Does a construction deposit involve costs?
Usually you receive the same interest on your deposit as the one you pay for your mortgage. However, some banks reimburse 1% less on your construction deposit, which means the costs are 1%.
In addition to any interest obligation, there is always a full redemption requirement for annuity and/or linear mortgages.
What happens if there is still money in the deposit?
This may be use as an additional penalty-free redemption (this additional amortization is not deducted from the usual 10%, 15%, or 20% penalty-free redemption)
Is the interest I receive automatically settled?
Most banks will do this. Some lenders such as Florius, ABN AMRO, and ASR do not settle the interest. Instead, the interest you receive on your construction deposit will be added to the construction deposit. From the start, you will pay interest on the entire loan, including construction deposit. On request it is possible to have the received interest be paid to your own account.
How can I take money from the deposit?
By filling out a form of the lender. Some lenders use an app. You may choose whether the amount will be directly deposited to your own account or the account of the contractor/supplier.
What about my monthly costs?
As long as the full amount is still in the construction deposit, you will only pay the redemption (in case the interest rate for construction deposit and loan are the same). As soon as you take money from the construction deposit you will no longer receive compensation over that part, which means the monthly costs will increase. Your monthly costs are dependent on the moment you take money from your construction deposit. Do you want us to make a calculation of these temporary additional costs? Please feel free to contact us.