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Borrowing re-paid amount of mortgage


I know that some banks allow you to borrow the amount of mortgage that you have already re-paid (at the same conditions). Is this be specified in the mortgage agreement or can it be negotiated with the bank during the mortgage? E.g. I have a mortgage with ING and one ING employee told me that this is not allowed (although not sure how competent he was). Can I still negotiate? Thanks!


Most banks in Belgium will not release further equity out of a loan unless it is for major renovation work on the property, or if you are modifying / extending it.
Things may be different if you change banks, and get a new mortgage, (which will cost you new significant notaire fees and interest penalties.)

Nov 22, 2016 13:31

I have a loan with ING, and I remember being told that I could borrow on the re-paid portion, or the equity, and only for home renovation.

Nov 22, 2016 14:26

Very few ING employees are competent. That is why they are being fired and replaced by robots

Nov 22, 2016 16:26

Yes you can "borrow" it again however you have to prove what you did with it. This isn't an oppertigy to just Dk for money you paid to have a holiday. We did some Renovations and borrowed on these terms from our bank, but it's not like the uk where you get a loan and are given the cash to do what you like with. We had a conversation about what we wanted to do i.e. Renew the bathroom and kitchen. We then had to pay the bills and submit them to the bank via. Claim form for under a certain amount or send the bulilder bills direct if it's more and thebank release the funds direct to them. So yes you can take the money but it's very controlled how you do it with are with a different bank to you

Nov 22, 2016 23:11

We were clearly told that we could "re-use" the existing mortgage credit to do something like finance renovations of "buy an apartment at the coast".

So yes, you can do it.

Nov 23, 2016 10:47

"Can I still negotiate?"

Yes, if you want to use the money to renovate your property, extend your property, or even buy another property.

If not, the bank won't lend you the money.

Nov 24, 2016 17:48