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Increase mortgage

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Have you been dreaming of remodeling for a long time? Would you like to make your home more sustainable? Or do you need extra money for a major expense? Then you might want to look into increasing your mortgage. Increasing your mortgage provides more financial space so you can make your dreams come true. There are several ways to increase your mortgage. Which way suits you best depends on your personal situation. On Alpina.nl we will tell you all about increasing your mortgage.

Why raise mortgage?

Increasing your mortgage provides more financial space. This is especially useful if you have insufficient savings for a major expense, such as remodeling or making your home more sustainable. Think for example of a new bathroom, a dormer or solar panels on the roof. One advantage is that the mortgage interest is tax deductible if you use your mortgage to renovate or make your home more sustainable.

Besides remodeling or preserving your home, there are other reasons for increasing your mortgage. For example, a mortgage can also be increased for another personal expense, such as a new car or to pay for a study. In this case, however, the mortgage interest is not tax deductible. This is only the case if you spend the money on your own home.

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How can you increase your mortgage?

There are several options for increasing your mortgage. We explain the two options to you below. The best way to increase your mortgage depends on your personal situation. Factors that are important here are your current mortgage, the desired increase and your financial situation. Need help from a mortgage consultant? Alpina's mortgage advisors are at your service and will be happy to help you explore your options.

Raise privately

If your mortgage is registered at the notary higher than the amount you are currently borrowing, you can increase your mortgage to the amount for which your mortgage is registered. We call this private increase. The advantage of private increase is that you do not have to go to the notary again.

Taking out a second mortgage

If your mortgage is not registered higher, you can look into the possibility of taking out a second mortgage. This is an extra mortgage in addition to your existing mortgage, with the same house as collateral. You will then have to go to the notary to have a new mortgage deed drawn up and pay notary and registration fees once again.

What do you need to consider?

There are a number of things to consider when raising your mortgage:

  • You can never borrow more than your home is worth. So that means your mortgage after increase cannot be more than 100% of the value of your home.
  • You can only increase your mortgage if you have excess value on your home or if you are going to remodel your home, making it worth more.
  • The mortgage interest is only tax-deductible if you use the increased mortgage to renovate or preserve your home. If you increase your mortgage to buy a car, for example, you cannot deduct the mortgage interest.
  • Your income is reassessed when you increase your mortgage
  • If you have taken out a mortgage with National Mortgage Guarantee (NHG), you can only increase your mortgage up to the maximum NHG limit. In 2023, this is €405,00 without sustainability measures and €429,300 with sustainability measures.

What are the costs?

Raising your mortgage involves costs in some cases. With a private increase, you do not have to deal with costs, because you do not have to go to the notary for this. Are you going to take out a second mortgage? Then there are costs involved. These costs are tax deductible. You can report them on your income tax. In that case, you should consider the following costs:

Notary

To take out a second mortgage, you have to go through the notary. In that case, you have costs for preparing the mortgage deed and registering your new mortgage at the Land Registry.

Appraisal

If you are going to raise your mortgage, you need an appraisal report. So you have to deal with appraisal fees for your home.

Opinion

Finally, you have to deal with the cost of the mortgage consultation. During this consultation you discuss the options for increasing your mortgage. For a consultation, you pay advice and closing costs.

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