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Refinance a mortgage:
Refinancing your mortgage or transferring your mortgage means that you pay off your current mortgage and take out a new mortgage . This can be done with your current bank or another mortgage provider . This allows you to have lower monthly costs. These are the associated steps for refinancing your mortgage .
Transfer your mortgage:
Is this the time for you to transfer your mortgage? We will tell you more about mortgage types, a step-by-step plan for refinancing and answer the most frequently asked questions.
Refinancing your mortgage: a step-by-step plan
Transferring your mortgage means that you pay off your current mortgage and take out a new mortgage. This can be done with your current bank or another mortgage provider. This allows you to have lower monthly costs. These are the associated steps for refinancing your mortgage.
The advisor will map out your financial situation and look at the options. When refinancing your mortgage, you usually pay a fee for early repayment (penalty interest). The advisor calculates the payback period if you refinance. Refinancing is not beneficial in all situations. For example, if you have a savings mortgage, transferring your mortgage interest rarely provides an advantage. However, it is wise to thoroughly examine your financial situation. In many other cases, transferring your mortgage can actually result in significant savings in monthly costs. The advisor will tell you everything you need to know to make the right decision.
Have you decided to refinance? Then it's time to arrange your mortgage. To do this, you provide various documents to your advisor, such as your salary slip and current mortgage information. It is often also necessary to have your home appraised. Once all documents have been submitted, your advisor will write out advice and start applying for the mortgage.
When the chosen mortgage provider agrees to all documents, you will receive the mortgage quotation: the binding offer. After signing the offer, you can start counting down until the day your mortgage is finalized.
You go to the notary not only when buying a house, but also when transferring a mortgage. The notary cancels your old mortgage and registers your new mortgage in the Land Registry. After this, everything has been arranged and you can start enjoying your lower monthly costs. Congratulations!
Mortgage types:
In the past, there were many different types of mortgages. Since 2013, there are only two types of mortgages where you can make use of the mortgage interest deduction. Perhaps one of these mortgage types is interesting for you if you want to convert your mortgage.
An annuity mortgage is a mortgage in which the monthly sum of interest plus repayment remains the same throughout the entire term. At the beginning of the term you pay a lot of interest and as the mortgage progresses you will repay more.
A linear mortgage is a mortgage where you repay the same amount every month during the term. The interest you pay becomes lower and lower, which reduces your monthly costs.
Calculate more :
Have you found your dream home? Then use the following calculations.
transferring your mortgage online :
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.
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
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.
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.
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.
