Since the outbreak of the coronacrisis, many loans have been requested. With various diverse purposes, including the renovation of the home. What options do you have when it comes to finishing the renovation? And how do you request a renovation credit when you have a BKR registration? We explain how to borrow money without BKR testing, so that everyone can give the kitchen a new lick of paint.
Renovation mortgage or renovation credit
Renovation mortgage, renovation credit or renovation loan .. What exactly those words do and what is the difference? A renovation mortgage is nothing but increasing a current mortgage or request an additional mortgage, with the aim of renovating the home. A renovation credit or renovation loan is a revolving credit or personal loan, with the aim of renovating the home. Because continuous appropriations are provided in the Netherlands by increasing banks, we will not go into it.
Three options for finance renovation
If you want to tackle the extraction of the home large-scale, you can choose from increasing your mortgage or taking out a personal loan.
Increase current mortgage
Choose a renovation mortgage, what does that mean? You can request a renovation mortgage in two ways. First of all you can have your current mortgage raise. This is nothing but the use of the surplus that you have on the house. The amount that you have built up as a surplus value on the property can include and use it for the renovation. Please note that the monthly charges will go up.
Request additional mortgage
Secondly, you can request an extra mortgage. This option is interesting if you have not yet built up enough surplus value. You then conclude a new mortgage on top of your existing mortgage amount. Make sure that you will have to pay notice costs and taxation costs again. These costs often do not agree against the amount for which the mortgage is intended to apply.