1,000 families paying 0% interest on mortgage

A growing number of Belgians are paying zero percent interest on their mortgages. According to the financial daily ‘De Tijd’ around 1,000 are paying no interest at all on their mortgages, compared with just a few dozen two years ago.

John Romain of the mortgage advise bureau Immotheker-Finotheker explains that those whose took out a mortgage with a interest rate of less than 3% variable to a maximum of 3% in 2008 and 2009 are now paying 0% interest.

Mr Romain adds that it remains a good idea to renegotiate your mortgage with your bank. "In the period between between 2008 to 2011 a lot of mortages were sold with rates of between 4% and 5%, you save even if the rate drops by just 1%.

Currently the mortagage rate is around 2%. This means that you save around 40% on you interest payments over 20 to 25 years”.