From today it is no longer possible to obtain a mortgage that doesn't need to be repaid during the term of the loan, reports Parool. It is also no longer possible for a mortgage to exceed the property's value.
This is due to the new code of conduct for mortgage lenders. The code is designed to protect borrowers against borrowing more than they can repay.
The federation of insurers, the Dutch association of banks, the treasury and the financial markets authority want the new code to be binding, even for mortgages arranged under the national mortgage guarantee.
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