Paying off a mortgage can quickly eat up a large part of your monthly budget. Reducing your monthly mortgage payments is easy. It all starts with refinancing or taking over your mortgage with another lender.
Refinance your mortgage at a better rate
If you already have an existing mortgage, checking the rate at which it was taken out may be a good idea. Lending rates have fallen sharply in recent years and are now at historically low levels. They will almost certainly rise in the future. It would therefore be a pity not to take advantage of this and continue to pay too much… Make an appointment with our specialists now to see if you could make a good deal by refinancing your mortgage.
Reconsider the term of your mortgage
If you decide to refinance your mortgage, you can then fix and possibly extend the term of your mortgage, i.e. the length of time you have to repay it. Some banks will require you to stay within the original term of your home loan. Others will allow you to extend the term of your new loan if you refinance.
If you want to get an idea of how much you will have to pay back each month, you can do a simulation of your new mortgage. Be aware that the borrowing rate shown does not take into account your personal situation. A simulation is only a simulation.
The best choice and the best solution will depend on you:
the shorter the term, the higher the monthly charge and the less interest you will have to pay over the whole term
the longer the term of your mortgage, the lower the monthly charge and the higher the interest.
So you’ll need to prioritise: do you want to pay less each month (and therefore repay for longer) or pay less in total (over a shorter period)?
Have your home appraised
Before you take over your mortgage, it is best to have the value of your home estimated. This will give you an idea of the current value of your home and allow you to start looking for the best rates for your home loan.
Many lenders offer lower rates as the loan-to-value ratio decreases. The loan-to-value ratio is a technical term that refers to the ratio between the amount you have to lend and the value of your home. If your home is worth 200,000 euros and you have to borrow 180,000 euros, the loan-to-value ratio will be 90%. Our staff have direct access to the rates of various credit institutions and banks and will see at first hand the benefit you can get from your mortgage. If you make an appointment to discuss your loan, we will take over the costs of the valuation when you refinance your mortgage with us.
Consider an early repayment of your mortgage
Do you have some money left over that you are not using? Or are you waiting for a large sum of money from, for example, an inheritance? Then you can consider paying off your home loan early. This will allow you to repay the remaining capital in one go, which will reduce your monthly payment.
Are you about to get married?
Are you a homeowner who will soon be moving in with your (new) spouse/partner? Then you can rent out your house or flat. The tenant will then pay part or all of the monthly cost of your mortgage, which will give you a little more room for new projects.
Or do you need a flexible bridge loan? Then you can also save on your mortgage. Ask our specialists for more information without obligation.
Have our specialists analyse your situation
To make sure you choose the right solution, make an appointment with one of our mortgage specialists. He or she will calculate all the options for you and carry out a simulation of your mortgage loan. This way, you will know immediately if you are getting a good deal or not. Consult the map of Belgium to find a regional mortgage office.