How to obtain a mortgage in Brussels

Buying a house or flat in Brussels can be an exciting project, but it can also be expensive. 

Fortunately, a mortgage can help you realise that property dream. 

In this article, we'll guide you through the essential steps for obtaining a mortgage loan in Brussels.

Assessing your financial capacity:

This involves working out how much you can borrow based on your income, your monthly expenses, and your ability to repay a mortgage.

Banks and lenders also look at your credit history, so it's a good idea to make sure your credit file is in order.

Determine your budget:

Before looking for a property, it's essential to set a realistic budget.

Consider not only the purchase price of the property, but also the costs associated with maintenance, insurance and property tax. Make sure you don't get into too much debt.

Sign the contract:

Once you've found a lender willing to give you a mortgage, make sure you understand the terms of the contract before you sign it.

Make sure that all the clauses and conditions are clear and that you are comfortable with the proposed loan.

Mortgage insurance:

In Belgium, it is common practice to take out mortgage insurance, which protects you in the event of financial difficulties.

This insurance is generally compulsory.

Keep abreast of interest rates:

Once you've taken out a mortgage, it's essential to stay informed about current interest rates.

If rates fall, you may consider renegotiating your loan to get better terms.