Lenders use strict rules for taking out a mortgage. These strict rules aim to prevent you from incurring a residual debt or payment arrears.
Do you want to take out a mortgage? Then a number of different points are taken into account. You should consider the following points:
Do you want to calculate how high your maximum mortgage is? Request a quote here .
Before applying for a mortgage, the market value of the home must be mapped out. This is determined by the lender. The lender determines the value based on one of the following factors:
It is important that you can bear your mortgage payments every month. That is why you must be able to repay this every month with your income. A law has been written for this that describes how much percentage of your income you can spend each month on the costs of your mortgage. Your maximum mortgage is calculated on the basis of this. The higher your gross income, the more you can pay off, the more money you can borrow.
Do you want to take out a loan for the purchase of a new home? In 2020 you cannot borrow more than the full amount of the market value of your home. You must finance the additional costs yourself.
Whether you apply for a loan or mortgage, it is always checked whether you already have several consumer loans. The more loans you have, the less room you have within your loan to pay off debts. For example, you can think of a student debt.
Since 2013, you are no longer entitled to a mortgage deduction for all mortgage types. Do you want to borrow (more) money and make use of the right to mortgage interest relief? Then you must be able to repay this loan within a maximum of 30 years via the monthly repayment. You can then make a choice between two different forms of a loan: this is either the annuality mortgage or the linear mortgage. There is also a transitional law for existing mortgages.
Does the sale of your home yield less than the outstanding mortgage debt at that time? Then you can speak of a residual debt. Lenders offer the option, under their own conditions, to co-finance your residual debt when you purchase a new home.