Mortgage for rental property

Eligibility for the Mortgage for rental property is subject to several criteria. The main ones are listed below. 

• You already have a mortgage with ABN AMRO. 
• You can currently take out one Mortgage for rental property with ABN AMRO.
• You can have no more than two properties that you rent out.
• You are the sole owner of the property you want to finance or you own it together with your tax partner.
• The total rental income you receive must not exceed €35,000 per year.
• You live in the Netherlands. 

• If you are looking to build up a portfolio of more than two rental properties.
• If you (if applicable) do not have permission from the local authority and/or Owners’ Association to let the property.
• If your net rental income stays below the monthly mortgage payment.
• If you intend to let only to students or multiple households in one property.
• If you intend to let the property as a holiday home.

If you convert your ABN AMRO mortgage into a Mortgage for rental property, you will get specific advice. It is very important to us that you get good advice on the risks and other things to bear in mind with respect to your Mortgage for rental property. This is where our specific advice comes in. 

ABN AMRO will advise you on: 

• The mortgage type(s) 
• The maximum amount you can borrow
• The monthly mortgage payments for your Mortgage for rental property
• A few key risks and other things to bear in mind when taking out a Mortgage for rental property and the risks involved in letting a property, such as (temporary) rental voids. 

• The risks in case of death, incapacity for work, unemployment, divorce or separation, and retirement. These eventualities will, however, be addressed in the advice. We will assume that, when you decide to keep the rental property in these cases, the rental income will continue to be enough for you to make the monthly payments for the Mortgage for rental property.
• Products other than the Mortgage for rental property, such as your insurance policies or investments.
• We will not give you any advice either on whether or not letting your property is a good fit with your current situation.
• All the risks and other things to bear in mind with respect to the Mortgage for rental property and letting a property that apply in your situation. While ABN AMRO will go into key risks and other things to bear in mind in its advice, the advice will not be fully customised to your specific situation. 

Mortgage advice is subject to a fee. You are not under any kind of obligation to take ABN AMRO’s advice. You can also go to an independent mortgage adviser for advice on your Mortgage for rental property.

The National Mortgage Guarantee does not cover mortgages on properties that were bought or retained to let. If you want to let your property anyway, the mortgage with National Mortgage Guarantee will have to be converted into one without the National Mortgage Guarantee. After remortgaging, the guarantee will cease to apply. This will have two important consequences: 

1. You no longer get the special interest rate for mortgages with the National Mortgage Guarantee. Your new mortgage interest rate may, therefore, be higher than the current rate with the National Mortgage Guarantee.
2. The terms and conditions of the National Mortgage Guarantee will no longer apply.

Besides the monthly payment for your Mortgage for rental property, there are (extra) costs involved in letting a property. These can be costs you pay in one go, or recurring costs. Examples of costs include the following: 

• Buildings insurance.
• Maintenance of the property.
• The Owners’ Association fee when letting an apartment.
• Costs incurred when tenants do not meet their obligations.
• Taxes. 

No, it is not possible to take out a Mortgage for rental property in combination with a Euribor loan component. This is excluded.

If you move abroad, you can remortgage to a Hypotheek voor verhuur rental mortgage, subject to certain terms and conditions. Please contact your (independent) adviser to find out more. Finding a tenant, managing your property and taking care of the associated administration can be quite a task. If you move abroad, you’re required to engage a property manager. A company that could support you in this is Welocate.

In order to let the property, you need to have permission from us and possibly also from the local council and/or owners’ association (Vereniging van Eigenaren). 

There are points for attention and risks related to both the Hypotheek voor verhuur (rental mortgage) and the letting of your property. Your (independent) adviser will discuss this with your during the advisory process and will give you a brochure listing the main risks and points for attention.