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Changing the rate category during the mortgage term

Here’s how to do it

When you took out your mortgage or agreed your current fixed-rate period, your mortgage was classed in a rate category. This was done based on the value of your property and the amount you owe on your mortgage. If the value of your property has gone up since or you have made repayments, your mortgage may now qualify for a lower rate category and you may end up paying less in interest on your mortgage. You can now change the rate category online.

 

ABN AMRO currently uses five rate categories:

  1. Dutch National Mortgage Guarantee (Nationale Hypotheek Garantie (NHG))
  2. mortgage is up to 65% of the property’s market value
  3. mortgage is up to 85% of the property’s market value
  4. mortgage is up to 90% of the property’s market value
  5. mortgage exceeds 90% of the property’s market value

    The rate category was determined when you took out your mortgage. It is always based on your total mortgage, i.e. the amount you owe across all loan parts. To find out what rate category your mortgage currently comes under, log in to Internet Banking and find your loan part. This is where you can see the rate category for your mortgage.

How to change the rate category

  1. 1. Log in

    Log in to Internet Banking.

    Go to your mortgage, select the menu for rate category calculation. Next, fill in the current market value of your property.

  2. Calculate your rate category

    First calculate if you are eligible for a lower rate category. If you are, click ‘Demonstrate property value’ next.

  3. Upload documents

    Upload one of the following documents:

    • the most recently established value of your property, i.e. the ‘WOZ’ value, which you will have received from your local council, or check wozwaardeloket.nl
    • an ABN AMRO-approved Calcasa value report or
    • a desktop or hybrid valuation (an online valuation of your property)
    • a valuation report, which has to meet several requirements

  4. Rate category change review

    We will review whether the rate category can indeed be changed and check that the document uploaded meets the requirements. If your rate category, and therefore your mortgage interest rate, can indeed be changed, you will receive a confirmation letter once the change has been processed. This letter will also state your new monthly mortgage payment and the start date.

 

Good to know

If you receive a monthly provisional tax refund from the Dutch authorities, make sure you check whether it will have to be changed when you change to a different rate category.

For more information, visit www.belastingdienst.nl or ask your tax adviser. If you are having trouble changing your rate category online, please give us a call.

 

‘WOZ’ value

WOZ stands for ‘Wet Waardering Onroerende Zaken’, which is legislation under which local authorities establish the value of properties in their area on an annual basis. The resulting ‘WOZ’ value is used as the basis for various taxes and levies.

Dutch National Mortgage Guarantee (NHG)

If your mortgage includes the National Mortgage Guarantee (NHG), your mortgage will always be classed in the NHG rate category. This means that you can’t change the interest rate for loan parts with the National Mortgage Guarantee based on the ‘WOZ’ value or a valuation report.

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