ANP
News from the NOS•
Many families will be able to borrow a little more in 2023 when buying a home. The cabinet decided this in response to next year’s new Nibud report on mortgage standards. The Interior Ministry sent it today to the Chamber of Deputies.
If the average interest rate of mortgage lenders stays the same and wages rise by 3.7%, as the CPB predicts, most households will be able to borrow more by January. The extra space can therefore amount to 10,000 euros compared to this year.
This wage increase is an optimistic estimate from the ministry: according to Statistics Netherlands, the expected wage increase for October is 3.5%. There are companies that do not allow such a rapid increase in wages, but prefer, for example, to one-time payment to its employees.
There is a caveat. People can then borrow more if the interest rate stays the same, but the mortgage interest rate has increased significantly last year. As a result, the maximum loan amount has dropped significantly over the course of this year. If interest rates continue to rise in the near future, the maximum amount will then decrease. The reverse is also true.
The report also includes government purchasing power support, such as tax credits and the energy compensation. In terms of purchasing power, Nibud does not look at the average annual spending pattern, because the fluctuations may be too large, but at that of the last four years.
Two-income couples also get more loan space: they can then take the second income with them entirely. This year, the second income was still 90 percent included. According to Nibud, the difference with the current situation remains “limited” with an average of 3200 euros more loan space.
Borrow more for a more sustainable home
Nibud and the ministry’s new lending standards are already approaching the standards they want to use in 2024, which are likely to be even wider. So the cabinet wants to move to a new method, which takes into account the students’ debts and the extent to which they have already been repaid.
In two years, the government also wants to take better account of the “different energy consumption of homes”. In a more sustainable home, you spend less on your energy bill each month and have more on your mortgage, is the idea. The price difference between houses with high and low energy labels has increased recently.
