Buying a house in the Netherlands as an expat
The proces of obtaining a morgage as an expat
Being an expat in The Netherlands does have its challenges. A foreign language, unfamiliar territory, different laws and another culture with strange habits. Let alone if you want to buy a house as an expat and apply for a mortgage!
There are multiple ways to finance your mortgage, but also multiple conditions. Fortunately nowadays there are mortgage advisors specialised in advising expats. Dutch Mortgage Specialist is one of them and in this article they comment on some of these conditions.
Conditions in order to get a Dutch mortgage
Before buying a house in the Netherlands as an expat you must meet certain conditions, for example:
- You are an EU citizen, from Liechtenstein, Norway or Iceland or a citizen from outside the EU with a non-temporary permit of residence.
- You have a citizen service number (BSN), because that is mandatory.
- Your employer pays you in euros and you have a Dutch bank account.
In order to start the mortgage process you will have to collect all the necessary information and documents. Amongst other things, these include your ID, your most recent payslip, or proof of income, an employers statement and necessary residency documents. This information proofs that you work and live in the Netherlands.
Various types of mortgages
After you collected all the necessary documents, you can explore the various possibilities. There are multiple ways to get a mortgage for the house you want to buy. Also there are various types of mortgages. Your mortgage adviser can calculate how much you can receive based on your salary and/or your partner’s salary. This includes an analysis of your financial situation in order to determine your budget.
You have to take into account the accompanying costs like fees, tax, civil-law notary or registering the property in your name. A calculation is needed to point out what product is best fit for you with the lowest interest rate and an indication of the maximum amount you can borrow and come up with an affordable monthly payment.