Which mortgage can I get?Financial Consultants
The amount of the mortgage that you can get depends on the value of the new house, your personal circumstances, the amount of the mortgage and the type of mortgage. From 2014 there is a snag at the height of the mortgage. The interest deduction is reduced by 0.5% each year, and thus the (2013) interest deduction of 52% ultimately only becomes 38%. The amount you can borrow is also getting lower. In 2014 it is still possible to borrow up to a maximum of 104% of the house value, but this is reduced by 1% each year until from 2018 only 100% of the house value can be borrowed. This means that the costs for the notary, real estate agent, the costs buyer and any mortgage advisor costs must first be saved together before one can proceed to the purchase of a house. In addition, you also have money left over for decorating the house (floor coverings, curtains, paint, etc.).
Which mortgage is the best?
There are various types of mortgages. Which mortgage suits you best depends on your personal circumstances. However, the bank savings mortgage currently appears to be the most secure and best form of mortgage. Unfortunately, starters on the housing market cannot use this type of mortgage. They seem best off with an annuity mortgage.
Types of mortgage
This is currently the most popular type of mortgage. A mortgage without risk where you are certain of a repaid mortgage on the end date. The mortgage interest deduction is maximum during the entire term. The disadvantage is that the mortgage type is not very flexible.
It is possible to redeem interest-free up to 50% of the home value, provided that this amount does not exceed a maximum of € 142,500. This means that the debt remains and that you only pay interest. When you partly take an interest-only mortgage, it is often possible to borrow a higher amount. You miss out on a tax benefit with an interest-only mortgage. You can no longer claim the interest deduction here.
This is a form of mortgage in which a fixed amount is paid during the entire term (with constant interest). The amount to be repaid becomes larger and the interest component smaller during the term.
The interest rate is lower every year and you start paying with a lot of interest and little repayment. It is a fairly expensive form of mortgage, but you are sure that you will not be left with a residual debt afterwards. During the term, the monthly charges will always be lower. This type of mortgage is nowadays little closed, the savings mortgage is then a cheaper variant.
The mortgage is ultimately redeemed with the accrued value of the investments. This is a risky mortgage where the final amount cannot be guaranteed.
Modern life mortgage
This is a combination of a life insurance policy with an interest-only mortgage. This is also an investment mortgage where the final amount cannot be guaranteed. You cannot benefit from the tax interest deduction, because it concerns an interest-only mortgage.