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Are you about to buy your first home? Then it is important to have a good idea of your financial situation. Many starters are concerned about their student debt, but that is often not necessary. With the right approach, student debt does not have to be an obstacle and transparency works in your favor.
Student debt lowers your maximum mortgage, but less than many people think. Under the current loan system, you pay these off over 35 years, which ensures low monthly payments. Nowadays, mortgage lenders mainly look at what you actually pay each month, not the total amount of your debt. Did you make an extra payment? Then request a statement of your monthly payment from DUO. You can use this to demonstrate your actual costs, which in turn has a positive effect on your borrowing capacity.
The Credit Registration Office (BKR) records your financial obligations, such as:
• Personal loans;
• Credit cards;
• Private lease contracts;
• Expiring loans, such as an installment phone from €250, -;
• Revolving loans, such as an overdraft facility on the current account starting at €250, -.
A BKR registration is not necessarily negative. When you pay your payments properly every month, it actually shows that you are dealing responsibly with your financial obligations. In case of payment arrears, however, a BKR registration can have a negative impact on your mortgage application. Because your student debt is not registered in the BKR but does play a role, it is important to discuss it with us.
Mortgage lenders look at the total amount of your debt (s) with the associated monthly obligations and assess this in addition to the desired mortgage burden. Do these charges side by side with the income you earn? Then the BKR registration does not stand in the way of applying for a mortgage.
Wondering how much you can borrow? Do the free mortgage check at Van Loon and get insight into your personal situation. Get mortgage advice from one of our advisors to make the right choices towards your first home for sale.