Buyers Might Face Major Difficulties Because of Delayed Mortgages



Potential home buyers planning to buy a home that will be approved by the notary in 2018 November or December must consider the end of the year in cash. In a situation when the application for the mortgage is not completely processed in 2017, one can easily meet the standards of 2018. All these will result in less borrowing. 

The Scenario

General Manager of Van Bruggen Advisory Group, Pieter van Tuinen, shed light on the fact that there are certain home buyers that have got the idea that they will never be in a hurry with the application for a mortgage in case they pass by 2018 possibly after the declaration of the new maximum storage standards. 

The official also added that unlike some other media reports, people especially for the mortgages to the NHG limit, are expecting that they can borrow less than the standards of 2018 that are entirely based on the standards of 2017. It is evident that in a large number of situations people can borrow a minimum of 4,000 to 6,000 Euros. 

In most the cases, it seems that a mortgage is achievable as per the standards of 2017 but it has nothing to do with 2018. In this regard leading real estate owner, Marcel van Hooijdonk has stated that the when there will be no savings left. In addition, this also means that the buyers will be restricted to buy a new house. 

The Application for Mortgage

The official, Pieter van Tuinen, opined that it is important for the mortgage application to be completed by 2017 as the standards will remain valid until the last of the year. The overall process suggests that after the completion of the issue of the interest rate offer, the lender must contain all the necessary documents in a bid to assess the mortgage and finally issue a binding offer. 

Further Attention

In this case, the concept of further assistance is associated with the lenders where the first-hand applications will pass by 2017 and even if they have some time left then also the applications will over by 2018. Since this is almost the end of the year and there is tremendous pressure going in the month of December, most of the applications are likely to get processed in 2018. This is where the action of the home buyers should come into foreplay. 

Marcel van Hooijdonk, having some great experience as well as knowledge about the market have stated it is important for the potential home buyers to make things fast in order to get their applications processed by the end of 2017 to get the best mortgage rates.

More about: Marcel van Hooijdonk

Location: Netherlands

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