It’s April 2021 and we need to conclude that Covid-19 is affecting our lives already for more than a year.
We hope you are still fit and healthy as an ox though. We also hope that Covid-19 has not brought only misery but also a few good experiences and positive insights.
As a mortgage broker we’ve noticed that more and more people are dreaming about a new ‘home’ and we luckily for us we can contribute on this.
We also noticed an increased uncertainty among expats regarding their financial options due to possible impact of Covid-19.
But don’t worry, we like to bring you some relatively good news on this.
GOOD FOR YOU TO KNOW:
- Mortgage providers still grant mortgages to expats;
- The conditions for a mortgage still aren’t different for expats than for Dutchies;
- The process of getting a mortgage for expats in most cases still is not more difficult than for people with a Dutch passport.
That said, there are important aspects to take into consideration before you start the search for a home and apply for a mortgage:
TEMPORARY CONTRACT:
Due to Covid-19 mortgage providers are more reluctant in situations where people have a temporary contract. Especially when you have a contract with the intention to extend it for (again) a limited time rather than for an indefinite period. In this situation mortgage providers might ask for a track record for approx. three years to determine your income. Therefore make sure you know what kind of contract you have and check the possible impact to your income before you start looking for your dream house.
- Covid-questionnaire:
Mortgage providers like to know more about the possible impact of Covid-19 to the company you work for or to your business. Also they will ask if you have a back up, like savings. These questions are part of a standard questionnaire (feel free to ask us for a copy). - Timelines:
Also a number of mortgage providers face difficulties with their workload. There is still a high demand for mortgages versus a sometimes decreased capacity due to illness and home schooling. Therefore good for you to know is that it might take a little more time than usual to get a final approval.
CONCLUSION
In general all lights are still on green when it comes to financing your home. However the process can be a bit more intense compared to how it was. But no worries, there is a way to deal with this and that is plain & simple: with a good preparation.
If you would like to know more about how you can prep yourself for a mortgage, please drop a line because that is our business. We love to be your guide and sparring partner from the very start and all the way to the notary.
Do you have any questions?
