Much has changed in recent months. Mortgage rates are slowly rising, many people have lost their jobs and the five-foot society is a fact. This of course has consequences in many areas. The question is of course, what consequences will this have for you if you start borrowing money? Borrowing money has not become easier in any case.
Taking out a loan during the Corona crisis, what are the changes?
It will come as no surprise that much has changed. The interest rates of the loans have increased at a number of banks, but are very limited.
Fortunately, the lowest interest rates have remained unchanged.
So what has changed? There have been changes in the underwriting guidelines of a number of banks.
An important change is that at some banks different sectors have been designated as risk sectors. You can think of employees who work in the hospitality industry, a group that is severely affected by the crisis.
Don't banks have to be flexible in the crisis?
That's right, and so are the consumer credit banks, especially when it comes to existing customers. Do you already have a loan with us? Then you have also received the newsletter from us in which we indicated that it is possible to request a 'payment break'. You do not have to pay on your loan for 3 months. The bank does not charge interest for these 3 months either.
In addition, banks must of course also pay close attention to the risks. If there is a chance that the repayment of the loan cannot be made, it is wise not to provide the loan. This is not only in the interest of the bank, but also of the consumer. If the loan cannot be repaid, the problems can become very serious for the consumer.
A debt that cannot be paid back can haunt you for years. Not only because the bank can demand repayment, but also because a negative BKR registration could be placed on the loan, making obtaining a mortgage much more difficult.
It is therefore in everyone's interest to continue to borrow money responsibly.