Currently, the interest rates are relatively high. However, when looking at it from a historically view the rates are still not that high. People that are thinking of moving might wait because they read in the papers that rates have gone up.
That said, if you already own a house with a low rate, then it is possible, in most cases, to move your rate to your next house. For example, you started with a mortgage of €400.000,-, with an interest rate of 2,8% over a period of 20 years fixed. After seven years of living there, you want to buy a new house that’s worth €650.000. After selling your old house, your new mortgage is €500,000 because you made some profit when you sold your old house. Your new mortgage would then consist of two parts, one part would be the €325.000,- with a 2,8% rate (over the remaining 13 years), and the other €175.000 with the current (new) rate of 4,5% fixed for x amount of years. Simply put, today’s high interest rates will only apply partly to the new mortgage. Thus, because you can move your mortgage to your new house, the total costs are lower than you might have thought.
If you would like to talk about the possibilities, feel free to contact me: Maarten van Tongeren, Hypotheek Visie Leiden, 071-5292140, firstname.lastname@example.org.