Sun, 22 November 2009
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Buying a house can be a stressful experience. When you’re an expatriate buying in a ‘foreign’ country, things can be altogether more challenging. Financial expert, Tim Bichard eases the strain...Of all the things to organise, mortgages are one of the most important. With so many different providers and so many traps to fall into, they’re also one of the most complicated. Choose the wrong one and you can end up paying thousands more than you need to.
To help ease some of that stress, the following is a quick guide to the financial aspects of home buying in Belgium.
How much can you afford?
Before you start looking for a property, you’ll need an idea of how much you can borrow. Banks in Belgium have a reputation for being conservative but they are restricted by law to the amounts they can lend.
As a rule, most banks will lend up to 100% of the value of a property. The amount you can borrow is governed by your net monthly income. Banks will limit the amount they lend to ensure that your monthly repayments do not exceed 40-50% of your net monthly income. For lower earners, this figure is reduced to around 30-35%.
Other factors such as employment status (employee or independent), profession, age and family status will also influence a bank’s willingness to lend to you.
Choosing the right type of mortgage
When a bank has agreed to lend to you, you’ll need to decide on the type of mortgage. Banks will be happy to advise you, but remember that they’re limited to selling their own products.
When comparing mortgages, it’s important to look beyond the interest rate. Bank fees, lock-in clauses and repayment penalties can all prove costly, so the lowest rate isn’t always the best deal. To find the best products, it’s essential to compare different offers.
Mortgages in Belgium are available as either ‘repayment’ or ‘bullet’ loans.
Repayment Mortgage
These are the most common and require borrowers to repay interest and part of the outstanding capital each month. In the early years borrowers will be paying more interest and less capital however in later years the proportion of capital will increase.
Bullet Mortgages
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