FAQ
Answers to frequently asked questions (FAQ) when buying a house and applying for a mortgage in the Netherlands.
WHAT IS A MORTGAGE ESTIMATE?
A Mortgage Estimate is a written estimate of the closing costs, the maximum loan to income, and a table with the monthly payments over time. You will receive a Mortgage Estimate shortly after our first informal meeting.
A pre-approval for a mortgage doesn’t exist in the Netherlands. However, a Mortgage Estimate gives you a good overview of your maximum mortgage (LtI) and what the monthly costs are.
WHAT DOCUMENTS ARE NEEDED TO RECEIVE A MORTGAGE ESTIMATE?
View our list below to see a list of documents required to receive a Mortgage Estimate:
- Your payslip;
- Your contract;
- Copy of your passport, and residence permit;
- Confirmation letter regarding 30% ruling if applicable;
- Additional information:
- Your marital status;
- Overview of your assets, credits/loans, and additional income.
HOW LONG DOES THE MORTGAGE PROCESS TAKE?
The time needed to complete the mortgage process varies by customer and lender because it includes gathering information from a customer, verifying that information and processing the mortgage.
WHAT IS LTV?
To qualify for a mortgage, lenders will look at the loan-to-value (LtV) ratio. LtV is a ratio, expressed as a percentage, of the requested amount of your mortgage divided by the purchase price or appraised value of your home.
For example, if the home you purchase or refinance has been appraised at € 500.000 and you are requesting a loan for € 400,000, the LtV is 80% (€ 400,000 / € 500,000). The maximum LtV in 2018 is 100%.
WHAT IS LTI?
To qualify for a mortgage, lenders look at the loan-to-income (LtI) ratio. LtI is a ratio, expressed as a sum, after considering multiple factors such as your monthly income, employment history, and creditworthiness. One of our most valuable pieces of advice is that only you can determine the mortgage debt that you’re willing to bear. Mister Mortgage provides expert advice to assist you with how much you can comfortably afford to borrow.
WHAT IS NHG?
It helps you take out a mortgage that is affordable and responsible from the start. And if you do run into problems meeting your payments due to circumstances beyond your control, the National Mortgage Guarantee may provide a safety net for you and your mortgage lender.
The National Mortgage Guarantee is referred to in Dutch as ‘NHG’ or ‘Nationale Hypotheek Garantie’.
WHAT DOCUMENTS ARE NEEDED TO APPLY FOR A MORTGAGE?
Contact us for a personal purchase application list to get a good overview of the documents that are needed.
WHAT IS AN APPRAISAL AND WHY DO I NEED IT?
An appraisal is a written estimate of a property’s current market value, based on recent sales information for similar properties, the current condition of the property and the neighborhood. An appraisal is required because it provides written proof of your home’s actual value which is used to determine the loan amount you can receive.
A third-party company will perform the appraisal and there will be a fee associated with your appraisal. Let us help you get an appraisal. We have a national coverage of partners.
WHAT DO YOU NEED TO OPEN A BANK ACCOUNT FOR ME?
We need to know what your wishes are. We also need to make a copy of your passport, residence permit if applicable and we need to have your BSN. You can find your BSN on documents from the municipality you live in or on your salary slip.
WHAT IF I HAVE MORE QUESTIONS?
If you have more questions or were unable to find the answer to your questions here, call us or send us an e-mail. Buying a home is one of the biggest purchases of a lifetime, and Mister Mortgage believes in the importance of educating you with as much knowledge as possible so you purchase your dream home comfortably and confidently.
DO YOU HAVE A COMPLAINT?
Are you dissatisfied with the service Mister Mortgage offers? Please let us know, because we would like you to be a satisfied client. We see a complaint as an opportunity to learn from. We would like to look for a solution together if you contact us. If we cannot find a solution together, then you can file a complaint.
How do you pass your complaint?
You can call us via +31 20 210 10 74. You can also send your complaint via mail.How do you state your complaint?
Please state in your mail a description of your complaint, your name, address, telephone number and e-mail address and your mortgage number. Also send copies of data as clarifying your complaint.What happens afterwards?
You will receive a response from us as soon as possible.What happens after you receive a response from us?
We confirm the receipt and we indicate when you receive an answer. Your complaint and the given response will be reviewed. You will receive a response from us, indicating if the issue is resolved or reviewed. Is your complaint not resolved? Then you can enable an independent party called KIFID (Klachteninstituut Financiële Dienstverlening).