Buying a house with a mortgage without much equity or savings is still possible in 2021 and 2022, but it is becoming increasingly difficult. In 2021 and 2022 you may borrow up to a maximum of 100%. What is often required is a well-paid permanent job and a bank that is willing to cooperate. The ratio between mortgage and the sales value of the house, Loan to Value, is becoming increasingly important. But if you have rich parents, they can make you a tax-free donation of 105,300 euros tax-free, the jubilee ton.
Home without equity or with jubelton donation in 2021 and 2022
- Requirements for a mortgage are becoming increasingly strict, maximum mortgage lower
- Costs of purchasing a home
- Own capital or savings is wise when buying a home
- 100% interest-only mortgage?
- The jubilee barrel when donating in 2021 and 2022
- Get mortgage advice
- Buy in 2021 and 2022
Requirements for a mortgage are becoming increasingly strict, maximum mortgage lower
The requirements for obtaining a mortgage are becoming increasingly strict. While it was still possible to get a top mortgage up to 125% of the value of the home until 2014, in 2021 and 2022 this will only be 100%. Including the costs of purchase, that is, including the costs for the notary and your mortgage. Anyone who wants to finance up to 100% of the value of the home in 2021 and 2022 must bring some equity with them to cover the additional costs.
Costs of purchasing a home
In addition to the purchase price and the moving and furnishing costs, you will have to deal with even more expenses.
Purchase costs of the home
- The notary costs.
- Consultancy costs
- Mediation costs.
- Possible costs for applying for NHG.
- Bank guarantee costs.
- The commitment fee.
- Possibly the interest for a bridging loan
- Transfer tax on existing construction.
- Valuation costs of existing construction.
- Agency fees for existing construction.
- Possibly a construction purchase inspection (existing construction).
- Mortgage interest during construction (construction deposit, construction interest, penalty interest, costs of additional work, new construction)
Some of these additional expenses are tax deductible.
Own capital or savings is wise when buying a home
Anyone who first saves and then buys has the great advantage that the mortgage can be somewhat lower and therefore the chance of residual debt is smaller. At the same time, anyone who waits to save before buying a house will have to bring more capital with them in order to get a mortgage. In addition, the housing market shows upward trends and mortgage interest rates are low. No one knows whether this will remain the case, but if mortgage interest rates rise and houses become more expensive, you have actually saved for nothing. In short, postponing the purchase will not be rewarded.
100% interest-only mortgage?
A new fully interest-only mortgage is no longer permitted for high income earners. It was a great way to get a lot of mortgage interest deduction, but that has also been stopped. If you want to finance interest-only, you can do so up to 50% of the value of the home, without deducting mortgage interest. The rest must be financed at least through an annuity mortgage.
The jubilee barrel when donating in 2021 and 2022
A lot of money is needed in a tense housing market. Some are fortunate that their parents make use of the jubelton in 2021 and 2022. This means that 105,302 euros can be donated tax-free, provided that the donation is put into a private home. The condition is that the recipient of the donation (or the partner) is younger than 40 years old. It does not have to be 105,302 euros, it can also be less. This donated amount will certainly simplify the purchase of your own home. If you start donating in 2022, the jubilant amount will be 106,671 euros.
Get mortgage advice
Buying a house is a major investment in the future, a mortgage is a complex product. Therefore, if you are going to make this major expenditure on a home and are unsure whether now is the right time, it makes sense to seek good advice from a real estate agent and mortgage advisor. A good real estate agent will inform you well. He or she knows the housing market where you want to settle best and can indicate the current status of sales prices and sales. The real estate agent is the first to see where the good bargains are, what the good locations are and what the opportunities are. The independent mortgage advisor can look for the best financing for you. Of course you have to be alert to the advice yourself, but constantly postponing it can also be expensive. Rents are rising, making rental properties, if available, often an expensive alternative.
Buy in 2021 and 2022
In short, what are you going to do, postpone it or take the plunge? Whatever you do, always inform yourself well, because there are still plenty of opportunities available. Those who are lucky also know someone who is willing to donate more than 100,000 euros tax-free. A donation for the renovation of your own home can also be tax-free up to more than 105,000 euros. If the donation of (part of) this 105,302 euros has started in 2021, the recipient may also spend the donation in 2022 and 2023. This undoubtedly offers prospects for a new purchase or renovation. Rutte 4 wants to abolish the scheme in the coming years, so make use of it
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