An Interest-only mortgage is a type of mortgage where you repay the full mortgage debt in one go at the end of the term. During the term, you only pay interest and do not repay the principal. This means you are responsible for ensuring that you have the full amount available to repay the mortgage on the end date.
"},"title":"Interest-only in brief"},{"componentType":"paragraph","richBody":{"value":"Do you not have enough money to repay the loan on the end date? Or is refinancing at the end of the term not possible under ING’s acceptance criteria that apply at that time? Then you run the risk of having to sell your home to repay your mortgage debt. Are the proceeds from the sale not enough to repay the mortgage? Then you will have a remaining debt that you must pay from other funds.
"},"title":"Risks at the end of the term"},{"alignedImage":{"position":"right","extension":"svg","original":"https://assets.ing.com/asset/bd522472-d3f2-44d6-a574-db395cf63fbf/Binocolars-eyes-empty-spot.svg","transformBaseUrl":"https://assets.ing.com/transform/bd522472-d3f2-44d6-a574-db395cf63fbf/Binocolars-eyes-empty-spot"},"componentType":"paragraph","richBody":{"value":"Homeowners with an Interest-only mortgage often have a mortgage made up of several loan parts, frequently combined with another repayment method, such as an annuity of linear mortgage.
In the ING App or My ING, you can see exactly how many interest-only loan parts you have and how much you will ultimately need to repay in your mortgage overview.
"},"title":"Immediate insight"}],"title":{"value":"1. Interest-only mortgage: how did it work again?
"}},{"icon":{"altTextNL":"\"\"","extension":"svg","original":"https://assets.ing.com/asset/181f14d5-5b2d-41a8-b83d-902fd70bd151/Devices-Stop_Watch_Outline.svg","publishedAt":"2022-07-04T15:01:59Z","transformBaseUrl":"https://assets.ing.com/transform/181f14d5-5b2d-41a8-b83d-902fd70bd151/Devices-Stop_Watch_Outline","type":"image","updatedAt":"2023-12-21T14:42:39Z","width":32},"paragraphs":[{"alignedImage":{"position":"right","extension":"svg","original":"https://assets.ing.com/asset/85f070ee-99aa-433e-9bdf-9d80ae6b3ffe/Woman-Question-spot-1.svg","transformBaseUrl":"https://assets.ing.com/transform/85f070ee-99aa-433e-9bdf-9d80ae6b3ffe/Woman-Question-spot-1"},"componentType":"paragraph","richBody":{"value":"This is a very personal decision. However, we see that it can give customers greater peace of mind. After all, you immediately reduce your mortgage debt: one less thing to worry about later. The following points may also play a role.
"}},{"componentType":"paragraph","richBody":{"value":"Repaying part of your mortgage reduces your mortgage debt. As a result, you pay less mortgage interest and your gross monthly payments go down.
"},"title":"Lower monthly payments"},{"componentType":"paragraph","richBody":{"value":"Repaying part of your mortgage reduces your mortgage debt in relation to the value of your home. This may move your mortgage into a different loan-to-value band with a lower mortgage interest rate. When you make an early repayment, we adjust this automatically if your interest conditions allow it.
"},"title":"Possibly a lower mortgage interest rate"},{"componentType":"paragraph","richBody":{"value":"2. Why make early repayments?
"}},{"icon":{"altTextNL":"\"\"","extension":"svg","original":"https://assets.ing.com/asset/5455fc3f-9953-4879-925c-06db6daa2665/Savings_goals-Pig_Outline.svg","publishedAt":"2022-07-04T14:15:27Z","transformBaseUrl":"https://assets.ing.com/transform/5455fc3f-9953-4879-925c-06db6daa2665/Savings_goals-Pig_Outline","type":"image","updatedAt":"2023-12-21T15:08:48Z","width":32},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"Our rule of thumb: only use money for a repayment if you will not need it in the short term.
"}},{"componentType":"paragraph","richBody":{"value":"A buffer is savings you can use for expected or unexpected expenses. For example, if your washing machine or drainage system suddenly breaks down. It is not advisable to use this money to repay your mortgage.
This is how to determine your ideal buffer:
Are you planning to move, renovate or increase your mortgage soon? It may then be wiser to keep some or all of your money available for these plans and not use it to repay your loan, because of the additional borrowing scheme.
"},"title":"Planning to move or renovate?"}],"title":{"value":"3. When might it be better not to make early repayments (yet)?
"}},{"icon":{"altTextNL":"\"\"","extension":"svg","original":"https://assets.ing.com/asset/93160bf2-e0a9-463b-a803-c9bed727257d/Transactions-Transfer_Out_Euro_Outline.svg","publishedAt":"2022-07-04T15:11:50Z","transformBaseUrl":"https://assets.ing.com/transform/93160bf2-e0a9-463b-a803-c9bed727257d/Transactions-Transfer_Out_Euro_Outline","type":"image","updatedAt":"2023-12-21T20:17:04Z","width":32},"paragraphs":[{"alignedImage":{"position":"right","extension":"svg","original":"https://assets.ing.com/asset/54978ad8-c7c9-4904-a3fc-ff954fc445c4/scalemoneybag.svg","transformBaseUrl":"https://assets.ing.com/transform/54978ad8-c7c9-4904-a3fc-ff954fc445c4/scalemoneybag"},"componentType":"paragraph","richBody":{"value":"That depends on your personal circumstances and future plans. You decide whether you want to make early repayments on your Interest-only mortgage and how much you want to repay. Keep in mind any early repayment charges and the fact that, once you have repaid the money, it is tied up in your home. Do not forget your financial buffer either. You can read more about this in question 3.
"}},{"componentType":"paragraph","richBody":{"value":"Each year, you can repay part of your Interest-only mortgage without charges. This is usually 10% of the original principal for each loan part.
In the ING App or My ING, you can see how much you can currently repay without charges for each loan part. Do you want to repay more than this amount? Charges may apply. Therefore, always check first what this means for your mortgage and whether the amount suits your financial situation.
Sometimes you can repay more, or even repay an unlimited amount, without charges. For example:
4. How much can and do you want to repay?
"}},{"icon":{"altTextEN":"bank account","altTextFR":"compte bancaire","altTextNL":"zichtrekening","extension":"svg","original":"https://assets.ing.com/asset/9c7816b4-3aa6-4146-bd0a-9875486d8f7a/Products-Wallet_Outline.svg","publishedAt":"2022-07-04T15:28:26Z","transformBaseUrl":"https://assets.ing.com/transform/9c7816b4-3aa6-4146-bd0a-9875486d8f7a/Products-Wallet_Outline","type":"image","updatedAt":"2023-12-21T20:21:53Z","width":32},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"Keep the following in mind:
"}},{"componentType":"paragraph","richBody":{"value":"Repaying part of your mortgage reduces your mortgage debt. As a result, you ultimately pay less mortgage interest, but you may also deduct less interest on your tax return. This means your taxable income may be higher.
"},"title":"Income tax"},{"componentType":"paragraph","richBody":{"value":"Is your taxable income higher because you have less mortgage interest to deduct? This may affect your provisional tax refund, healthcare benefit and childcare benefit.
Tip: Before repaying an amount, make a trial calculation of your benefits and report any changes to the Dutch Tax Administration in good time.
"},"title":"Provisional tax refund and benefits"},{"componentType":"paragraph","richBody":{"value":"Repaying an amount reduces your assets. This may be beneficial for your tax burden in Box 3.
"},"title":"Tax-free allowance"},{"alignedImage":{"position":"right","extension":"svg","original":"https://assets.ing.com/asset/b39a14f1-03f9-4e45-b383-4d598e2da379/cat-hidden-moving-box-spot.svg","transformBaseUrl":"https://assets.ing.com/transform/b39a14f1-03f9-4e45-b383-4d598e2da379/cat-hidden-moving-box-spot"},"componentType":"paragraph","richBody":{"value":"If you make a repayment, you may have more equity when you sell your home. You can use this equity to buy a new home. If you do not do this and borrow the amount again, you will not be entitled to mortgage interest relief on that part.
"},"title":"Additional borrowing scheme"}],"title":{"value":"5. What does repaying mean for your taxes (and benefits)?
"}}],"componentType":"actionAccordion"},{"componentType":"sectionTitle","title":"Check your potential savings in 1 minute"},{"alignedImage":{"position":"right","extension":"png","original":"https://assets.ing.com/asset/535d6a7c-a979-4be4-870c-ff7e62502f97/woman-thinking-about-finance.png","transformBaseUrl":"https://assets.ing.com/transform/535d6a7c-a979-4be4-870c-ff7e62502f97/woman-thinking-about-finance"},"componentType":"paragraph","richBody":{"value":"Want to know what making early repayments on your Interest-only mortgage could mean for you? Try different repayment amounts and immediately see the effect on:
Feel free to discuss with your (independent) mortgage adviser whether making early repayments on your Interest-only mortgage suits your situation. Ask about any advice fees in advance.
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