If you have a credit mortgage, you pay a variable interest rate. This rate is a
variable rate based on the Euribor rate, which is set monthly.
If you switch to another type of mortgage, you can choose a fixed interest rate, which may be lower than an annuity mortgage or a linear mortgage. You gain longer-term certainty about your interest payments, and these may be lower depending on the mortgage type, your loan‑to‑value ratio and your fixed‑rate period. An Euribor rate is variable and does not provide certainty about your future interest costs. This rate rises and falls in line with market interest rates.
"}},{"title":"2. You can choose monthly repayments, which will reduce your outstanding debt","richBody":{"value":"At the end date of your credit mortgage, you must repay the entire outstanding balance. If you convert your credit mortgage now to a mortgage type with monthly repayments, you can be certain that you will not have an outstanding debt at the end date of your credit mortgage.
If you still have an outstanding debt, you will need to repay it using, for example, your savings, investments or the proceeds from the sale of your home. If that is not possible, it may be possible to extend the mortgage or take out a new mortgage. This is only possible if you have sufficient (pension) income, based on the ING mortgage policy in effect at that time.
"}},{"title":"3. When converting the loan, the credit aligns better with the economic lifespan of the asset","richBody":{"value":"Think carefully about how long your purchase will last (its economic lifespan) if you pay for it using a withdrawal from your credit mortgage. You will pay mortgage interest on this amount for the remainder of the loan term (unless you make repayments in between). If, for example, you withdraw money to buy a car you plan to use for ten years, you will still be paying interest on that withdrawal even after you have replaced the car.
"}}]},{"componentType":"sectionTitle","title":"Disadvantages of converting a Credit Mortgage"},{"componentType":"accordion","accordionList":[{"title":"1. Your monthly payments are usually higher with monthly repayments","richBody":{"value":"If you have a credit mortgage, you do not make monthly repayments; you only pay variable interest. When you convert your mortgage to a type with monthly repayments, your monthly costs will increase. The monthly repayment amount depends on the remaining term and the size of your loan. The mortgage types with monthly repayments are the linear mortgage and the annuity mortgage. Feel free to contact us to calculate what your new monthly costs would be.
"}},{"title":"2. You can no longer reuse your credit facility","richBody":{"value":"As long as you have a credit mortgage, you can withdraw additional credit, as long as you stay within your credit limit. If you decide to convert your credit mortgage to another mortgage type with different terms and conditions, you will no longer be able to make withdrawals. It is also no longer possible to take out a new credit mortgage, as ING no longer offers this mortgage type.
"}},{"title":"3. Converting your mortgage involves costs","richBody":{"value":"If you have an ING mortgage, you can of course contact us with any questions. Especially if something in your personal situation changes, it is wise to review your mortgage. If you decide to change your mortgage, you will pay advice fees.
"}}]},{"componentType":"sectionTitle","title":"Want to talk things through?"},{"componentType":"paragraph","richBody":{"value":"Want to know whether this mortgage type still suits you? Or would you like to know what your monthly costs would be after converting? We are here to help.
"}},{"componentType":"cta","textLink":{"url":"https://www.ing.nl/particulier/hypotheek/contact/fh?subscrid=cmnl-mort-fh","text":"Get in touch"}},{"componentType":"paragraph","richBody":{"value":"Contact an independent adviser
Would you like to speak with an independent adviser? ING works together with more than 2,600 independent advisers.
"}}]},"complementaryZone":{"flexComponents":[{"componentType":"cards","cards":[{"componentType":"productCard","cardType":"product","cardSize":"medium","title":"Want to know where you stand with your credit mortgage?","body":"An (partially) interest‑only mortgage is not without risks. Take the Mortgage Check and find out what applies to your situation.","image":{"transformBaseUrl":"https://assets.ing.com/transform/8e9057f8-391a-4f34-91d9-78df7a17ea42/mortgage-process-1920","type":"image","width":1920,"original":"https://assets.ing.com/m/7271d404e12585aa/original/mortgage-process-1920.jpg","extension":"jpg"},"link":{"url":"/en/personal/mortgage/your-mortgage/mortgagecheck"}}]}]}}}