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Include home equity:
Do you have no plans to move, but do you want to adapt your home or are you looking for a supplement to your (pension) income? Then you can possibly withdraw the equity in your house.
Cashing in excess value:
Withdrawing excess home equity, how does that work?
How do you know if you have equity?
Step-by-step plan for withdrawing your surplus value:
Assessing home equity: how much equity do you need?
Calculate more:
Frequently asked questions about recording equity in your home:
REDEEM EXCESS VALUE?
Is your home currently worth more than your outstanding mortgage? Good news: then you have surplus value. Now that is not an amount that you can just get your hands on. But fortunately there are all kinds of ways to cash in on your surplus value, so that you still have (part of) your surplus value.
WITHDRAWING EXCESS VALUE OF HOUSE, HOW DOES IT WORK?
If there is equity, you can withdraw the equity in your home by increasing your mortgage, taking out a mortgage, selling your home and renting it back or transferring your mortgage. You can then use your surplus value for renovation, sustainability or other wishes.
Another option is to move to another home. The surplus value is then automatically released.
HOW DO YOU KNOW IF YOU HAVE EXCESS VALUE?
Is there any equity in your house? You can easily calculate that yourself. In short, it comes down to the following:
- how much your home is currently worth based on your WOZ value
- Check how much your mortgage debt is at the moment.
- If you deduct your outstanding mortgage amount from your home value, you will know your exact equity.
If there is indeed excess value, you can have the excess value on your house paid out in several ways. We will tell you more about this below.
Step-by-step plan for withdrawing your surplus value:
Calculate:
- Calculate whether you equity in your house (based on your WOZ value).
Consider:
- Think about what you would like to do with your equity. A renovation? Want to make your home more sustainable? Supplement your pension?
Discuss:
- Discuss your options for withdrawing the surplus value with a mortgage advisor.
Determine:
- Decide together how you want to cash in on your equity: increase the mortgage, take out a mortgage, sell your home and rent it back, move or refinance.
Take:
- Withdraw the surplus value by setting everything in motion together with the mortgage advisor.
Usage:
- Use your surplus value for renovation, sustainability or other wishes.
INVESTING EXCESS VALUE IN HOME: HOW MUCH EXCESS VALUE DO YOU NEED?
To determine where you will invest the equity in your home, it is important to know how much equity you can withdraw. For example, buying a second home becomes difficult with a surplus value of € 20,000, while that amount may be more than sufficient for a new kitchen or solar panels.
Do you have a surplus value of €50,000? Then perhaps a new car into view or you can realize larger renovation plans. And is your equity very high, for example € 200,000? Then you can even consider purchasing a second home (provided you can supplement the mortgage with an amount of your own money).
Calculate more :
Have you found your dream home? Then use the following calculations.
Here is a handy calculation tool with which you can quickly calculate: how much can I borrow? This way you will know in an instant whether you can afford the home you have in mind. Good to know before you go house hunting.
Have you found a nice home and are you curious about what your monthly costs will be? With this tool you can not only calculate your maximum mortgage, but also easily calculate monthly mortgage payments.
Frequently asked questions about recording equity in your home:
When to transfer your mortgage?
Refinancing your mortgage is interesting if there is a financial advantage to be gained. This is often the case when the current mortgage interest rate is much lower than the interest you are currently paying. Do you want to know when refinancing your mortgage is beneficial for you? Calculate it easily with our Transfer Check.
What costs should I take into account if I refinance?
Unfortunately, it is not possible to transfer your mortgage free of charge. Take into account the penalty interest, appraisal costs (average €500) and notary costs (average €700). In addition, there are additional consultancy and mediation costs (an average of €2,500). Don't forget any other costs, such as surety fees for NHG mortgages
Why is a penalty charged when you refinance your mortgage?
If you take out a mortgage with a mortgage provider, you agree on a fixed interest period, for example ten years. If you want to get out of this contract sooner by transferring your mortgage, the mortgage provider will miss out on this expected interest and ask for compensation. This compensation is also called penalty interest.
How is the amount of the fine determined?
The amount of the penalty interest depends on the remaining term of your fixed interest period, the amount of your current interest and the amount of current interest. The mortgage provider often allows you to repay a percentage each year without penalty, for example ten percent. This amount will be deducted from the penalty interest. An additional advantage is that the penalty interest is tax deductible. Calculation example: You have a mortgage of € 200,000. Your fixed interest period expires in two years. You currently pay five percent interest. The current interest rate is 1.5 percent. If you refinance, you will pay off your current mortgage. You can repay 10 percent, or € 20,000, without penalty. That leaves €180,000. The interest difference between your current interest rate (5%) and the current interest rate (1.5%) is 3.5% per year. If you transfer now, the bank will miss out on 7% (2 x 3.5%) interest on € 180,000. The penalty interest is therefore (approximately) 7% of € 180,000, or € 12,600.
Can I also transfer my mortgage with my own bank?
You can transfer your mortgage to another bank if that is cheaper. But perhaps your current bank is the ideal party. We are also ready to help you transfer the mortgage under the most favorable conditions possible.
