Gertjan de Boer meets all kinds of mortgage customers every day. He has been working as an ING mortgage adviser since 2009: “I enjoy helping people with one of the biggest financial commitments of their lives.”
We asked him to respond to five statements about making early repayments on an interest-only mortgage.
"}},{"actionAccordionList":[{"icon":{"altTextNL":"\"\"","extension":"svg","original":"https://assets.ing.com/asset/af579f99-b7f0-42e8-8b92-e881faaad5a8/Products-Mortgage_Euro_Outline.svg","publishedAt":"2022-07-04T14:00:14Z","transformBaseUrl":"https://assets.ing.com/transform/af579f99-b7f0-42e8-8b92-e881faaad5a8/Products-Mortgage_Euro_Outline","type":"image","updatedAt":"2023-12-21T15:48:17Z","width":32},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"Even with just a few thousand euros, your gross monthly mortgage payments can already go down quite a bit. At first glance, the impact may not seem that significant. But suppose you save €15 gross each month. Over 20 years, that adds up to a substantial amount.
And if you make smaller repayments more often, the effect will naturally become greater over time.
"},"title":"Mortgage adviser Gertjan: “False.”"}],"title":{"value":"1. Making early repayments only makes sense if I have tens of thousands of euros
"}}],"componentType":"actionAccordion"},{"actionAccordionList":[{"icon":{"altTextNL":"\"\"","extension":"svg","original":"https://assets.ing.com/asset/a7d6cbed-1598-4833-9544-de6d8e2f3a10/Transactions-Payment_Request_Euro_Outline.svg","publishedAt":"2022-07-04T14:10:27Z","transformBaseUrl":"https://assets.ing.com/transform/a7d6cbed-1598-4833-9544-de6d8e2f3a10/Transactions-Payment_Request_Euro_Outline","type":"image","updatedAt":"2023-12-21T20:27:16Z","width":32},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"For only a small number of homeowners, it is possible to repay enough for their monthly mortgage payments to drop significantly all at once. For most people, the gross monthly saving will be a few dozen euros. Interestingly, we often consider a €30 phone subscription quite expensive. So if you save €15 gross per month on your mortgage, you could think of it as having ‘earned back’ part of your phone subscription.
Ultimately, it is about the long term. Anything you repay now will no longer need to be repaid later, and you will no longer pay interest on that amount. You can then use the interest you save to make additional repayments.
Sometimes people think they can rely on the equity in their home to repay their mortgage. But to access that equity, you would of course need to sell your home. If you want to extend your mortgage after its 30-year term, we will assess your income at that time based on the lending criteria then in effect, rather than looking at the equity in your home.
"},"title":"Mortgage adviser Gertjan: “Usually true.”"}],"title":{"value":"2. My monthly mortgage payments barely change if I make early repayments
"}}],"componentType":"actionAccordion"},{"actionAccordionList":[{"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":[{"componentType":"paragraph","richBody":{"value":"If you are not building up savings or investments that will allow you to repay the mortgage in full at the end of its term, you can also make repayments gradually over several years during the mortgage term. Or you could make a one-off larger repayment, for example if you receive an inheritance.
A 30-year mortgage term is a long period, and a lot can change during that time and affect your income. Your income may decrease, you may decide to work fewer hours, you or your partner may pass away, or you may separate. The smaller the loan is at the end of the mortgage term, the greater the chance that you may be able to take out a new mortgage for the remaining amount. Whether you qualify will depend on your income at that time and the lending criteria applicable then.
"},"title":"Mortgage adviser Gertjan: “False.”"}],"title":{"value":"3. I have to repay my entire mortgage early
"}}],"componentType":"actionAccordion"},{"actionAccordionList":[{"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":"It is always wise to have a financial buffer. This means keeping some money set aside in case something breaks or needs maintenance, especially when it comes to your home.
Whether it makes sense to use additional savings to make an early repayment depends on your personal situation. Using savings to repay part of your mortgage may reduce the tax you pay on your assets. At the same time, your mortgage debt will decrease, meaning you will pay less interest each month and may also receive less mortgage interest tax relief.
It is best to discuss any potential tax implications with an expert, such as a tax adviser, your accountant if you own a business, or another financial professional.
"},"title":"Mortgage adviser Gertjan: “It depends.”"}],"title":{"value":"4. It’s better to keep my savings in the bank
"}}],"componentType":"actionAccordion"},{"actionAccordionList":[{"icon":{"altTextNL":"\"\"","extension":"svg","original":"https://assets.ing.com/asset/776b689b-f463-4a0f-bd69-d21a358e900a/Loans_goals-Events_Outline.svg","publishedAt":"2022-07-04T11:36:33Z","transformBaseUrl":"https://assets.ing.com/transform/776b689b-f463-4a0f-bd69-d21a358e900a/Loans_goals-Events_Outline","type":"image","updatedAt":"2023-12-21T15:24:17Z","width":32},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"What if it is too late and you no longer have enough options to make changes? The most important thing is not to keep putting it off, only to find out later that refinancing your mortgage is no longer possible, or only partly possible.
There are several options. You can build up savings or investments so that you can repay the mortgage in full at the end of its term. You can make regular repayments during the mortgage term. Or you can switch your interest-only mortgage to an annuity or linear repayment mortgage. If you are considering this last option, do not wait too long.
Suppose you choose an annuity mortgage. You will automatically repay a small part of your mortgage each month, so that it is fully repaid by the end of the remaining term. Because you pay both interest and repayments, your monthly mortgage payments will increase.
If you wait too long before making this switch, the remaining term may be too short to keep the monthly payments affordable. In that case, switching the mortgage may no longer be possible, or only partly possible.
"},"title":"Mortgage adviser Gertjan: “Not a wise idea.”"}],"title":{"value":"5. I’ll think about repaying my mortgage in the future
"}}],"componentType":"actionAccordion"},{"componentType":"sectionTitle","title":"Handig: de Aflos Check"},{"componentType":"paragraph","richBody":{"value":"Benieuwd wat vervroegd aflossen op je aflossingsvrije hypotheek voor jou kan betekenen? Speel met verschillende aflosbedragen en ontdek direct het effect op:
Wil je weten of vervroegd aflossen op je aflossingsvrije hypotheek past bij jouw situatie? Bespreek dit dan met je hypotheekadviseur. Vraag vooraf naar eventuele advieskosten.
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