Since 2013 you have been paying the advice and closing costs for your mortgage separately to your mortgage adviser or to your mortgage provider. You no longer pay the costs indirectly via a surcharge in the mortgage interest , but directly to the bank or adviser. This shows you exactly how much you pay for mortgage advice. Can you take out a mortgage without advice?
Taking out a mortgage without an advisor is not always possible
A mortgage is a financially complex product that has major financial consequences for you. You take out a very large loan, on which you pay a substantial amount of interest. Moreover, your house serves as collateral. That is why the government makes professional mortgage advice mandatory when you take out a mortgage and often when you raise a mortgage.
Only if you can demonstrate that you yourself have sufficient knowledge to take out a mortgage responsibly without advice, do some banks allow this. On the website of these banks, there is a test that shows whether you can take out a mortgage without advice. If you obtain a pass for this test, you can only take out a mortgage with this bank. Moreover, you may not always finance the full purchase price in the mortgage, but you must also deposit your own money. A mortgage without advice is therefore not always cheaper.
Take out a mortgage without advisory fees
Even if you take out a mortgage without advice, you still pay for the mortgage. In addition to the consultancy costs, a bank also charges closing costs for the mortgage and you pay the closing costs for the term life insurance. These closing costs amount to a few hundred euros.
Save on consultancy costs?
Many consumers opt for mortgage advice from the mortgage provider. These costs are lower than the costs of independent mortgage advice . Yet it appears that you save more if you opt for independent mortgage advice. Because you then receive advice in which all mortgages are viewed, you often take out a cheaper mortgage than if you only receive advice about the products of a certain lender. This saving will amount to thousands of euros in the long term.
Paying consultancy fees
You may deduct the one-off costs from the tax for the costs you incur for taking out the mortgage, including the consultancy costs. This means that you can deduct this amount from your taxable income in box 1, so that you pay tax on a lower income. So make sure you have a clear invoice of the costs, on which the deductible costs are indicated separately from any non-deductible costs. Consider, for example, a pension advice that you received in the same advisory interview.