How can I increase my current mortgage?

How can I increase my current mortgage?

Perhaps the more important question is: Why would you want to increase your mortgage?
By increasing your mortgage, you can create more financial flexibility. This means you might be able to turn your wishes into reality. You could renovate your home or make it fully “future-proof” by making it more sustainable. It’s also possible to finance other personal goals, such as purchasing your dream car. We’re happy to explain how it works.

Three Ways to Increase Your Mortgage

• Increasing your mortgage

This is often the easiest option. When purchasing your home, you can request a higher mortgage registration. This is recorded by the notary at the time of transport.

By doing this, you make it easier for yourself to fund renovations later on without needing to return to the notary and pay additional fees. Since the increase is already registered in the mortgage deed, no further adjustments are required. However, the downside is that you cannot borrow more than the amount initially agreed upon when the mortgage was registered. This could limit your ability to finance your renovation plans.

• Taking Out a Second Mortgage

If you need to borrow more than what was initially registered, you can apply for a second mortgage. However, a second mortgage comes with additional costs, such as notary fees. That’s why it’s essential to carefully assess how much you actually need in advance. Ask yourself: What is required to achieve my goal?

Don’t focus too much on a private increase alone—often, the additional financial flexibility of a second mortgage gives you just the extra amount needed to make your plans a reality.

• Refinancing Your Mortgage with Another Lender

If your fixed-interest period is ending or market interest rates are lower than your current mortgage rate, refinancing with a new lender can be a smart option. You can refinance your mortgage while also increasing the loan amount.

One major advantage of combining these two actions (refinancing and increasing your mortgage) is that you only incur costs once. In some cases, your monthly payment may remain nearly the same, while you still gain access to additional funds.

• Important Considerations

For all of the above options, borrowing extra money is only possible if it fits within your income limits and the value of your home. In most cases, you cannot borrow more than 100% of your home’s value. The only exception is for sustainability improvements, where you may be allowed to borrow up to 106% of the property’s value. Your income determines how much you can borrow, but it can never exceed the legally established maximum.

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