You may not always think about it, but your mortgage is also a form of a loan. Quite a lot, because borrowing money for a house often goes down well. After all, a house quickly costs at least 120,000 euros, and we have not yet discussed all the additional costs: the costs for the notary, the real estate agent, the transfer tax… You can often finance these one-off costs in your mortgage. But what if at some point you can no longer pay your mortgage?
Care is taken when applying for a mortgage loan. All kinds of rules and calculations are released before it is determined how much mortgage you can get. This sometimes results in people being unable to buy their dream home or sometimes even being forced to continue to rent because they do not have sufficient financial scope to take out a mortgage loan. That may seem harsh, but consider how many people would get into trouble if their mortgage loan turned out to be a bit too large for their income.
The suffering is called a mortgage loan
Okay, then you have a mortgage that is adjusted to the amount of your income. Maybe not even the maximum mortgage, because it is always nice to have a little space left. And then fate strikes. You lose your job, so your income falls sharply. Or you have a mortgage that is based on the income of you and your partner together, but your partner leaves you. How do you deal with your mortgage charges?
If you are in danger of getting into financial trouble, always contact the mortgage provider! In most cases, the mortgage lender is best prepared to have some leniency, because a forced sale is not the ideal solution for them either. If the payment problems are the result of dismissal, you have a good chance that you will agree to a temporary (partial) suspension of the payment terms. You may then break this in when you have found a new employment.
Mortgage loan payment problems: housing allowance to the rescue?
What many people do not know is that homeowners with payment problems may be eligible for housing allowance. One of the conditions for this is that payment problems must be due to a sharp fall in income, for example due to illness, the loss of a job or a divorce. The housing allowance is a temporary supplement to the income and can be applied for via the social service in the municipality where you live. You do not have to have social assistance benefits for this.