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Types of mortgage

Interest-only Mortgage A mortgage where you only pay the interest. The loan does not have to be repaid until the property is sold or upon death. The advantage of this is the low monthly costs. The disadvantage is that you do not create capital, so it remains uncertain whether you will be able repay the loan from the available funds after 30 years. Repayment in any way is recommended, because the mortgage interest is deductible for a maximum of 30 years.

Annuity Mortgage With this type of mortgage you always pay the same gross amount. This amount consists of interest and repayment. You first pay little repayment and a lot of interest, but later on this will be the other way around. The tax benefit is therefore great in the beginning, but decreases as time goes by. This is disadvantageous with an income that increases over the years and on which the tax burden increases.

Linear Mortgage An equal amount is paid off from the mortgage debt each year. You also pay interest on the remaining debt. Those with a lower income will have great difficulty with this type of mortgage due to the high initial costs. Those with a higher income see their tax benefits reduced very quickly.

Lifetime Mortgage A lifetime mortgage is not paid off during the term. The interest, and therefore also the tax deduction, remains the same from year to year. Instead of repayment, the premium for an insurance policy is paid. This can be a capital insurance policy, but also an investment insurance policy. In this way capital is built up with which the loan can be repaid in due course. In the event of premature death, (part of) the loan will be repaid with the co-insured life insurance.

Savings Mortgage With a savings mortgage the loan is also repaid with a life insurance policy. The big difference with a lifetime mortgage is the increased interest of the savings policy. This rate of return is in fact the same as the mortgage interest rate that you pay. At the end of the fixed-rate period, the mortgage interest is redetermined. If it increases, the interest rate in the savings policy will also increase. The result is that the premium for the savings policy is reduced, so that the total net costs are more or less stable.

Bank Savings Mortgage With a bank savings mortgage you do not save through a life insurance policy, but simply through a blocked savings account. You pay a fixed amount in mortgage interest and an amount for your savings account. At the end of the term, you repay the mortgage in a one-off payment with the saved amount in the account. The savings account has a guaranteed value on the end date, equal to the amount of the mortgage loan.

Investment Mortgage This type of mortgage is comparable to the lifetime mortgage. The difference being that the assets in this case are not built up in an insurance, but in investment funds. The mortgage costs, in addition to the mortgage interest, consist of an amount that is invested periodically or by a one-off payment. You can achieve a (considerably) higher return than the interest rate of your mortgage, but the return can also be disappointing. And there is a chance that you will ultimately not be able to pay off the mortgage debt in full.

Combination of types of mortgages Those who want to combine the benefits of several types of mortgages, could choose a mortgage that is partially repaid with an insurance and the remainder by investments.