Frequently Asked Questions

Does Repay Effect give me financial advice?

No, Repay Effect only helps you make an estimate of your monthly payments and a possible saving on your mortgage. For proper financial advice, you also need to consider your personal situation, such as: how much savings you have, what your fixed expenses are, and what your future prospects look like. For proper financial advice, you should consult a mortgage advisor.

Does the calculation exactly match my bank?

No, our calculation does not match your bank’s calculation 100%. This is because different calculation methods are used. Our calculation should reasonably align with your bank’s calculation so that you are well prepared.

Is Repay Effect also a mortgage broker?

No, Repay Effect is only a calculation tool to estimate your mortgage costs and possible savings without being dependent on a broker.

Is making extra repayments always wise?

Making extra repayments is not always wise. It depends on your personal situation. You need to make sure you keep enough savings to cover unexpected expenses.

How much can I repay at most?

That depends on your mortgage. With most banks, you can repay a maximum of between 10% and 20% per year without penalty.

What are the benefits of making extra repayments on my mortgage?

By making extra repayments, you reduce your mortgage debt. This means you pay less interest and may be able to pay off your mortgage faster.

Are there disadvantages to making extra repayments?

Yes, if you make extra repayments, you will have less savings available for unexpected expenses or for purchasing goods or going on vacation.

Can I withdraw my extra repayment later?

The repaid amount remains tied up in the property. This means you cannot withdraw the amount later.

Do I need to inform the bank if I want to make extra repayments?

Yes, in most cases you need to notify your bank in advance that you want to make extra repayments. Check with your bank for the conditions and process.