Savings guideRising interest rates are starting to take their toll. The number of applications for a mortgage loan and the total amount requested have started to fall. Spaargids.be goes over the numbers.
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By Johan Van Geyte, in collaboration with Spaargids.be
08-08-22, 09:31
Bron:
Spaargids.be
In the second quarter of 2022, almost 70,000 mortgage credit agreements were concluded in our country, representing a total amount of more than 11.5 billion euros. Compared to the same period last year, this is a decrease of 5 percent in volume, but an increase of more than 5 percent in amount, according to data from the Professional Credit Union.
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“Never before has such an amount of mortgage credit been provided in the second quarter, despite – or precisely because of – rising interest rates,” says Secretary-General Ivo Van Bulck of the professional association. After all, the rates awarded were still very attractive. According to figures from the National Bank of Belgium, they arrived at an average interest rate of 1.70 percent for loans with a fixed interest rate for at least ten years and 2.35% for loans with an interest rate that can be adjusted at least every five years.
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View here which interest rate readers of Spaargids.be recently negotiated.
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The average loan amount for the purchase of a home remained approximately stable in the second quarter, fluctuating around 196,000 euros. That for building a house rose further to 218,000 euros, already almost 50,000 euros or 30 percent more than at the beginning of 2019.
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But a change is coming. “We have noticed a decline in credit demand for several months, which could be reflected in a decline in lending in the coming months,” said Van Bulck.
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In the second quarter, the number of credit applications fell by about 11 percent to just over 99,000. But the amount requested also fell by 7 percent to 18 billion euros.
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Also read: Rising interest rates: how much less can you borrow than last year?
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