Independent Expat Finance offers the expat community unbiased mortgage and insurance advice. As an independent broker firm, they are connected to a large range of mortgage providers and insurance companies - ensuring you get the best deal possible. Independent Expat Finance also prides themselves on the dedicated service and guidance you get from your advisor throughout the whole process.
Contact Independent Expat Finance for unbiased mortgage and insurance advice
Most of Independent Expat Finance’s clients have not been in the Netherlands for long. Often, they rent property first. When they realise they like it here and that a mortgage is mostly cheaper than renting (even if you’re paying back the full mortgage over 30 years), they get in touch with Independent Expat Finance to explore their options to buy a property. Right now, it is extremely difficult to buy a property in the Netherlands as there are few new properties on the market, meaning there is a lot of competition and overbidding.
Besides helping clients get a mortgage on their first property in the Netherlands, Independent Expat Finance also advises clients on refinancing and / or increasing their mortgage. Another good option in this overheated housing market is to renovate your current home instead of moving to a new one. Independent Expat Finance can help you with all of these things!
Of course, it is possible to immediately include renovations in the mortgage of your newly purchased property. An appraisal must be carried out when you purchase a property. The appraiser can immediately check whether the plans you have are also increasing the value of your property. Therefore, it may be that you can co-finance the renovation in part or in full.
For example: There is a new yellow kitchen in the property, but you don't like the colour. You don't want to just replace the fronts; you want a new kitchen. The appraiser may say that the purchase of this new kitchen does not increase the value of the property. So, the value of the house does not increase. After all, the bank finances 100 percent of the value of the property according to the appraisal report. In this case, you might have to finance the kitchen (partially) yourself.
You can increase your mortgage if your home has excess value or if the renovation ensures that the value will increase enough. You take out an additional mortgage at the current interest rate with your mortgage provider. Usually, you will receive a construction bank account with the mortgage provider from which your renovations can be paid.
You may be able to save on your mortgage costs by refinancing your current mortgage. This does not necessarily mean that you have to transfer the mortgage to another bank. Usually, you will receive a penalty for refinancing, however this is tax-deductible. You may be able to get the mortgage at a lower interest rate at your current bank or elsewhere. Perhaps you can save enough to finance your renovations at your old monthly costs. Want to know more? Contact Independent Expat Finance!
When you are remodelling, it is also good to see if you can make your property more sustainable. You can easily save on your energy bill by looking at the possibilities for your property - think about insulating your property, getting better glazing such as HR++ or HR+++ glass, installing solar panels, heat pumps or a solar water heater. For improving sustainability, you can often get a mortgage at a very favourable rate and it is possible to finance this on top of your maximum borrowing capacity.
Did you finance 100 percent of the value of your property when you took out your mortgage? It is possible that the value of your property has increased and that you have repaid some of the mortgage in the meantime. Not every bank automatically adjusts the risk category; you may be able to move to a lower risk category.
With most mortgage providers you can prove your property value has increased with the annual WOZ letter, a desktop valuation or valuation by an appraiser. These three options are listed in order of price and value accuracy. Often, you will need a valuation report to apply for a construction deposit, which can immediately be used to see if the risk category on your current mortgage can be adjusted.
Independent Expat Finance’s mortgage advisors, like Monira Klaarenbeek, are here to discuss your options with you, whether you are looking to buy your first home or already have a mortgage and want to renovate or refinance. Contact Independent Expat Finance now!