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Corona and mortgages

Quite the opposite, everything keeps going at the moment. Homes are still purchased and sold, and many mortgage applications are being processed. We also notice that many people refinance their mortgage, as the interest rates are currently at a low level, but may rise in the long run. And of course, because they spend more time at home now.

It is unclear how exactly the housing market is going to develop. On the one hand, this depends on the development of supply and demand. And on the other hand, on what the mortgage interest rates will do.

Sometimes we see people who put their search for a home on the back burner for the time being, for example, by temporarily scheduling fewer viewings. At the same time, there is still a very high demand for owner-occupied homes, especially in the Randstad area. A temporary decline in demand may be expected, however, if people are uncertain about their future income. At the same time, this may present an opportunity for first-time buyers on the housing market, as there is temporarily less competition among home seekers.

We see that people who are selling their home now encounter few problems. Homes still sell easily, and at better prices than expected. If this uncertain economic situation continues for a while, however, we expect the supply to decrease, because people postpone selling their home.

This is always very difficult to predict. We currently see factors that may result into higher interest rates, but also factors that may result into lower interest rates. As long as the uncertainty about the economy prevails, or the economic effects are significant, the money lenders are expected to limit risks by increasing the mortgage interest rates. At the same time, the ECB continues to take measures to keep the interest rates at a low level. The question is which of the two developments will outweigh the other in the long run. At this moment, the interest rates are still at a historically low level, though a number of money lenders have increased their mortgage rates, albeit by a small percentage. This may therefore be a good moment to refinance your mortgage.

That depends on your personal situation. If you are faced with a lot of uncertainty about your income now, for example because your job is at risk or as an entrepreneur you make less revenue because of the crisis, it is advisable to wait before undertaking a substantial financial obligation. For other cases applies that you simply have to live somewhere, and rented homes are often more expensive than owner-occupied homes. In that case, it will be important to build in additional certainties to protect you against future setbacks, such as falling house prices or rising interest rates. This is why you should buy – especially now – a home for a longer period (a home that allows for growth). A home of which you know for certain that you can live there for 5 to 10 years. Do not only consider size, but also location and expansion possibilities when making your choice. In addition, we recommend that you fix the interest rate for a longer period, for example 15 or 20 years. In this way, you will be sure of low monthly mortgage payments, even if the mortgage interest rates go up in the future.

We see that, in principle, all steps in the process of purchasing a home proceed as usual. This applies for the mortgage application at the money lender, but also for appointments with the real estate agent, the real estate appraiser and the civil-law notary.

Appraisals are scheduled as usual and proceed smoothly. Taking precautions with regard to distance and hygiene is relatively easy for real estate appraisers.

At this stage certainly, it is increasingly allowed to sign documents digitally. Many money lenders have also extended the validity of their offers, in case the transfer at the civil-law notary has to be postponed.

Civil-law notaries take the necessary precautions that will allow appointments such as for the transfer to proceed as normal, generally speaking. Bear in mind that fewer people may present, for example, in case of appointments without real estate agent, or if the sellers have granted power of attorney prior to the appointment.

General

It is our own choice whatever party we want to work with. This can basically be any bank, insurer, asset manager or other service provider. Practically we choose a number of parties we would like to work with on each area. With a mortgage comparison this is practically the whole market. With damage insurance we consciously limit ourselves to a number of high quality providers. You can always ask us which parties we do include and do not include in our comparison. Please contact us for more information.

Some advisors have a lower rate than others. It is therefore important to think about the difference in how that rate can be justified. Go to our rates for more information.

There are different reasons why it is an advantage for an advisor to be academically educated. For instance, because you want the best advice you need a professional that can understand your situation and adjunct possibilities. Listening and thinking out-of-the-box are essential qualities of a good financial advisor. We want to give you an academically standard advice, because that’s the best way we can help you.

Our remuneration is primarily based on a fixed rate (fixed fee) or subscription.

You can always ask about our diploma’s. All of our consultants have an academic degree and are WFT-acknowledged mortgage advisors.

This is definitely possible. We distinguish customers that originally entered a contract at Viisi and customers who didn’t. Please contact us for the possibilities.

We find that settling a mortgage in 12 hours is simple. Most of this time we invest in the content of the advice. So we invest in you. We try to limit the actual time for settling the mortgage and it will not affect the quality of the advice.

My mortgage

Use our calculation tool to easily calculate your maximum mortgage and the corresponding monthly expenses so that you can start your search for the perfect home in your specific price range.

In this article, we’ll take you through the five most important factors in determining your maximum loan. 

When buying your first house, you are faced with plenty of new challenges. Thankfully, mortgages for your first house have become relatively more transparent since 2013. It is still important to familiarise yourself with the options. Many highly educated starters prefer to prepare themselves and already know what to expect of the financing process prior to buying a house. Read more…

Most PhD candidates believe that it is virtually impossible to apply for a mortgage during their doctoral research. After all, temporary employment contracts are not popular among mortgage lenders. Nevertheless, there are opportunities for purchasing a home during this period. Because of the (often) good future prospects, lenders have a special policy for PhD students. Depending on your situation, there are often more possibilities than there may seem to be in advance. Read more…

Since 2013, mortgage interest is only tax deductible if you choose an annuity or linear mortgage. Did you have a mortgage on your home with which you were entitled to deduct interest on December 31, 2012? Then you are still entitled, under certain conditions, to deduct your mortgage interest if you have a different type of mortgage. We will explain the most common types of mortgages. Read more…

Choosing a mortgage type is a personal choice and we are often asked what the best option is. The linear mortgage is often considered to be cheaper, but is that really the case? And does an annuity mortgage give you more freedom? Or could the increasing costs be overwhelming? Read more…

A linear mortgage offers the following features:

  • Your total monthly payments keep decreasing
  • The sum you are paying off remains the same
  • The interest keeps decreasing
  • You pay less interest over the whole term (compared to an annuity mortgage)

Your total monthly payments decrease slightly every month over the term of your linear mortgage. That sum consists of two different elements: the interest and the loan repayment. Read more… 

An annuity mortgage offers the following features:

  • Your total monthly payments remain the same
  • The sum you are paying off increases all the time
  • The interest decreases all the time
  • Financially, you are better off during the first years (compared to a linear mortgage)

You pay the same amount every month during the fixed interest rate period. That sum consists of two elements: the interest and the loan repayment.

During the initial period, you do not pay off so much of the loan, but you do pay a great deal of interest. However, this interest is tax-deductible, which means more mortgage interest is tax-deductible than with a linear mortgage. Later, this is the opposite: you pay off a great deal of the loan, but only a little interest. Read more…

The time it takes to have a mortgage application approved differs per mortgage provider. In the table below you can find an overview of the average time it takes per provider (including our own check within one day). Read more…

You are free to choose a real estate appraiser. But this does not mean that any appraiser can be hired to appraise the residence. There are a number of requirements. Read more…

The National Mortgage Guarantee (Nationale Hypotheek Garantie (NHG) serves as a safety net if you are unable to pay your mortgage costs due to circumstances. The Homeowner’s Guarantee Fund (Waarborgfonds Eigen Woningen (WEW) guarantees, on behalf of the Dutch Government, via NHG, the repayment of your mortgage. Read more…

With a fixed mortgage interest rate, you are ensured of stable monthly costs during a fixed and agreed upon time period. Currently, the interest rates are historically low in The Netherlands. This provides the possibility to secure your interest rate for a long period of time at a relatively low percentage and ensures that you have affordable monthly costs at an acceptable interest rate. Read more…

Do you expect the interest rate on your mortgage to fall? Then you are better off going for a variable interest rate rather than a fixed interest rate. Your interest rate will then fall too. Do you expect to be able to pay off part of your mortgage quickly, e.g. by means of a gift or release of equity on your old property? In that case it can be advisable to opt for a variable interest rate as well, because you can pay off your loan without a penalty.  Read more…

Tax-deductible mortgage interest is a form of tax relief for homeowners. Did you take out a mortgage after 1 January 2013? Then you can only deduct interest if you are paying off your mortgage in full within 30 years. This automatically means you must have an annuity mortgage or a linear mortgage. In addition, you are obliged to keep to the payment plan. If you do not, you lose your right to tax-deductible mortgage interest. Read more…

You do not only pay monthly costs during the term of your mortgage. You also pay one-off costs when you purchase a home. Your one-off costs can be roughly divided into two kinds: purchase costs and financing costs. After that, you start paying off your mortgage every month. Read more…

To start, we need your gross income details and those of your partner if you have one. We also incluse the mortgage details in our calcutation. Mortgage details include factors such as the purchase price of the home, the mortgage loan amount, the fixed interest rate term, the type of mortgage and the mortgage provider (with corresponding interest rate). Read more…

What to look for when you want to take out a Life insurance? You’ll probably first want to see how much the premium is; how much you pay per month or per year for insurance? Anyone can look up or (have someone) calculate a premium. You will see that at different insurers the premiums are sometimes very similar to each other. Which insurer should you choose? That’s why it is always wise to know and also compare the conditions. Here the main features of life insurance are described and we will give you tips on what further to pay attention to. Read more…

You cannot escape them when you buy a home: notary fees. A notary is the only person authorised to register the legal ownership of a property and the taking out of a mortgage. However, notary fees can vary widely. Read more…

My house

You may find yourself wondering what’s happening behind the scenes when you’re looking for a home: how do you place a bid and what do you include in the purchase contract? We’ve developed an extended version for the detail-lovers among us: 10 steps to owning your own home!

Almost one in three sold properties are apartments (NVM, 3rd quarter 2015). In the big cities, this number is higher. For example, in Amsterdam four out of five homes that are sold are apartments. But what should you look out for when buying an apartment? Read more…

A construction deposit is part of a mortgage that is deposited in an escrow account by the lender. This amount is not paid to the notary upon delivery. The amount in the escrow account is reserved for planned construction/renovations. Read more…

To calculate your construction loan, you’ll need to start with a construction specification. Simply put, an estimate of the planned renovations. 

The amount financed via your mortgage isn’t necessarily equal to the amount in your construction specification. To calculate the financeable amount, the lender will use the value of your property after renovations as compared to the value before renovations. Read more…

You can apply for a construction loan, otherwise referred to as an escrow account, with various lenders. In some situations, you can only apply for an escrow if you are closing on a new mortgage, though these loans are also often extended in addition to existing mortgages.  We’ve summarised how to apply for a construction loan in 6 simple steps.

It depends on your situation. Renovations can drastically increase your property value. Is the kitchen in need of an extension or are you dreaming of a dormer window? These are prime examples of value multipliers for real estate. Increasing the value of your dream home isn’t only good news for you, it’s good for the potential to finance your renovations together with your mortgage.

To determine the exact amount you can finance, the lender will use the value of your home after the renovations as compared to the value before renovations. Read more…

Want to carry out improvements to the property, such as placing a boiler, or installing a new kitchen/bathroom? If so, this process will involve renovation costs. You can pay for these costs yourself, but you can also have these costs co-financed. How does to co-financing of renovation activities work? Read more…

Buying a house costs money. In addition to the purchase of the house, and quite possibly the land, you will face purchasing and financing costs. Which additional expenses do you have to take into consideration when purchasing a house? Read more…

In a number of major Dutch cities – including Amsterdam and the Hague – houses are sometimes not built on private property. The owner of the land gives the buyer of the property the right to use the land, but does not actually sell the land itself. This is called ground lease. Read more…

Documents

Our goal is to choose, with you, the best mortgage for you. And we also want to finalize your mortgage as quickly as possible. You are responsible for ensuring that all the necessary documents immediately be delivered in the right way. We will then do our utmost so that your mortgage application is processed quickly and efficiently. In MyViisi we create a customized list of required documents for you. read more…

It’s really easy to convert different types of files, pictures or office-documents to a PDF format. It’s also easy to adjust, add and rotate these files. The easiest way to merge create or merge PDF’s is by using SmallPDF.

When applying for a mortgage, the appraisal report is one of the most important documents for the lender. This document can substantiate that the property (the collateral for the mortgage) is worth enough. The appraisal will also highlight any important details of the property. read more…

You can influence the speed of the acceptance process of your appraisal report by regularly checking the most common elements of the report. read more…

The mortgage quotation is an important document when applying for your mortgage. A mortgage quotation often includes many terms or jargon that many people are unfamiliar with. What are the important parts? What should you consider carefully when reading the mortgage quotation? With these guidelines we would like to discuss a number of key points and frequently asked questions. read more…

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