Banks lax with adjusting mortgage terms

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Mortgage terms and calculation modules on the websites of lenders sometimes run months behind the news. As a result, people who want to buy a house or change their mortgage are not always well informed, warns the De Hypotheekshop advisory group.

Money providers, such as banks, nowadays adjust their conditions almost every month. “This is often to the benefit of the consumer, but he must do his best to find out. It sometimes takes months before the calculation module or the PDF version of the conditions on the website has been updated, “says Mark de Rijke, director of De Hypotheekshop. “It is not a bad will, but the administrative burden becomes too much for many lenders. Not only with the smaller parties, but also with large banks. ”

According to the Vereniging Eigen Huis, lagging behind with the implementation of adapted conditions is mainly a problem for advisers.

“Consumers at most indirectly know something about this,” says spokesman Hans André de la Porte.

Now that interest rates on mortgages are extremely low, lenders compete on acceptation criteria and other conditions, such as automatically lowering interest rates if the property becomes more valuable or the owner redeems on his mortgage. This happened at most only a few times a year, but now almost monthly, according to De Hypotheekshop.


By: Abaigael Schlomski

Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.

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