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Selling house before 10 years fixed


Question:

I contacted my mortgage provider (ING Bank), to know about the procedures if I want to sell my house. Surprisingly I found out that I can‘t sell my house before the 10 years fixed are over? They say if I do, I will have to pay a big fine (around 20k). Is that even possible according to the law? I can‘t find in my contract anything related to this.

Answer:

Normally a fine is not applicable if you sell the house.

I have checked the website of ING Bank.

It says under 10:

 

U betaalt geen boete als u aflost op het moment dat uw lopende rentevast periode eindigt, om precies te zijn in de periode van 14 dagen voor tot 14 dagen na de renteherzieningstermijn. Wilt u uw hele hypotheek op een ander moment eerder aflossen, dan mag dit zonder boete in de volgende gevallen:

  • Bij vrijwillige verkoop van uw huis. Dit geldt niet als u gekozen heeft voor component 2 van de Voordeelrente;
  • Als het huis verloren gaat door bijvoorbeeld brand of instorting;
  • Bij het overlijden van u of uw medeschuldenaar(s), bijvoorbeeld uw partner. Voorwaarde is wel dat de aflossing binnen zes maanden na overlijden plaatsvindt.
 
Translated it means that indeed a fine is not applicable if you sell your house (first bullet point) unless you have chosen for component 2 of the Voordeelrente. I don‘t know what this is exactly, you may want to check whether you have chosen for the "Voordeelrente" in your mortgage agreement. 
 
Other reasons why a fine is not applicable:

  • the mortgage is paid off after the period ends for which the interest was fixed
  • the house is lost due to a fire or collapse
  • the co-debtor died and the house is sold within 6 months after the death of the co-debtor.
 
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