Transferring a mortgage
Transferring the mortgage? If your mortgage interest rate is too high compared to the current interest rates or your current fixed-interest period is about to end, it’s worth checking whether it make sense to transfer the mortgage. Unfortunately, many people are too loyal to their current bank or too trusting to inquire further. As a result, they sometimes miss out on tens of thousands of euros over the term. We think that’s a waste of money and that’s why we’re here to provide you with the correct information free of charge.
Fortunately, we can tell you without too much fuss whether transferring the mortgage will pay off.
Before you decide to transfer the mortgage to another lender, the most important condition is that the transfer of the mortgage is profitable. In other words: What's better for me? Because that question is all-important, we’ve developed two free programs. These are the online transfer check and the telephone savings check. The online transfer check uses a number of simple questions to determine how likely it is that transferring will pay off for you.
Maybe you find the information from the online transfer check too limited, but don’t want to wait for a free one-hour mortgage consultation? Then our telephone savings check offers a solution. During the telephone savings check, we look at your personal situation in more depth and you’ll know within 15 minutes on average how much you can save on your monthly payments. You will also receive a report from us in which three different scenarios are described. Sometimes a telephone savings check shows that you’d be better off with interest rate averaging.
Based on the outcome of the telephone savings check, we can provide you with further guidance when transferring your mortgage to another lender. One thing’s clear, it’ll make you money no matter what.
Transferring your mortgage goes hand in hand with the necessary costs when you decide to go down that road. Fortunately, in most cases you can simply include this in the mortgage and you won’t notice any difference. In addition, you now know that transferring is profitable and you’ll recoup these costs within a short period if all goes well. When transferring your mortgage, you should take the following costs into account:
- Advice and brokerage costs
- Valuation costs
- Notary fees NHG costs (if applicable)
- Penalty interest
When you transfer the mortgage, in most cases you break the current interest agreement and your current lender will still want to receive their missed income. We call this penalty interest or costs for early repayment.
How high these costs are depends on what percentage you can repay penalty-free per year, how long the interest is still fixed for and what the difference is between the fixed interest and the current interest rate with your lender (comparative interest).
With our telephone savings check you’ll know straightaway how much the penalty interest is.
Schedule a free appointment with one of our advisers.