Your financial obligations are among the factors that determine your maximum mortgage. Financial obligations are expenses for, for example, a credit, personal loan or maintenance. Because of those expenses you can pay less mortgage and your maximum mortgage is lower.
How do your financial obligations determine your maximum mortgage?
The influence of your financial obligations on your maximum mortgage loan becomes clear in these steps:
- Your maximum mortgage burden is calculated with your income.
- Due to your financial obligations you can pay less mortgage.
- As a result, your maximum mortgage burden is lower.
- A lower maximum mortgage burden requires a lower maximum mortgage.
If you want more explanation, read the explanation below. Or scroll down a little further for other information about your maximum mortgage.
Maximum mortgage burden
To calculate your maximum mortgage, your maximum mortgage burden is calculated on the basis of your test income, interest and housing ratio. That amount consists of interest and repayment and is your absolute ceiling in euros. Your maximum mortgage loan is calculated with this. By spending on your financial obligations, you have less money left to pay interest and principal. Some expenses lower your test income, others lower your maximum mortgage payments. You can get less mortgage due to both reductions. With the llc tax calculator you can also manage the tax with the mortgage.
Key income
The test income is what is used to calculate your maximum mortgage amount. Your test income may differ from your gross income. It may be lower due to your financial obligations. If you scroll down you will see an example of the impact of alimony, where your income is reduced.
Maximum mortgage amount
Your maximum mortgage amount is determined on the basis of your test income and your maximum mortgage costs. This is lower if, in addition to interest and repayments, you also have expenses for financial obligations. This is because it concerns the mortgage that you can pay with your income and your expenses.
Explanation of financial obligations
Revolving credit is a type of loan where you mainly pay interest and little repayment every month. You repay voluntarily if it suits you. If you do not pay off, the debt will remain the same and you will continue to pay interest.
- Current account credit is when you are allowed to be overdrawn on your bank account. Even if you are never overdrawn, a lender may require you to cancel this before you take out a mortgage.
- A personal loan is a loan that you pay off completely in a certain period. You also pay less interest per month after each repayment.
- A student debt also counts towards your maximum mortgage. You must therefore also state this when you apply for a mortgage.
- If you already have a mortgage, the part that is not deductible will be included in the calculation of your new maximum mortgage.
