A remortgage is a process of replacing an existing mortgage on a property with a new one. There are various reasons to remortgage, such as obtaining a lower interest rate or changing the type of mortgage. You must go through the mortgage application again and pay closing fees when you remortgage.

To remortgage a property in the Netherlands, you need to follow these steps

Determine your financial situation and the reason for remortgaging. Consider factors such as your current mortgage terms, the value of your property, and your financial goals.
Contact our mortgage specialist to find the best mortgage rates and terms. Our mortgage specialists compare different lenders, such as banks, mortgage brokers, and online lenders.
Gather the necessary documents for the new mortgage application. Our mortgage specialist invites you to our online portal to upload documents.
Our mortgage specialist selects a new lender based on your goals. We submit documents and manage your mortgage application.

Here are the benefits of remortgaging in the Netherlands

Lower interest rate: one of the main reasons to remortgage is to take advantage of lower interest rates. By refinancing your mortgage, you may be able to secure a lower interest rate, which can significantly reduce your monthly payments and save you money over the life of the loan.
Change mortgage duration: remortgaging can also allow you to shorten your mortgage term, which can help you pay off your mortgage faster.
Change the type of mortgage: you can change the mortgage type when remortgaging. For example, you can switch between annuity, linear, or interest only.
Improve your financial situation: remortgaging can also help you improve your financial situation by allowing you to pay off high-interest debt or by providing you with extra cash flow each month.

Risks of remortgaging in the Netherlands

Closing costs: one of the main downsides of remortgaging is that you must pay closing fees again.
Mortgage penalty: some mortgages have prepayment penalties, fees that must be paid if you pay off the mortgage before the end of the loan term. Our mortgage advisor can calculate your remortgage penalty to see if the remortgage makes sense.

What are the reasons to remortgage in the Netherlands?

There are several reasons to remortgage your mortgage. You can lower monthly payments, secure better terms and conditions, or switch interest types or rates. If you plan to move and rent out your home, you must remortgage from a residential to a keep-to-let mortgage. If one of these situations applies to you, and if so, would you like to explore the option of remortgaging in the Netherlands? Schedule a free non-obligationary call with our mortgage specialists.

When is the best time to remortgage in the Netherlands?

The best time to remortgage your mortgage depends on interest rates, financial situation, and long-term goals. It could be a good time to remortgage when interest rates have dropped, your fixed-rate period is ending, or your financial situation has improved, allowing you to qualify for better terms. Additionally, if your property's value has increased, you can remortgage at a better loan-to-value ratio. Schedule a call with your mortgage specialist, and we will help you determine your remortgage plan.

Eligibility for remortgaging in the Netherlands

In the Netherlands, a few key factors determine if you can refinance your mortgage. For example, you must have a stable and sufficient income. Refinancing may be harder if your income is lower than when you first took out the mortgage.

Secondly, the ratio between your mortgage debt and your home's value is also important; if your mortgage is almost equal to your home's value, you may be unable to refinance the full amount due to stricter rules.

Additionally, be aware of potential costs, like the National Mortgage Guarantee (NHG), which is 0.6% of the borrowed amount. We recommend that you contact our mortgage specialists, who can evaluate your situation and propose a plan for remortgage.

What documents are needed for remortgaging in the Netherlands

If you proceed with remortgaging, you will need the following documents. The documents you must provide will depend on your reason for remortgaging.

Proof of identity
Proof of income
Employment contract (if applicable)
Mortgage statement (from your current lender)
Property valuation report (if required)
Tax return (for the past few years)
Bank statements (for the past 3 to 6 months)
Proof of savings (if applicable)

How long does remortgaging take in the Netherlands?

Remortgaging can take 3 to 4 weeks. The duration depends on your financial situation, the lender's processing time, and the notary's availability.

Are you looking to remortgage your property?

Schedule a complimentary introductory call with our mortgage specialists. We specialize in mortgages for expats and are dedicated to navigating you through the home-buying process.