28 September 2020
Deferment of mortgage repayments
Are you facing financial difficulties as a result of the coronavirus crisis? You can request a deferment of your mortgage repayments by following the instructions below.
Charter: deferment of mortgage repayments
The coronavirus has major consequences for our country’s economy. Which in turn places pressure on the financial situation of a large number of people. Many of them risk losing their job or face a period of reduced or even no income. At the same time, mortgage repayments can often take a serious bite out of the family budget.
The banks, the National Bank of Belgium and the Minister for Finance Alexander De Croo have therefore announced financial support for people facing financial difficulties as a result of the coronavirus crisis. In particular, they can request the deferment of mortgage repayments for up to 6 months.
This charter sets out the terms of this arrangement.
The charter summarises:
- what deferment of payments actually involves
- who is eligible to apply for deferment of payments
- which forms the deferment can take
- when applications for deferment can be made and for how long payments can be deferred.
Do not hesitate to take the necessary time to complete your request and contact us to discuss your personal situation together.
1. Deferment of mortgage repayments: 4 main principles
A deferment of mortgage repayments in the context of the coronavirus crisis implies that the borrower is exempt from making loan repayments (including both capital and interest payments) during a period of up to 6 months. Once the end of the deferment period is reached, repayments will resume. The term of the loan will be extended by the period of deferment. In other words, the borrower(s) will continue to repay their loan for up to 6 months longer than originally foreseen.
No filing fees or administrative charges will be applied for making use of the deferment scheme.
Requests for the deferment of mortgage repayments can be made by private individuals who satisfy each of the following 4 criteria:
1. The borrower has suffered a partial or complete loss of income as a result of the coronavirus crisis due to:
- temporary or full unemployment
- illness resulting from Covid-19
- closure of a business
In the case of couples, it is sufficient if one of the partners has suffered a loss of income as a result of the coronavirus crisis.
2. There were no arrears in repayments for the mortgage loan in question on 1 February 2020.
3. The mortgage loan is for the borrower’s only home and main residence in Belgium (at the time the request for deferment of payments is made).
4. The borrower’s total liquid assets on current and savings accounts and investment portfolios held with any bank at the time of the request for deferment of payments is less than 25,000 euros. The balance of pension savings plans are not taken into account.
Anyone who satisfies the criteria can request a deferment of payments.
The deferment is put into practice as follows:
- For borrowers whose net monthly household income is less than or equal to 1,700 euros: mortgage repayments can be deferred without incurring additional interest during the deferment period. Once the end of this period is reached, the repayments will resume at the same monthly amount as before.
- For all other borrowers: the mortgage repayments can be postponed during the deferment period. Once the end of this period is reached, the repayments will resume at a monthly amount adjusted for the interest owing on deferred repayments.
What do we mean by net monthly household income?
- For salaried workers: the monthly income in February 2020, including recurring incoming payments such as maintenance and rental income but not including child allowance payments and after the deduction of consumer loan and mortgage repayments for the primary residence.
- For self-employed: the monthly income before the coronavirus crisis (calculated as follows: income earned in 2019 divided by 12 months), including recurring income such as maintenance repayments and rental income but not including child allowance payments and after the deduction of consumer loan repayments, mortgage repayments for the primary residence and repayments for any business loans in your own name.
Do you satisfy the criteria for a deferment of your loan repayments? Submit your request by completing this form at least 1 week before the due date of your next repayment.
What information do you need to submit an application?
- The reference number of your mortgage loan
- Your ING id
- Documents to support your application. This could be, for example, proof of unemployment or a sworn statement indicating that you have suffered a loss of income.
Important: You can no longer submit an application for payment deferral via email@example.com.
2. Extension deferment of mortgage repayments
The banks, the National Bank of Belgium and the Minister of Finance have announced that mortgage repayment deferrals can be extended until the end of 2020.
1. Request for a new deferment of payment for the months of October-December
- You don’t have a payment deferment for your mortgage loan yet and you want to submit a first application in September? Then the monthly payments are automatically postponed by three months (October, November and December) if you meet the conditions as set out in the Charter. It is therefore not possible to postpone your payments for less than three months
- The application for this deferral can be submitted from 1 September and up to 26 September via this form. Afterwards it is no longer possible to submit an application and / or extension.
2. Application for an extension of an initial deferral that is still active
- Note that this possibility is no longer applicable as the deadline for submission (20 September) has expired.
We recommend that you check this page regularly in order to stay informed of all updates and information.
What about my ING Outstanding Balance Insurance and/or ING Home Insurance?
You can now also apply for a payment deferral of your ING Outstanding Balance Insurance and/or ING Home Insurance premiums.
You can add this to your mortgage loan application. By combining these applications on the online form, we can process your file faster.
To qualify for the deferral of insurance premium payments, the mortgage loan application must have been approved. Afterwards we provide all information to NN.
- ING Outstanding Balance Insurance: you must repay the premiums of the deferred outstanding balance insurance within the same number of months that deferral was requested. Example: if you requested a postponement of 4 months until October, you will receive a repayment plan spreading the premiums over November, December, January and February.
- ING Home Insurance: You must repay the premiums of the deferred home insurance no later than the day after the end of the deferral period.
1. Is your mortgage loan with ING, but not your insurance? In this case you must contact your insurer directly.
2. Is your insurance with ING, but not your mortgage loan? Send an email with "Corona" in the subject to the pertinent insurance service at NN, with proof that your financial institution has granted you payment deferral.
- for ING Home & Family Insurance (policy number starts with 2): firstname.lastname@example.org
- for ING Global Home and Family Insurance (policy number starts with 7): email@example.com
3. You don't have a mortgage loan? Unfortunately, you are not eligible to apply for a deferral of payment for your outstanding balance - and home insurance.