Taking your current mortgage with you in the Netherlands as an Expat
Feb 13, 2023

Taking your current mortgage with you in the Netherlands as an Expat

Taking your current mortgage options with you in the Netherlands

Moving to a new house can be a pretty exciting adventure, but don't forget to consider taking your current mortgage options such as your interest rate with you. It's possible that the mortgage interest rate you're paying now is lower than what you would get with a new mortgage. Luckily, many mortgage providers offer what's called a mortgage transfer. Depending on the bank/ lender, you can take your entire mortgage with you or just the interest rate on the remaining balance for the rest of your fixed rate period.

Keep in mind that the rules can vary from bank to bank, and you usually need to give advance notice of your plans. Banks treat moving a mortgage the same as taking out a new mortgage, which means they'll look at your income, debts, and the market value of your (new) home again. There are more rules to keep in mind. If the sale price of your old home is higher than your new mortgage, you probably won't be able to take your entire mortgage with you. If you need more money, you'll be stuck with your current lender for the additional mortgage.

You can also take your interest-only mortgage with you to a new home. If you took out this type of mortgage before January 1, 2013, you can continue to claim the interest on your tax return. But keep in mind that if you move, this only applies to up to 50% of the market value of the new home. You must pay off the remaining mortgage amount. In addition, if you have a so-called "spaarhypotheek" you can no longer take out these types of mortgages, but if you already have one, you can move it with you. You can also choose to cancel it. What's the best choice financially depends on your situation.

Get in touch with Financial Consultancy Holland

Do you have questions about your own financial situation or would you like to get in touch with us? You can do this via our contact form and we will contact you as soon as possible. Looking forward!