"Your regular bank always offers the best mortgage deal for you"
At Viisi, we like to be clear about what’s involved in taking out a mortgage. In this section, we address common misunderstandings and also highlight some unique facts. This way, you’ll know what to expect and can distinguish facts from fiction.
Do you qualify for a mortgage in The Netherlands?
If you are an expat living in the Netherlands and you are considering buying a house, you may be wondering what the possibilities are for a mortgage. Use our ‘Do I qualify for a mortgage?’ tool and find out if you are qualified! No personal information will be asked when completing the tool.
Find out if you are qualifiedFact or Fiction: At your regular bank, you often receive a discount on the mortgage interest rate, which is true. This discount applies if you have a checking account with the bank. However, this does not mean you’re always getting the best mortgage deal with your bank. It’s wise to look at offers from multiple mortgage lenders. Depending on your situation, one lender might offer you a much better deal than another, potentially saving you thousands of euros over the mortgage term.
In fact, the narrative of a ‘discount’ is somewhat misleading: you pay a much higher rate if you don’t keep a checking account at your home bank. If you opt to have your checking account with a sustainable bank like ASN or Triodos, the mortgage rate at a major bank without the discount is usually significantly higher than competitive rates in the market. The statement is FICTION.
Good to know: The discount a bank offers on a mortgage applies to all customers, so you won’t miss out on it if you apply for the mortgage with an independent mortgage advisor. Reviewing different options also increases your chances of securing a mortgage with favorable terms.
Also good to know: Your regular bank only advises on its own mortgage products. An independent mortgage advisor like Viisi compares offerings across the entire market. There are around 35 mortgage lenders in the Netherlands, so there’s plenty of choice! Each lender has its own interest rate and terms. A good mortgage advisor will quickly outline the most attractive options for you, including offerings from Dutch banks such as your home bank.
Do: Check how many lenders your bank or mortgage advisor compares for you. This information is in the ‘Vergelijkingskaart,’ which every advisory company must display on their website. Spoiler: at Viisi, we compare over 35 mortgage providers for you.
After reviewing the Vergelijkingskaart from different mortgage lenders, it becomes clear that some advisors only work with a small portion of the market. To be considered “independent,” a mortgage advisor must work with at least 20 mortgage lenders.
Don’t: Don’t focus solely on the interest rate of your mortgage. Other terms also impact the total cost of your mortgage. For example, if you make an extra downpayment, will your interest rate go down because of the lower risk of the loan?