Mortgage types at Hyra Hypotheken
You can apply for a Hyra Mortgage in the interest-only and linear mortgage types. Below are the pros and cons of these mortgage types at Hyra Hypotheken.
Which mortgage form suits your situation?
You can choose between the mortgage types linear or interest-only or a combination of the two. The choice depends on your needs; each mortgage type has advantages and disadvantages. Your financial specialist can advise you on this. Below are some pros and cons of a linear and an interest-only mortgage.
Linear mortgage
With a linear mortgage, you pay a fixed amount each month for repayment and an additional amount for interest. A linear mortgage is repaid evenly, so the mortgage debt gets lower and lower. Since the interest amount is calculated on the remaining mortgage debt, the interest amount – and thus the monthly instalment – also tends to get lower and lower. At the end of the term, the linear mortgage debt is fully repaid. At Hyra Hypotheken, you get a discount of 0.2% on our regular interest rates (which is interest-only).
Features of a linear mortgage:
- 0.2% (percentage point) discount on interest rates;
- Full repayment of the mortgage portion;
- Same amount of repayment every month;
- Over the life of the mortgage, interest costs decrease;
- Over the term, you pay gross and net lower costs.
X Compared to the other mortgage types, with a linear mortgage you pay the most gross monthly costs at the beginning of the term.
Interest-only mortgage
With an interest-only mortgage, you only pay interest on the mortgage loan and do not repay anything. At the end of the loan term, you have to repay the total mortgage debt in full. Either from your own resources, by taking out a new mortgage, or by selling the house.
Features of the interest-only mortgage
- The monthly costs are lower than with a linear mortgage, because you do not have to repay anything during the term;
- You pay the same amount of interest every month, as long as you keep the same interest rate.
X You do not repay the mortgage debt during the term;
X At the end of the term, you have to pay the entire mortgage debt at once
Here we build for the future
At Hyra Mortgages, the focus is on all our customers, borrowers and advisers, whom we assist with Help, Resolutions and Attention, to achieve the desired Yield and customer satisfaction.
Our interest rates
In this table you will find our current interest rates, that apply to our interest only mortgages or loan parts. A discount is applicable for linear mortgages or linear loan parts, and there can be a surcharge on mortgages for mixed-use properties. In the interest rate table we presume that the market value of the commercial part of the mixed-use property is >25% of the total.
| Risk class -> | |||||
| Fixed-interest period | ≦ 50% | ≦ 60% | ≦ 70% | ≦ 80% | ≦ 85% |
|---|---|---|---|---|---|
| 1 year | 6.86% | 6.90% | 6.93% | 7.11% | 7.60% |
| 3 years | 6.11% | 6.16% | 6.21% | 6.41% | 6.85% |
| 5 years | 5.88% | 5.90% | 5.98% | 6.08% | 6.60% |
| 7 years | 5.80% | 5.81% | 5.90% | 6.00% | 6.65% |
| 10 years | 5.88% | 5.92% | 5.95% | 6.12% | 7.05% |
| 1 year | 7.11% | 7.15% | 7.18% | 7.36% | 7.85% |
| 3 years | 6.36% | 6.41% | 6.46% | 6.66% | 7.10% |
| 5 years | 6.13% | 6.15% | 6.23% | 6.33% | 6.85% |
| 7 years | 6.05% | 6.06% | 6.15% | 6.25% | 6.90% |
| 10 years | 6.13% | 6.17% | 6.20% | 6.37% | 7.30% |
| 1 year | 6.66% | 6.70% | 6.73% | 6.91% | 7.40% |
| 3 years | 5.91% | 5.96% | 6.01% | 6.21% | 6.65% |
| 5 years | 5.68% | 5.70% | 5.78% | 5.88% | 6.40% |
| 7 years | 5.60% | 5.61% | 5.70% | 5.80% | 6.45% |
| 10 years | 5.68% | 5.72% | 5.75% | 5.92% | 6.85% |
| 1 year | 6.91% | 6.95% | 6.98% | 7.16% | 7.65% |
| 3 years | 6.16% | 6.21% | 6.26% | 6.46% | 6.90% |
| 5 years | 5.93% | 5.95% | 6.03% | 6.13% | 6.65% |
| 7 years | 5.85% | 5.86% | 5.95% | 6.05% | 6.70% |
| 10 years | 5.93% | 5.97% | 6.00% | 6.17% | 7.10% |
