Anyone who leases a car or other expensive consumer goods privately will receive considerably less mortgage from next year. The Home Owners Association warns about this. The rules regarding mortgage lending and private lease will be a lot stricter from 1 January. This can have significant consequences when applying for a new mortgage or increasing the existing mortgage.
For example, anyone who privately leases a car for a total amount of € 15.000 with a term of 3 years can receive a maximum of € 328.224 in mortgage this year with the National Mortgage Guarantee (NHG). After January 1, the maximum mortgage in this situation will be € 294.599 and as of April 1, this amount will decrease to € 229.829. Without a private lease contract, the maximum mortgage amount in this example is € 414.789. Due to the financial obligations of private lease alone, the maximum mortgage will decrease by almost € 185.000 from April.
“Private lease will soon have even greater consequences for your borrowing capacity than is already the case. If you need a mortgage to buy a house or to renovate, make sure you calculate the consequences of a private lease car. Know what you're getting into before signing such a contract.
Supervision of private lease desirable
The private lease market has been experiencing stormy growth in recent years. These are often long-term agreements with significant financial obligations. Home Owners Association believes that consumer interests should be better protected. Consumers must be fully informed about the possible consequences of a private lease agreement, for example when purchasing a home. Affordability must also be carefully determined now and in the future. In order to protect the interests of consumers, the association considers it desirable that all lease companies be supervised.
Explanation of the influence of private lease on maximum mortgage
Someone with a private lease contract that is registered with the BKR for € 15.000 can now borrow a maximum of € 328.224 for the purchase of a house with National Mortgage Guarantee. From 1 January, with the same lease contract and a term of 3 years, that will only be € 294.599. That saves no less than € 33.625 in mortgage options.
A second change is that the BKR will register 1% of the total private lease amount from 2022 April 100. Now it is still 65%. This adjustment further limits the maximum mortgage amount. In the same situation as above, it is still possible to borrow € 1 in mortgage for the purchase of a house after 229.829 April. That is no less than € 64.770 lower than in the previous period.
If the same home buyer does not have a private lease contract, he can borrow a maximum of € 1 after 2022 April 414.789; a difference of almost €185.000.
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