It’s hard to make the right decision when it comes to your first property in the Netherlands. The personal financial situation, for example, credits, credit card scores, or leasing a car, can have an impact on your mortgage. The mortgage rules have a significant effect on your mortgage. Bureau Krediet Registratie (BKR ) holds all the data about the credits in the Netherlands.
The BKR is the Dutch Credit Registration Office. The registration ensures that lenders see whether you already had or have loans. Besides, any financial problems are also registered by BKR in the Netherlands.
Banks and lenders want to know if you have borrowed money elsewhere. In this case, they wish to check if you had or have payment problems. A BKR will asses your situation only if you allow the lender to access the information. When signing a mortgage offer in the Netherlands, for example, the lender will specifically ask for permission.
BKR aim is to:
- limit and prevent credit and payment risks for financial institutions in the Netherlands.
- prevent the over extension of credits.
- prevent problematic debt situations.
Which credits does BKR register?
- Different types of consumer loans.
- Credit cards with a monthly installment.
- Buying in monthly installments (this also applies to mobile phones).
- Customer card limits.
- Limits on debit cards.
- Mortgage payment arrears of more than 120 days.
- Residual debts from a mortgage.
- Private lease contracts.
Every credit impacts your Loan-to-Income. If you’re leasing a car; the loan can influence the amount of money you are planning to borrow for your new house. Are you planning to lease a car or take a different type of credit? Contact us to get personalized advice. We can help you to weigh your options, feel free to contact us to get customized advice.
BKR registration and the GDPR
The general data protection regulation (GDPR) is applicable from 25 May 2018. The BKR decided that consumers can request their personal data once a year for free to see what’s registered.
How does it work?
You request your personal data through the website of BKR (Dutch). It takes 28 days before you receive your personal data at home. If you want to receive a digital version or receive your data faster, you opt for a paid version. You request your data free of charge once a year. Contact us for help with their way of working.
Contact us to receive a pre-approval on your financial possibilities to buy a home. We can help you to understand your finances by providing you a customized advice.