What are the requirements for you and your income for a mortgage loan?

If you are going to borrow money to buy a home, whether it is a house, apartment or something else, an income will be required. The question then is how big this income must be for the lenders to approve lending money?

Unfortunately, there is no simple answer to this question as it is very dependent on how much money needs to be borrowed. It goes without saying that anyone who wants to get a mortgage of 3 million needs to have a better income than someone who has only intended to borrow half a million. The interest rate for a loan of USD 3 million would be USD 12,500 a month before deduction if the interest rate is 5%.

For the loan of half a million, the corresponding sum would be about USD 2,100 a month.

For the loan of half a million, the corresponding sum would be about USD 2,100 a month.

It is also not only the income that affects the possible size of the mortgage, but most of what has to do with your own finances can affect the terms of your loan. Then we talk not only about obvious things like payment notes but for example how much money is saved, existing debts and the like.

If you want a better idea of ​​what you can possibly borrow, the best tip is to visit the big banks’ websites.

If you want a better idea of ​​what you can possibly borrow, the best tip is to visit the big banks

There it is not uncommon for there to be quick forms that you can fill in which give an estimate of the possible size of the mortgage.

You can also read on various forums where individuals discuss this topic and what they themselves have received for loans and what income they have, etc. However, there is always a risk of relying too much on such forums because it is about individual cases and there is always some uncertainty. Such numbers can be inaccurate and, above all, they may not match what you can get when you borrow.

However, if you choose to do a quick check with a bank or lender, you may not be able to borrow as much as the first check says.

money loan

If you decide to go ahead and take out a loan promise, you can get a slightly better picture as you do a more thorough credit check at this time. Then you get a slightly better answer to this question. However, a loan promise only applies for a specific period and if you wait longer than that, it is conceivable that your finances have changed and that you can then only borrow less.

Vacation Savings: Savings Account with Payment Plan

Traditionally, money is saved, for example, in a savings account or a fixed-term deposit account. In addition, Aurinkomatkat-Suntours has holiday savings offered by E-money, the purpose of which is ultimately to buy, as the name implies, the long-awaited vacation. Saving begins by setting a target amount for saving.

Savings can be rewarded with a discount on the trip, up to a maximum of 5% of the savings target. Savings can last from 6 to 24 months, from half a year to two years.

A marketing trick or just the right savings?

A marketing trick or just the right savings?

It could be a marketing push to present the Installment as a Savings Account. Normally, once the installment agreement is made, you will have access to the product or service immediately. Usually interest is also charged on installment payments. In this case, payment will begin before the service or product is available. In addition, there is no interest on the payment, but in fact it is paid! Maybe this is savings anyway. To someone else’s account. And stopping it costs.



On the face of it, this seems like a win-win-win situation. E-money wins, Aurinkomatkat wins and the customer wins. Aurinkomatkat-Suntours does not issue travel tickets until it has received money from E-money, E-money will not pay until it has received money from the customer, and the customer will not pay interest but will receive benefits if you pay E-money the agreed amount per month (at least EUR 40). Failure to comply with the payment plan will result in termination of the contract and refund of the savings. However, this amount is deducted from the € 10 office costs, which is a relatively small risk for the consumer compared to installment and flex loans.

Vacation Saving reminds you of ASP accounts because the money saved is used to purchase a specific product or service. In vacation savings, it is an overseas trip from Aurinkomatkat-Suntours and in ASP savings, your first home is your goal. In the first one, however, you do not need to borrow at the end, but you cannot choose from whom to buy the trip. The difference with savings accounts is that you cannot use the funds you want.

A holiday savings agreement is worthwhile, especially for Aurinkomatkat-Suntours

A holiday savings agreement is worthwhile, especially for Aurinkomatkat-Suntours

A holiday savings contract is a profitable activity for Aurinkomatkat-Suntours because it commits the consumer to purchase a trip from a particular provider even before they even have the money. With a variety of financing and payment options, agents selling products and services will gain customers, even if their prices are slightly higher. Man is a comforting being, and paying must be easy.

Once the savings target has been reached and the trip is starting to gleam in the field of vision, the 5% savings reward can be used to purchase the trip. However, this bonus cannot be used for other discounts. Therefore, it is worth investigating whether the discounts are better than the benefit of the savings bonus. You can stop saving even when the target amount is already reached, but it costs € 10 to terminate the contract.

If the trip already booked is canceled, the remaining costs will be paid out of the savings. The savings bonus and the savings can be transferred to a family member or to a person specifically named. However, at the customer’s request, a saving of € 20 will be charged.

Vacation savings can be a good thing if:

  • Know that with your money you buy a trip from the sun
  • Systematic saving is difficult
  • You can get a discount on your trip at times when there are usually no discounts eg ski holidays

Other means may be better if:

  • Maybe after all, he wants to look at the cheapest prices again
    • For example, a savings account pays a little interest on money, which just keeps the value of the assets roughly the same as inflation devours it
  • Systematic saving succeeds

Housing loan despite payment note

Taking a home loan is often a very big and important step in life. Usually this loan is taken when it is a move to something new. However, if you have one or more payment notes registered on you, there is a risk that this may affect the possibility of being approved in a home loan application.

Here we will explain how it works to obtain a home loan despite payment note because you should not be too worried.

money loan

If you have a good order for your finances otherwise, there should be no major problems to be approved.

In Sweden, there are almost half a million people who have payment remarks. This means that there is also a large market for lending institutions to enter. A note of payment does not necessarily mean that the person has poor finances, for example, they may arise after carelessness. If they have arisen due to financial difficulties, there are also great possibilities that these problems have been solved when the application is submitted.

A payment note is registered for three years which is a long time.

money loan

The loan institutions that approve that people are looking for home loans with a payment note have just come up with this. Generally, you can say that there are some newer players offering this kind of loan. The old classic banks almost always say no to home loans for people with a down payment.

Why do they lend?

The big advantage you have when you apply for a home loan despite a payment note is that it is precisely a mortgage that the application concerns. This is a loan that has the home as collateral, which means that the loan institution has a much greater security when lending. Should you not be able to repay the repayments, they may require the property to be sold to repay the loan, which makes them feel more secure about getting their money back. And if there is less risk for the lender, it will normally be that you as a borrower will have better conditions and more opportunity to get approved.

One thing to keep in mind is that even though these lenders lend money to you who have payment notes so the note carries with them something negative. There is a greater risk of lending when a comment is somewhat negative. This often means that you have to pay a slightly higher interest rate for your loan.

The part of the home loan that is relatively easy to get approved for is the mortgage loan.

The part of the home loan that is relatively easy to get approved for is the <a href=mortgage loan.” />

This is the part that the house stands for as security. The remaining part of the purchase price you must either pay cash or obtain other loans to cover. This can be a little more difficult, but if you have a good order of the finances, it probably shouldn’t cause too much trouble. The bottom loan can amount to a maximum of 85% of the value.

Who lends money?

A little further down on this page you will find suggestions on loan institutions that offer you to apply for home loans even if there are active payment notes. Then of course we cannot guarantee that you will be approved for an application, what we know is that these are some of your best options.

Borrowing and lending money through crowdfunding | Payday Loans

Crowdfunding is incredibly popular. The news item was recently published that in the first half of 2015, 49 million euros in funding was raised in the Netherlands with crowdfunding. A doubling compared to the first half of 2014! This makes crowdfunding the largest form of alternative financing, according to consultancy firm. High time to take a closer look at that. http://ecoformations.net for a critique

What is crowdfunding?

What is crowdfunding?

In short, crowdfunding is a form of borrowing and lending money online. Around 2010 this phenomenon came to the Netherlands from the United States. It connects people or companies that want to borrow money for a project or company directly with investors. Often simply via an online platform. In total, more than 150 million euros have already been raised in our country. An amount that will probably only increase further in the coming years.

Borrow money as an entrepreneur

Borrow money as an entrepreneur

Originally crowdfunding was created for charities or companies. Entrepreneurs make grateful use of this form of borrowing money. Certainly now that banks have been extra critical about providing a loan since the crisis. Thanks to crowdfunding, entrepreneurs can still get started with their project. Good examples of crowdfunding successes are the Fairphone and digital news platform.

Borrow money through crowdfunding

A crowdfunding loan is not only reserved for companies. Consumers can now also borrow money via this route. It is similar to borrowing from friends and family, only you make your request for a loan through an online platform to strangers. Keep in mind that this form of borrowing costs money. You pay interest to investors and administration costs to the platform. How much this is varies per platform.

Lend money through crowdfunding

Lend money through crowdfunding

Investing through crowdfunding is not risk-free. For example, it is important that you can estimate the risk of your investment yourself. For example, when investing in a private loan, always check whether the platform does a ABC check. This gives you more insight into the creditworthiness of the person applying for the loan. Also thoroughly study the terms of the loan or investment, or a possible loan contract. What happens if the recipient cannot pay the interest? In short, by paying close attention and using common sense, you can prevent some risks.

Real estate loan insurance when you are on sick leave?

A case that often comes up and for which many of you contact me: Can I borrow if I am sick?

I had the case this morning of a lady who is looking for loan insurance for her son

loan insurance,money

His son is currently on sick leave and for the moment the loan insurance of the bank grants him only the guarantees Death, Total and Irreversible Loss of Autonomy and Disability. The incapacity for work guarantee is refused. Since he buys a principal residence and must be able to compensate for the loss of income if he is on sick leave (to be able to continue to pay his monthly loan maturity), the bank refuses to grant him his ready.

Does the bank have the right to refuse to lend you if you are not covered for the work disability benefit?

Only death guarantees and total and irreversible loss of autonomy are mandatory for real estate loans regardless of the type of investment made. But then, depending on whether it is a main residence, a second home or a rental investment, the criteria of guarantees requested evolve and are reserved for each bank.

Some banks will be more flexible on the additional guarantees to be subscribed (total and partial incapacity for work, total and partial permanent disability, option back and psy disorders with or without condition of hospitalization …) others firmer. Each bank has its own criteria depending on the investment made. For information, you will find in our page by clicking here, the guarantees required by the main banks for an investment for a principal residence.

The death and total loss of autonomy guarantees are reserved mainly for rental investments because in this case, the borrower’s income is guaranteed by the rents he will receive (at least in large part). We are seeing more and more banks that also require the disability guarantee for rental properties.

For a principal residence, the death and loss and irreversible benefits of autonomy will almost always be accompanied by disability and work disability guarantees. Certain profiles of borrowers already having a large real estate patrimony or significant savings may sometimes be exempted from subscribing to the disability and disability guarantees, but the final decision is reserved for the sole assessment of the bank that will grant them the loan.

A little parenthesis to understand why the bank claims all these additional guarantees. The bank tries to make sure that loan maturities will continue to be paid if you lose half of your salary. Indeed for an employee, in most cases, the social security pays you only half of your salary when you are sick and this for a maximum of 3 years (then if you still can not return to work, social security will switch you into disability and it is the disability guarantee that will take over to pay the credit maturities). For a liberal profession or a self-employed worker, the daily allowances paid by the health insurance can even be lower than 50% (it depends on each general scheme on which depends the profession, it is thus necessary to inquire on a case by case basis). The Bank is therefore seeking to ensure that you will be able to continue to repay your credit maturities.

What alternatives are available to you if you buy a principal residence and the additional disability and disability benefits are refused?

Use the insurance delegation

In the first instance, we advise you to have your file reviewed by an insurance company other than the bank: some insurance companies are more flexible than others to insure people with an aggravated health risk, contact us, we will guide you to companies that can assure you, depending on your pathology.

Moreover, for many pathologies, and as soon as you enter into its criteria of application, the AERAS Convention makes it possible to push back the limits of the insurability of the people who present / have presented an aggravated health risk.

Note however that in this case, where the person is still off work, the insurance will not have any perspective on the consequences of the judgment, it is then possible that it adjourns its decision, proposing re-study the file, once the person has resumed his activity.

See if you have a professional pension plan

pension loan,money

Secondly, if no insurance has agreed to insure you, contact your employer to see if you have a pension plan that insures you to supplement your salary in case of sick leave. This is a negotiation to do with your bank because it can consider that if you get fired, then you will not have this foresight … But it’s worth a try because I saw a lot of cases in which the contract is an acceptable argument by the banks. And among other things when the borrower is an Unpaid Worker who had already subscribed to his own foresight when he was in good health. In this case, the borrower is his own employer, so there is no risk of dismissal and if the activity is sustainable (what the bank knows since it has agreed to grant you the loan), it There is no risk of filing for bankruptcy either.

Try to bring other guarantees to the bank

bank money

Thirdly, if you do not have a provident contract or if the bank refuses to take it into account, there will still be the possibility of taking another guarantee such as the surety of a relative for example or the pledge of life insurance or other savings product. You can also offer the bank to take a mortgage on your property, if the main deposit is another deposit type Credit Housing for example.

Changing Loan Insurance: A Good Example of Savings

I decided to publish now the best examples of savings made by our customers on their mortgage insurance.

This case is naturally based on a real situation recently encountered 

We quickly carried out a simulation and the answer was obvious: a gain of 9,004.95 € or nearly 42.5% on their loan insurance

loan insurance,credit

Indeed, as a reminder, loan insurance taken out with a bank can be terminated in two ways: either by invoking the Loi Hamon, which allows to change borrower insurance in the year following the anniversary date of the contract of insurance, that is to say once this first year has passed, invoking the Bourquin amendment which makes it possible to terminate 2 months before the anniversary date of the loan agreement, each year.

To review all the explanations on the borrower insurance changes, the equivalence of the guarantees, the anniversaries dates, etc.

To change loan insurance, the ideal is to go 4 months before the anniversary date of the contract

To change loan insurance, the ideal is to go 4 months before the anniversary date of the contract

We must determine this anniversary date very precisely and beware, where it gets worse, is that depending on the banks, this date is different: some take into account the date of signature of the loan offer, others the date of signing the application to join the insurance … Consult us, we will tell you precisely which date to take into account depending on the bank and your current insurance contract.

To be equivalent in terms of guarantees,had to take out the following guarantees:

  • Death
  • Total and irreversible loss of autonomy
  • Total Work Incapacity, with an option for coverage of back and psy without conditions of hospitalization
  • Total Permanent Disability, with an option for coverage of back and psy without conditions of hospitalization
  • Mr and Mrs EH were also to be insured at 100% each.
  • The profile of Mr and Mrs EH is as follows: they are both non-executive employees, non-smokers and were born respectively in 1973 and 1978.

They had 4 lines of loan to ensure:

  • A first loan of € 8,166.52 at 0% over a remaining period of 135 months
  • A second loan of € 75,900 at 0% over a remaining period of 241 months (including a deferral of 109 months)
  • A third loan from 42,049.83 € to 1.29% over a period of 125 months
  • A 4th loan from € 67,439.81 to 1.29% over a remaining term of 125 months

If they had continued with their group insurance of the bank, the sum of the insurance premiums due would have been 21 192.62 €.

Thanks to the insurance delegation, I found them a totally equivalent contract in guarantees (and even with some better guarantees), for a total of 12,187.67 €, saving 9,004.95 € or 42,5%!

So you too do not wait to contact us and make big savings on your mortgage insurance. We will search for you the most competitive contract with equivalent guarantees. You will also be able to decide if this economy is very important to choose additional guarantees or to increase your quotas to be better covered!