a.s.r. to introduce Starters mortgage with term of 40 years
On 24 May a.s.r. will be the first party in the mortgage market to introduce the WelThuis Starters mortgage, with a term of 40 years instead of the usual 30 years. The mortgage is intended for starters on the housing market who are buying their first house or apartment. The starters mortgage is of most interest to this group because of its flexibility and security. The introduction follows a successful pilot that took place in recent months and in which the first WelThuis mortgages were taken out.
Flexibility and security are essential criteria for starters on the housing market
a.s.r. has conducted a survey into starters on the housing market. The survey showed that flexibility and security are essential criteria for this group aged up to 40. Security to have more financial room because of lower monthly mortgage payments (compared to a 30-year mortgage). To meet these needs, the WelThuis Starters mortgage was developed. As a result of the longer term, the customer’s interest burden will ultimately be higher, but they will have more financial room now. At an average price for a starters’ dwelling of € 230,000, this comes down to about € 135 lower monthly expenses, which the customer can spend on other things or save. The Starters mortgage offers a customer flexibility to make the mortgage better suited to his or her retirement age. Moreover, the customer will always be able to make extra penalty-free repayments (15% per calendar year).
What is the difference per month between a 30-year and a 40-year mortgage.
Interest rate as at 14 May 2018.
| Principal sum dwelling 235,000 euro | ||||
|---|---|---|---|---|
| Interest rate with National Mortgage Guarantee | Monthly mortgage payment 30 years | Monthly mortgage payment 40 years | Difference | |
| 10-year fixed interest rate | 2.00% | 857 | 712 | - 145 |
| 20-year fixed interest rate | 2.55% | 922 | 781 | - 141 |
| 30-year fixed interest rate | 2.90% | 953 | 828 | - 125 |
| Principal sum dwelling 350,000 euro | ||||
|---|---|---|---|---|
| Interest rate without National Mortgage Guarantee | Monthly mortgage payment 30 years | Monthly mortgage payment 40 years | Difference | |
| 10-year fixed interest rate | 2.30% | 1329 | 1116 | - 213 |
| 20-year fixed interest rate | 2.90% | 1438 | 1233 | - 205 |
| 30-year fixed interest rate | 3.25% | 1485 | 1304 | - 181 |
National Mortgage Guarantee
The WelThuis Starters mortgage can be taken out with and without a National Mortgage Guarantee (Nationale Hypotheek Garantie; NHG). The mortgage consists of 2 separate loan portions: a deductible portion with a 30-year term (box 1) and a non-deductible portion with a 40-year term (box 3). The two loan portions together ‘behave’ as one annuity mortgage with a maximum term of 40 years.
This new mortgage form has been agreed with the tax authorities.
More information on this WelThuis Starters mortgage can be found on www.asr.nl/startershypotheek.
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