I want to renovate my house
Extra mortgage is needed for your house improvement
There can be many reasons why you want to remodel your home. Maybe it's time for a new kitchen, bathroom or floor, possibly before you move in. Or you have lived to your liking for years, but would like more space. For your family, or a home office. Maybe you want your house to be more sustainable? Comfortable living with lower monthly costs and a reduced carbon footprint. Extra favourable conditions apply for this.
Of course, capital is needed for all these improvements. If you finance your renovation with an (extra) mortgage loan, the interest and financing costs are deductible. In addition, the interest rates at the moment are very low.
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We briefly distinguish three situations:
Renovation when purchasing a new house
Since 2018, your mortgage is limited to a maximum of the value of your home. However, when you renovate, your home value will increase. You can have this (expected) value determined by a valuator in a valuation report. Based on his report, you are able to include (a part) of the renovation in your new mortgage.
Renovating your current home
If you want to make changes to your current home, you can save for this. If that takes too long, you can borrow money via a personal loan or via (an additional) mortgage. Depending on what your plans are, this can even work out favourably for your current mortgage. Sometimes your house increases in value so much that you qualify for a lower risk class and a lower interest rate. With an extension (more square meters) this chance is greater than with a new kitchen.
With an extra mortgage you go through all the steps (and costs). Unless you opted for an 'increased registration' with your first mortgage, which you now use. Then you save the costs of going to the notary again.
Energy-saving measures
The government and mortgage lenders stimulate home owners to become more sustainable. Additional mortgage to make your home more energy efficient is now extra attractive. For example, you can borrow up to 6% extra, for energy-saving measures such as better insulation, smarter heating and the use of solar panels.
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