What is the maximum mortgage I can get?
Before you search for your first home to buy, you need to know what your maximum mortgage is. You can calculate that amount online, but those tools only give you an indication. For a precise calculation of the maximum mortgage, it is best to contact a mortgage advisor. A mortgage is tailor-made.
How do you avoid falling for a house you can't afford? Online calculation tools to calculate your maximum mortgage often do not look further than the income and are therefore not very precise. The mortgage advisor's calculation is more accurate. Please note: you cannot derive any rights from it. A mortgage advisor advises, the bank ultimately approves or rejects your mortgage application as a mortgage lender.
In addition, it is at least as important to calculate which monthly costs are involved in buying a house.
Whether or not to go for an independent mortgage advisor
There are independent mortgage advisers and mortgage advisers employed by a bank. Both calculate your maximum mortgage based on your income, financial obligations, loans and any student debt. The difference between the two is that a mortgage adviser employed by a bank will only advise his own products. You can choose this because, for example, you have good experiences with the relevant bank and you like to arrange all your financial matters under one roof. An independent advisor, as the name implies, is not tied to any particular party. He advises you on products from various mortgage lenders.
The mortgage advisor calculates your maximum mortgage and monthly payments
The mortgage advisor's calculations give you a good indication to start your search for a home of your own. Have you already found the house? With the Monthly Payments Calculator you can calculate what you have to transfer monthly in mortgage payments after taking out.
Or talk to a mortgage advisor and have him calculate whether buying this home is possible for you. In an exploratory meeting you can immediately have the monthly costs of the house calculated. Do these fit within your budget? And are you confident that you can afford these fixed costs on a monthly basis in the coming years? Then think about whether you want to make an offer.
Buying a house without own money is not possible
You may have heard that you can't get a mortgage higher than the home's worth – even though your wallet could theoretically carry a higher burden. This is true: you can finance 100% of the home value. 106% if you use that extra amount for energy-saving measures. You have to contribute other costs, for example those for a purchase broker or overbidding.
The exact amount that you must invest yourself depends on the purchase price of the house and, for example, whether you engage a purchase broker and whether you have a building inspection carried out. In addition, most homes are sold under the buyer's cost condition. This means that the costs for the transfer of the house are for you as a buyer. Indicatively, you can take into account an amount around 6% of the purchase price of the house. So if you buy a house for € 250,000 you need about € 15,000 of your own money. If you are under 35, you are exempt from transfer tax (normally 2% of the purchase price). In this example you save € 5000. This exemption only applies to homes under € 400,000. Some homes, often new-build, are sold under the free name condition. In that case, the seller bears part of the costs.
Extra money of your own?
If you have enough money of your own, you can choose to pay off part of the house immediately. This way you lower the mortgage and therefore also the monthly payments. Keep in mind that the money is then 'stuck': it is no longer in your account. You can no longer use it to get married or travel the world! So only use this money if you can really afford it.
Request your details from the BKR
Before a lender grants you a loan, he requests information about you from the Bureau Krediet Registratie (BKR). You may have heard of this: the BKR registers loans and other financial obligations in your name. You get a credit registration through a personal loan, but also because of debts on your checking account. Even a telephone subscription that includes a payment for a telephone can affect your maximum mortgage. Therefore, request your details from the BKR before you apply for a mortgage. Then you can terminate any loans that you no longer use.
Request an overview of the amount of the student loan from the Dienst Uitvoering Onderwijs. This is not registered with the BKR, but is included when calculating the maximum mortgage on your income. And yes, you are obliged to state your student debt.