Getting a ‘hypotheek’
Whether you are a Dutch national or not, the same terms and conditions apply for any mortgage (hypotheek in Dutch). There are no special expat mortgages. You need to reside and work in the country and provide information about your income and debts, the property value, your employment agreement, and your marital status among others. As an expat, however, there might be a few extra requirements you need to satisfy, such as a citizen service number (Burger Service Number in Dutch, or BSN) which you get upon registration as resident in your municipality. If you are from outside the EU/EEA, a residence permit (verblijfsvergunning) is mandatory. Ask your employer for help obtaining these documents if needed. Depending on the lender, other conditions may apply. For example, you may have to have lived in the Netherlands for at least six months, or receive your income in euros, or have an EU nationality.
If you are not a permanent employee at a company
If you do not have a permanent employment contract, you will require a letter from your employer indicating that, barring exceptional circumstances, your contract will be renewed.
If you are self-employed, things get a bit more difficult and lenders may not want to agree on a home loan. The longer you’ve been self-employed, the better your chances are. You should be able to show at least two or three years of income history.
If you are not mainly working and living in the Netherlands and your employer is not a Dutch company, you are not eligible for a mortgage.
Frequently asked questions
Can I buy a house to let? With a regular mortgage, you can only buy a house for self-occupancy, and you are not allowed to rent it out (sublet). Only in special circumstances, like a long-lasting vacancy or a transitional period, is this possible, and then only for a limited period of time and with consent from the mortgage provider. If you are interested in investing in a house to rent out to others, there are specific mortgages available. In these cases, the interest rate is higher and you have to invest up to 30-50% of your own money.
How much can I finance? In the Netherlands, the maximum amount you can finance is 100% of the market value of your house, so some costs involved in buying the house must be paid out of pocket.
What are the other costs involved? Costs you should expect to have to pay out of pocket are usually around 3 to 5% of the home selling price and include:
- Appraisal fee/valuation report (required for a mortgage)
- The transfer tax (2% of the selling price)
- Arrangement fee for the mortgage
- Notary fee
- The costs for a bank guarantee
Can you help me? We are, of course, happy to help you meet these requirements and obtain a mortgage in the Netherlands. Besides navigating the maze of lenders and requirements, we can help to:
- Find a translator for you if needed
- Connect you to the best real estate agents
- Find a good appraiser
- Find the best mortgage
- Recommend a good and inexpensive notary
We are here to keep an eye on the process and help in any way we can. Don’t hesitate to contact us for more information about us or our services