Are you currently renting a house, but are you planning to buy a house? Do you still live with your parents and do you want to have your own house? Or do you already own a house and do you want to move to another house? Whatever your reason for buying a new home, the most important question is whether you can afford the new home.
It is best to calculate the maximum mortgage amount for this . An independent mortgage advisor can do this for you, so that you know whether the house also fits within your budget. How the maximum mortgage is calculated can be read here.
Calculate mortgage amount
The mortgage lender looks at your income and the value of the home to determine the maximum mortgage. Your income is an important factor in calculating the mortgage amount. Your income determines whether you are eligible for a mortgage at all. If you earn too little you can not get a mortgage. For the income component, 4 factors are looked at: Test income, Key interest / mortgage interest, Housing ratio, Maximum mortgage burden.
To calculate your mortgage amount, the test income is looked at. This is the gross income minus any partner alimony you pay to your ex. Are you going to buy a house together with your partner? Then the lowest income of you is only partially counted to calculate the mortgage amount.
Are you 55 or older? Then the mortgage lender also looks at the accrued pension. Because you have a lower income after your retirement.
Key interest/mortgage interest
You pay interest on a mortgage, as with every loan. In order to calculate your mortgage amount, this is taken into account. The actual interest counts if you want a fixed-rate period of 10 years or longer. Do you want a fixed interest period that is shorter than 10 years?
Then a test rate is used. The level of the key interest rate is determined by the AFM, which is the regulator of the financial market. If you take out a mortgage where the actual interest rate is higher than the interest rate, the actual interest rate applies.
The leading factor in calculating your mortgage amount is the house value. Since the credit crisis, strict attention has been paid to house value. Since 2018 it is only possible to borrow up to 100% of the value of the home. You must take into account that the additional costs, such as transfer tax, valuation and notary costs, can no longer be co-financed. It is therefore important to have power yourself.
Can you borrow more on the basis of your income than the market value of the house? Then the market value of the house is still the guiding factor. Do you have your mortgage amount calculated by an advisor? Then he would like to know which house you want to buy, so that he can take this into account.
The market value of the property is determined by an independent appraiser. The agreed purchase price is therefore not the determining amount. Take this into account if you try to calculate the mortgage amount yourself.