Almost everyone needs a mortgage when buying a house. The amounts that can be borrowed have fallen considerably compared to a few years ago. For many starters in the housing market it is almost impossible to get a mortgage. Are there still possibilities to qualify for a mortgage as a starter in the housing market?
The housing market is slowly starting to get going again and starters also want a house. Only how is the financing going?
The starter mortgage
Many banks are familiar with the starter mortgage, which includes the starter grants so that more can be borrowed. Moreover starter mortgages are often offered with discounts on the corresponding insurance policies and discounts on notary fees and appraisal fees. Unfortunately, not every municipality has a starter loan. If you want to buy a house in a municipality where a start-up loan is not yet possible, first ask the municipality whether they are going to implement this and within what period. Of the 403 municipalities in the Netherlands, 274 municipalities now provide start-up loans (June 2014 figures).
Buy a house with a national mortgage guarantee (NHG)
When you come to a house with NHG, a lower mortgage interest rate is often charged. This can save more than half a percent. That is certainly worthwhile and moreover it increases the chance that you will get the financing for the house. If you want to be eligible for starter loans and / or a starter mortgage, a house with a national mortgage guarantee is often one of the conditions.
Mortgage benefit for students
Are you a student and do you want to buy a house in the future? Then maybe you can start using the new social loan system from September 2015. The interest that is paid on a study debt is small, much smaller than the amount that you pay on a mortgage and from September 2015 you can take much longer to pay off your study debt.
How does the mortgage benefit work for students?
During your studies you borrow the maximum amount and you try to put aside as much of the loan as possible. You could do this by depositing the amount on deposits. You must repay this amount in 35 years after your studies. The current loan interest on the student grant is 0.81% and this interest is fixed for 5 years. If you do this well, you will save a lot of money. You can use this money when you buy a house. This is to cover the costs that are not co-financed by the bank, but in some cases also to take out a lower mortgage. The new study advance is thus also used as a mortgage.