Increasing your mortgage for renovation

You could choose to keep the mortgage with your current mortgage provider, or you could choose to refinance with another mortgage provider. Below you'll read more about these three options:

Increasing the mortgage without going to the notary

If there is a higher amount registered in your notary contract, you can increase your mortgage without going to the notary. This means you save on notary fees! Using this option means the interest rate for your current mortgage rate will remain unchanged, and for the extra part you'll get the interest rate of today.

Second mortgage

If the current notary contract does not contain a higher amount, you can apply for a second mortgage. A second mortgage means you'll have to visit the notary again, meaning you'll have to pay a notary fee. Using this option also means the interest rate for your current mortgage rate will remain unchanged, and for the extra part you'll get the interest rate of today.

Refinancing your current mortgage

It's also possible to refinance and switch your mortgage to another mortgage provider. In this process, you can choose to increase the amount you refinance, to finance the renovation. By doing this, the full mortgage will get the interest rate of today.

When you're going to finance the renovation by increasing your mortgage, there will always be costs involved. Your monthly amount will increase, and you pay some additional fees when closing the mortgage. This is for example the fee you pay to a mortgage advisor, a notary, and someone to do a valuation. We recommend you therefore to consult a mortgage advisor to check whether this is a good idea and whether you can afford the extra monthly amount and the additional fees. You might have suffcient savings, or you might choose to wait a little bit untill you have saved enough. It can also be interesting to take out a personal loan instead of a mortgage. We of course gladly help you in calculating what the smartest choice is.

When you pay back the mortgage within 30 years, either by an annuity mortgage or with a linear mortgage, the interest is tax deductible. You normally receive this tax benefit once a year when you file your tax report. You can also choose to file a preliminary tax report, which means the tax authority will prepay you a monthly amount as tax benefit.