chosen brand for a loan car, followed by Fiat and Peugeot . The Fiat 500 is the most chosen loan car of 2016.

Longer running times and less mileage

In the Netherlands, there are more than 64,000 private loan contracts in 2017. Almost 70% of this has a mileage of 15,000 km per year and a duration of three years or longer. This shows a clear shift to longer contracts.

Private loan via Bank

When you use Private loan via Bank you are fully equipped. You do not have to worry about insurance, maintenance and road tax. And you already drive a brand new car from € 198, – per month! View the full range here. Pleasantly arranged!

 

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What does the Netherlands think of the current mortgage loan interest rate? http://www.absolutelypaper.com/2019/01/30/what-does-the-netherlands-think-of-the-current-mortgage-loan-interest-rate/ http://www.absolutelypaper.com/2019/01/30/what-does-the-netherlands-think-of-the-current-mortgage-loan-interest-rate/#respond Wed, 30 Jan 2019 09:25:25 +0000 http://www.absolutelypaper.com/2019/01/30/what-does-the-netherlands-think-of-the-current-mortgage-loan-interest-rate/ Read More]]>  

Commissioned by Bank, market research institute GfK has carried out a mortgage survey among 1,200 Dutch people with a mortgage.

The survey shows that four in ten Dutch people with a mortgage find their own mortgage rates low or very low. Three-quarters of that group do not pay 3 percent mortgage interest. In addition, one third of the requested interest rates are (very) high. 83 percent of this group pay at least 4 percent interest.

Transfer mortgage

Of the people who have taken out a mortgage four years or more ago, and now find their interest high or very high, 46 percent have decided not to close the mortgage and 15 percent plan to do so. In addition, 16 percent has not yet taken a decision and has not yet considered the rest. Among the group of respondents, who find their own mortgage rates (very) low, a third party has already locked up the mortgage.

Careful

As a mortgage owner, do you now have money left if you do not transfer your mortgage? That is not necessarily the case, according to Anton Bosch, director of Mortgages at Bank. “Let us be especially careful here. A mortgage is not just the interest you pay. ‘ At the moment the mortgage interest rate is low: on average it is around 2.3 percent. ‘But,’ says Bosch, ‘also look at the possible drawbacks of a new loan, such as other conditions and additional costs.’

Do you want to know the benefits of having your mortgage transferred to you? We would like to bring you in contact with an independent mortgage advisor in your area who can tell you all about this.

Why change?

For almost half (45 percent) of people who have taken out a mortgage in the last two years, lower monthly expenses were the main reason for doing so. Almost a quarter wanted to profit mainly from a lower mortgage rate. Four in five people of this group have taken out a mortgage with another provider. A quarter are afraid that switching will yield little or nothing. Furthermore, 22 percent said they would not want to close because of the penalty interest they had to pay in the event of an early repayment of the mortgage. In the latter case it can still be beneficial to switch over if the lower monthly costs of a new mortgage can compensate the costs for the transfer.

How long the current interest rate remains low is the question. At a certain moment the interest rate will rise again. When exactly, no one can say. An independent mortgage adviser in your area can tell you more about this.

 

 

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What makes for maximum mortgage loan reduction? http://www.absolutelypaper.com/2019/01/30/what-makes-for-maximum-mortgage-loan-reduction/ http://www.absolutelypaper.com/2019/01/30/what-makes-for-maximum-mortgage-loan-reduction/#respond Wed, 30 Jan 2019 09:25:02 +0000 http://www.absolutelypaper.com/2019/01/30/what-makes-for-maximum-mortgage-loan-reduction/ Read More]]>  

Before you can borrow money for a mortgage from a lender, the lenders first check whether you are listed at Bureau Krediet Registraties (BKR) or have payment obligations elsewhere. There are various mortgage-reducing obligations. It is important that you know it.

Since January 2017 much has changed with regard to BKR registrations. Such registration occurs when a loan is taken out. Where for 2017 only loans were recorded from 500 euros to 175,000 euros, with a term longer than three months, that has been changed to loans from 250 euros, with a term longer than a month. For example, a subscription with a mobile phone, worth 250 euros or more, is registered with BKR within the subscription. This results in a lower mortgage, which can therefore sometimes be thousands of euros lower.

Private lease

What many people do not know is that private leasing, as opposed to leasing through work, is also registered with BKR. 65 percent of the lease amount is regarded as a loan. Lenders take 2 percent of this amount into account as a financial liability, which lowers your mortgage.

More factors

It is important to be aware of what can affect your maximum mortgage negatively. More factors are:

  • Red are on your payment account. Even the possibility of standing red already has influence. After all, you can use the option.
  • Credit card paid back in installments. This is seen as a loan.
  • Study debt. This is not registered with BKR, but can affect your maximum mortgage.
  • Loans and credits from third parties.
  • Continuous lease. This is leasehold, for which you have to pay. Everlasting leasehold has already been bought off.
  • Partner alimony. This money is deducted from your income, making your maximum mortgage lower.

 

 

 

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Guarantor standing for mortgage loan http://www.absolutelypaper.com/2019/01/30/guarantor-standing-for-mortgage-loan/ http://www.absolutelypaper.com/2019/01/30/guarantor-standing-for-mortgage-loan/#respond Wed, 30 Jan 2019 09:23:51 +0000 http://www.absolutelypaper.com/2019/01/30/guarantor-standing-for-mortgage-loan/ Read More]]>

Graduated and just started working? This is often the moment when the desire for a home starts to itch. No more bothering of landlords who have broken CVs late to repair, or finally their own place without the strict rules of parents. But obtaining a mortgage can be a problem as a starter. In the past, parents could guarantee the mortgage. Unfortunately, since 2013 it is no longer possible to take out a mortgage with this help, but there are alternatives.

What is a mortgage?

Since the mortgage rules have been tightened considerably, it is more difficult for starters to buy a house. Often the incomes of starters are low at the start, which is sometimes too low to take out a mortgage yourself. Until 2013, a solution for this was, for example, that your parents guarantee the mortgage. Your parents were then liable if you could no longer pay the mortgage costs.

When a mortgage has been taken out for 2013 whereby the parents guarantee the mortgage, mortgage lenders have only provided the mortgage guarantee when there was a relationship between the mortgage taker and the guarantor, such as a parent-child relationship. At that time you might not be able to bear the entire mortgage burden. The mortgage lender expects you to start earning more as a starter in the future, so you can ultimately pay the mortgage burden yourself. Naturally, the mortgage lender checked whether your parents have enough assets and whether it is expected that you will earn more in the future. Do your parents pay a part of the mortgage? The tax authorities see that as a gift. If the total amount is above the annual exemption, your parents will pay tax on this. The exemption depends on your age.

Guarantor stand for mortgage and National Mortgage Guarantee

National Mortgage Guarantee (NHG) is a guarantee that if you can not, by no means of your debt, no longer be able to bear your mortgage payments and therefore have to sell the property, the debt will be waived. Think of a divorce, becoming unemployed or incapacitated for work, as a result of which the costs have become unaffordable. If your parents guarantee the mortgage then it is not possible to take out the mortgage under the conditions of NHG.

Guarantee mortgage and mortgage deed

If your parents guarantee the mortgage, they must also sign the mortgage deed. Your parents are seen as the main liability for the mortgage. Can you no longer pay the mortgage payments? Then your parents are being asked to pay the mortgage.

Guarantor to raise mortgage

Have you made steps in your career and therefore a higher income? Can you easily pay the mortgage costs yourself? Then the guarantee for the mortgage can be canceled. In order to cancel the mortgage guarantee, you must submit a request to the mortgage provider.

Garant stand mortgage or deposit stand

Being a guarantor for the mortgage is different than guaranteeing a mortgage, yet these terms are often confused. In the case of deposit, the bail carrier only has to pay if there are written reminders or notice of default. With a guarantee for the mortgage, the guarantor must already comply with this at the first request for payment.

Guaranteed standing for the mortgage by parents no longer possible

From 2013, it is possible for almost no mortgage lender to allow your parents to stand surety for the mortgage. However, other alternatives are possible to still get help from your parents when taking out a first mortgage.

Other possibilities than guarantor are mortgage

Your parents can also help you in other ways than guarantee, with:

  • a loan
  • a gift
  • the cash circle
  • rental of the house
  • joint sale
  • use of the surplus value of the home of your parents

Loan

They can decide to provide you with a loan. This can be a private loan, which does not have to be registered notarially. However, the conditions and agreements must be clearly recorded and the loan must be registered with the tax authorities. About this loan, just like with a bank, interest must be paid. The interest is deductible from the tax if the loan is repaid, as happens with an annuity or linear mortgage . The interest must be comparable to that of a mortgage, so symbolic interest of 1% is not possible. A loan from parents does not mean that you automatically get a higher maximum mortgage with the bank. The amount is deducted from the mortgage because you have to pay monthly for the loan to your parents.

Donation

From 2017 it is possible for parents to donate one-off tax-free money, where it must be demonstrable that this is used for the purchase of a house, repayment of the mortgage or buyout of the lease. In 2019 the maximum is increased to € 102.010, -. Parents may use the general exemption per calendar year to a maximum of € 5,428.

Cash round

In the case of a cash round, your parents lend you money for the purchase of the house, pay interest on it every year and deduct this mortgage interest. Subsequently, in the same calendar year, you donate an amount equal to or lower than the interest charge and fall within the annual donation exemption. The interest payment and the donation must be separate from each other.

Hiring of the house

Your parents can also decide to buy the property for you and then rent it out to you. Because the house is not the main residence of your parents they can not use the mortgage interest deduction. In addition, they will also have to pay capital return levy. The rental income does not have to be declared at the tax.

Joint purchase

An option that still occurs is buying the house together. You and your parents then jointly own the home and own 50%. This is convenient for you, but not for your parents. Just like with the letting of the house, the house falls into box 3 and no use can be made of the mortgage interest deduction. Here, too, the capital yield levy will look. The mortgage interest deduction does apply to you.

Overvalue home parents

If your parents have surplus value on their own home, you can use this as collateral for part of your mortgage. Your parents do run the risk of having to sell their own home if you can no longer pay the mortgage costs of your home. In addition, this tax technology has a lot of feet in the earth before this construction is possible.

Independent mortgage adviser in your area

As you read, there are several ways in which your parents can financially support you in buying a house. Some options are harder to implement than other options. That is why it is useful to get in touch with an independent mortgage advisor in your area who can help you make the best choice. We are happy to put you in touch free of charge.

 

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Mortgage loan to renovate http://www.absolutelypaper.com/2019/01/30/mortgage-loan-to-renovate/ http://www.absolutelypaper.com/2019/01/30/mortgage-loan-to-renovate/#respond Wed, 30 Jan 2019 09:22:58 +0000 http://www.absolutelypaper.com/2019/01/30/mortgage-loan-to-renovate/ Read More]]> sol

You are not entirely satisfied with the house: the kitchen, the bathroom or something else on the property is due for replacement or you would like to renovate. These renovation plans can cost you a lot of money. Money that you may not have directly because your savings are not sufficient. There are several ways to finance the renovation.

Second mortgage for a renovation

Is the value of your home higher than the remaining mortgage? Then you have an overvalue. You can then choose to take out a second mortgage , with the surplus value as collateral. The interest on this second mortgage is deductible if you take out a linear or annuities mortgage . In doing so, you take out the mortgage during the term. You have to do this in a maximum of 30 years. It is sensible to look not only at the current mortgage provider for the second mortgage. Compare the costs with the various mortgage lenders and let a mortgage advisor help you with this. Request an introductory mortgage interview here.

Increase current mortgage for a renovation

When you take out your mortgage, the mortgage deed is registered with the notary. This contains the agreements about the mortgage, as well as the maximum mortgage amount. You can choose to have this amount set higher than you borrowed for the purchase of the property. This is called a higher registration. Example: you have agreed a mortgage amount of € 250,000 with the mortgage lender, of which you use € 244,000 for the purchase of the property. The remaining amount of € 6,000 can then be used for the renovation.

The advantage of this is that, if you want to remodel later, you can use the remaining amount of the maximum mortgage that is laid down in the mortgage deed. You do not have to go to the notary again and that saves you a considerable amount for a change at the notary. Costs that do add up are the new closing costs and possible valuation costs. After all, the mortgage lender will want to know whether the value of the home and your income allow the extra loan amount. It may therefore also occur that the mortgage lender rejects the additional amount you want to withdraw, for example if the mortgage lender calculates that your current income is too low for that.

It can also be detrimental to register the mortgage higher. If you want to take out a second mortgage or loan with another lender, then you will see how high your debt is at that moment. The lender starts from the increased amount stated in the mortgage deed.

Mortgage for a renovation of a new home

When buying a house you can also finance a planned renovation to improve the house. To determine how much you can co-finance, we look at the value of the converted home. Of course, this value must be determined by the valuer on the basis of the building plan. The interest on the mortgage is deductible, provided it is a linear or annuity mortgage . The mortgage with the National Mortgage Guarantee can also be taken out and of course the rules for NHG must be met.

If you plan to install energy-saving facilities on or in the home, for example solar panels, you may borrow 106% of the value of the home.

Personal loan for a renovation

You can choose to finance the renovation through a personal loan. The advantage of this is that you do not have any additional costs, such as notary fees. However, the interest on a personal loan is often higher. You have to repay the loan, annuity or linear, in a maximum of 30 years, just like a mortgage loan.

 

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Transfer mortgage loan http://www.absolutelypaper.com/2019/01/30/transfer-mortgage-loan/ http://www.absolutelypaper.com/2019/01/30/transfer-mortgage-loan/#respond Wed, 30 Jan 2019 01:33:30 +0000 http://www.absolutelypaper.com/2019/01/30/transfer-mortgage-loan/ Read More]]>

Maybe you want to cross the mortgage because you want lower monthly payments, because the fixed-rate period ends or because you plan to renovate. Whatever the reason, first talk to a mortgage advisor. The adviser will examine together with you whether it is wise to transfer the mortgage. It is not always a good choice and in some cases it can even result in a fine. Ask for an introductory mortgage interview with a mortgage advisor, so that you can make an informed choice.

Expiry of the fixed-rate period

If the fixed-rate period ends, your mortgage lender has to make a new interest offer three months in advance. If you find a better offer elsewhere, you can choose to switch to another provider. Your mortgage lender may not give a fine, but you can be confronted with other costs. With some mortgage lenders you can use the interest of the current interest rate period: the interest you have secured is then averaged with the interest that applies at that time. This can give you an advantage when the interest rate is lower than the interest you have secured. If you can arrange this with your mortgage lender, you will only pay administration costs.

Same mortgage form with other mortgage lender

Do you want to keep the same mortgage form, but do you want to switch to another mortgage provider? You can and you can still use the mortgage interest deduction. If you opted for an interest-only mortgage at that time , you can transfer it to another mortgage provider, without your mortgage interest deduction being canceled. However, the interest-only mortgage may not be more than fifty percent of the market value of the home. If it is higher, you have to opt for a mortgage for that part of the mortgage. Of course, the new mortgage lender will assess whether they can offer you the mortgage. If it is that the home is worth less than the mortgage, they can reject the application. In general, it is not advisable to switch mortgage lenders if you have a ( bank ) savings mortgage . Your gross monthly costs will remain the same, which will not benefit you.

Note: If you switch from mortgage lender, this usually involves costs and in some cases a fine. So let yourself be well informed in advance.

Change mortgage form

Different rules apply to the conversion of the mortgage type. Do you want to convert the mortgage and continue to use the mortgage interest deduction? Then you can only choose a form where you pay off: a linear or annuities mortgage . Because this changes your personal situation, it is wise to first seek advice from a mortgage advisor. You can explain all the advantages and disadvantages and see whether it is wise to switch to a different form of mortgage.

Penalty due to mortgage transfer

Do you transfer the mortgage during the fixed-rate period? Then the mortgage lender can give you a fine. In some cases that is fine, because it may be that the new monthly costs are so much lower that the fine is quickly recovered. To determine the amount of the fine, the mortgage lender looks at the interest rate that applies at that time and for how long the term of your mortgage is still. In addition, the amount of the costs of advice, valuation costs, mortgage costs and any costs for National Mortgage Guarantee are included in the amount of the fine. You may have to borrow extra money for this. You can not deduct interest on the extra borrowed part. If you do not loan extra for this, these costs are deductible.

 

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With mortgage loan debt cancellation? http://www.absolutelypaper.com/2019/01/30/with-mortgage-loan-debt-cancellation/ http://www.absolutelypaper.com/2019/01/30/with-mortgage-loan-debt-cancellation/#respond Wed, 30 Jan 2019 01:32:55 +0000 http://www.absolutelypaper.com/2019/01/30/with-mortgage-loan-debt-cancellation/ Read More]]> Yes, finally finished studying. Diploma in your pocket, already working for a while and now looking for your own owner-occupied home. Only, you have a student debt and the question is whether a student debt and mortgage can go through one door. Or you are currently studying and ask yourself whether it is useful to borrow more via the DUO to take out a mortgage later with the study debt, to pay the additional costs. Read all about a study debt and mortgage here.

 

Does the student debt affect mortgage?

Fortunately, it is a misunderstanding that no mortgage can be taken out with a study debt. In the past there was virtually no examination of the student loan for the mortgage. The mortgage lenders assumed that you would get a job with HBO diploma and the income would increase over the years. The credit crisis has thrown a spanner in dealing with the student debt and mortgage.

The student debt currently has a (limited) influence on the maximum mortgage amount . To calculate the maximum mortgage, the mortgage advisor (and later the bank for the acceptance) will review your income, the house value of your dream home, any donations and loans.

An independent mortgage advisor can calculate for you personally how much impact your student debt has on the maximum mortgage amount.

The effect of study debt on mortgage

The bank looks at the loans you have run. They do this by checking the BKR your registration . However, the DUO study debt is not registered in this. You think fine, the study debt does not affect the mortgage anyway. The mortgage advisor will ask you about all financial obligations. It is wise to mention the study debt yourself. For example, the consultant can take this into account and see whether you can pay the mortgage monthly payments. It would be annoying if you bought a property that you actually can not afford and therefore get into financial trouble.

Do you take out a mortgage with a National Mortgage Guarantee , and did you conceal your student loan for the mortgage application upon closing? Your right to remission of the residual debt will then lapse if you are forced to sell the property with residual debt. Honesty also lasts when applying for a mortgage the longest.

The percentage by which the monthly payment of the loan is calculated is lower for a student debt than for a regular loan.

Mortgage and student loan old loan system

Do you have a student loan from the old loan system, ie before 1 July 2015? Then they assume that you pay back 0.75% of the total debt to DUO each month.
Example: The average student debt is € 15,000. Then the monthly payment that is taken into account is € 112.50 (0.75% of € 15,000). With this you can get around € 21,000 less for the mortgage. Based on your income is determined that you can get € 700, – per month mortgage, then the maximum mortgage amount € 587.50 per month (€ 700 – € 112.50 = € 587.50).

Mortgage and study debt new loan system

In the new loan system, no basic grant is provided to students. This results in higher student debts. In consultation with the Ministry of Education, Culture and Science and the banks, it was decided to charge the student debt less heavily as a burden than before. Do you have a student loan from the loan system from 1 July 2015? This study debt can be repaid in 30 years and is included as a monthly expense for 0.45%.

Example: For the new loan system, the average student debt is expected to be € 20,000. The monthly charge is € 90, – (0.45% of € 20,000). As a result, you can get around € 17,000 less in mortgage than if you did not have a student debt. Based on your income is determined that you can get € 700, – per month mortgage, then the maximum mortgage amount € 610 per month (€ 700 – € 90 = € 610).

Use study debt to get a mortgage?

There are students who think about the future during the study and because of the lower interest rates for a student loan, borrow more money than necessary for the study. They are thinking of using part of the mortgage debt, because less and less extra can be borrowed and the additional costs have to be paid more and more from their own pocket. NIBUD has calculated that more than 30% of the students borrow more than they need and save 10% to be able to buy a home after their studies. This mortgage loan debt is smart because of low interest rates, but is that?

Saving money yourself with the help of a part-time job in the future, the extra costs of buying a home is smart. Extra borrowing is less convenient, because as you have read before, this affects the amount of the maximum mortgage. The more (study) debt there is, the less there can be borrowed. Therefore, try to pay the study and the costs as much as possible with a job. Who knows, you can continue to work there after the study.

Completely repay mortgage loan debt

Your parents, or perhaps your grandfather or grandmother, may decide to lend you a hand by donating an amount to you so that you can, for example, pay off your student debt. Did you pay off a part of the student debt? Then the bank still assumes the original amount of the debt. Imagine you have a student loan of € 15,000 and you have already paid off € 10,000. The bank will still start from € 15,000 instead of the remaining € 5,000. Unless you have repaid extra in the interim. Then the bank can proceed to a re-calculation of the loan charges.

Do your parents help to pay off the last € 5,000? The maximum mortgage is now no longer hindered by the student debt.

Being a starter can sometimes be difficult to obtain a mortgage, also due to often a low income at the beginning of your career. Fortunately, you can be helped in various ways, to get a mortgage despite the student debt. Look for that at starters mortgage .

 

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