AFM Consumer Monitor Mortgage Owners Q4 2025

AFM Consumer Monitor
Mortgage Owners – Q4 2025
Joost Leenen, MSc.
9 December 2025 dr. Millie Elsen

2
Introduction
Background
The AFM advocates for fair and transparent financial markets. As an independent conduct supervisor, the AFM contributes to sustainable financial well-being in the Netherlands. The Consumer Monitor provides insight into developments in consumer behavior over time. The monitor was launched in 2004 and has been conducted annually since then among various target groups. The primary objectives of the Consumer Monitor are:

• to describe the behavior and attitudes of financial consumers;
• to describe market and product aspects in the financial market.
  Guide to this Report
  This report contains the results of the Consumer Monitor conducted in October 2025 (Q4 2025) on the sub-topic "Mortgages." Fieldwork was carried out in the online LISS panel between 6 and 28 October 2025. The questionnaire was administered to a (random) sample of Dutch households with a mortgage. Within each household, the questionnaire was completed by the person most involved in the household's financial administration. The questionnaire covered various topics, including the choices made regarding mortgage type and interest rate fixation period, financial risks, and home sustainability. The differences between groups of mortgage owners (such as age groups) described in the explanation in this report are statistically significant (p < 0.05), unless stated otherwise.
  Table of Contents
  Mortgage Type 04
  Mortgage Interest Rate 15
  Extra Repayments 21
  Interest-Only Mortgage 24
  (Covering) Risks 30
  Sustainability of Home 40
  Contact with Mortgage Advisor and
  Lender 46
  Financial Situation 52
  Research Method and
  Sample Description 56

3
Two-thirds of mortgage owners state they took out their mortgage between 1991 and 2020

• Two-thirds of mortgage owners state they took out their mortgage between 1991 and 2020. A quarter say they took out the mortgage more recently, in 2021 or later. A small group (4%) took out the mortgage before 1991, and the rest (4%) do not know.
  Question: When did you take out your mortgage? Base = all mortgage owners, n = 676 4% 8% 18% 41% 25% 4% When did you take out your mortgage? In 1990 or earlier Between 1991 and 2000 Between 2001 and 2010 Between 2011 and 2020 In 2021 or later I do not know (not even approximately)

4
Mortgage Type

5
Mortgages (according to respondents) have increasingly consisted of more than two loan components since 2022

• 8 out of 10 mortgage owners know how many loan components their mortgage consists of (13% do not know and 8% do not wish to say).
• For most mortgage owners, the mortgage consists of one (38%) or two (31%) loan components (left figure). However, this share has been decreasing since 2022; more and more mortgage owners state that their mortgage consists of three or more loan components.
• More than half of mortgage owners state that the mortgage consists of one mortgage type (56%; right figure). Part of the mortgage owners thus has multiple loan components with the same mortgage type (e.g., two annuity mortgage components). More than 4 out of 10 mortgage owners have two or more mortgage types (44%). We see no significant changes in this regard compared to previous years.
  Question (left): How many loan components does your mortgage consist of? Question (right): Please indicate below for each loan component (1) what the mortgage type is and (2) what the outstanding debt (the amount still to be repaid) is. Base = mortgage owners who know how many loan components their mortgage consists of, 2022: n = 580, 2023: n = 613, 2024: n = 565, 2025: n = 547 = significant trend 38% 31% 19% 8% 2% 2% 40% 31% 18% 8% 2% 2% 43% 34% 14% 7% 1% 1% 43% 37% 13% 5% 1% 0% 1 loan component 2 loan components 3 loan components 4 loan components 5 loan components 6 loan components Number of loan components 2025 (n = 547) 2024 (n = 565) 2023 (n = 613) 2022 (n = 580) 56% 38% 5% 0% 1% 56% 39% 4% 0% 1% 57% 39% 3% 0% 1% 56% 38% 4% 0% 1% 1 mortgage type 2 mortgage types 3 mortgage types 4 mortgage types Unknown Number of mortgage types 2025 (n = 547) 2024 (n = 565) 2023 (n = 613) 2022 (n = 580) * * * * *

6
The share with an annuity mortgage has increased since 2022, while the share with an interest-only mortgage has decreased

• The left figure shows what percentage of all mortgage owners has a certain mortgage type (i.e., at least one mortgage component with the respective type, based on self-reports). The right figure shows what percentage of all loan components (of all mortgage owners combined) has a certain mortgage type.
• The share with an annuity mortgage has increased since 2022. This increase is visible in both the share of mortgage owners who say they have this mortgage type (left) and the share of all loan components with this type (right).
• The share with an interest-only mortgage has decreased since 2022. This decline is visible in both the share of mortgage owners who say they have this mortgage type (left) and the share of all loan components with this type (right).
  Question: Please indicate below for each loan component (1) what the mortgage type is and (2) what the outstanding debt (the amount still to be repaid) is. 1 These percentages do not add up to 100% because mortgage owners can have loan components with different mortgage types. 2 Answer option added in 2025 Base = mortgage owners who know how many loan components their mortgage consists of, 2022: n = 580, 2023: n = 613, 2024: n = 565, 2025: n = 547 = significant trend 60% 60% 8% 10% 5% 1% 2% 0% 63% 56% 10% 8% 6% 1% 2% 64% 52% 10% 10% 5% 0% 1% 66% 51% 7% 12% 6% 1% 2% Interest-only mortgage Annuity mortgage Linear mortgage Bank savings mortgage Life mortgage with savings insurance (savings mortgage) Life mortgage with investment insurance Investment mortgage (with investment account) Cash-out mortgage (also known as redemption mortgage)² % mortgage owners with a certain mortgage type¹ 2025 (n = 547) 2024 (n = 565) 2023 (n = 613) 2022 (n = 580) 36% 48% 5% 5% 3% 1% 1% 0% 1% 0% 39% 44% 6% 4% 3% 1% 1% 2% 0% 40% 42% 6% 6% 3% 0% 1% 2% 1% 43% 38% 5% 7% 3% 0% 1% 2% 1% Interest-only mortgage Annuity mortgage Linear mortgage Bank savings mortgage Life mortgage with savings insurance (savings mortgage) Life mortgage with investment insurance Investment mortgage (with investment account) Cash-out mortgage (also known as redemption mortgage)² I do not know I do not wish to say % loan components with a certain mortgage type 2025 (n = 1150) 2024 (n = 1167) 2023 (n = 1153) 2022 (n = 1059) * * * * *

7
An interest-only mortgage is the most common mortgage type among older mortgage owners; younger mortgage owners usually have an annuity mortgage Question: Please indicate below for each loan component (1) what the mortgage type is and (2) what the outstanding debt (the amount still to be repaid) is. 1 The percentages (per age group) do not add up to 100% because mortgage owners can have loan components with different mortgage types.

• Interest-only and annuity mortgages are the most common mortgage types.
• The share with a (partially) interest-only mortgage rises strongly as age increases, from about 1 in 10 in the youngest age group to more than 9 in 10 in the oldest age group.
• The share with an annuity mortgage (or annuity mortgage component) drops strongly as age increases, from about 9 in 10 in the youngest age group to 3 in 10 in the oldest age group.
  Base = mortgage owners who know how many loan components their mortgage consists of, n = 547

• Note: the number of observations is low (n < 100)
  10%
  32%
  74% 76%
  94% 91%
  79%
  63%
  45%
  30%
  11% 14% 11%
  4% 1%
  10%
  22%
  12%
  1% 4% 8%
  13%
  2% 3% 5% 3% 3% 2%
  18-34 years
  (n = 72*)
  35-44 years
  (n = 114)
  45-54 years
  (n = 121)
  55-64 years
  (n = 115)
  65 years and older
  (n = 125)
  % mortgage owners with a certain mortgage type¹ Interest-only mortgage Annuity mortgage Linear mortgage Bank savings mortgage Life mortgage with savings insurance (savings mortgage) Life mortgage with investment insurance Investment mortgage (with investment account) Cash-out mortgage (also known as redemption mortgage)

8
9%
22% 13% 5% 5% 2%
91%
78% 87% 95% 95% 98%
Total
(n = 676)
18-34 years
(n = 94*)
35-44 years
(n = 147)
45-54 years
(n = 149)
55-64 years
(n = 135)
65 years and older
(n = 151)
Age
Have you borrowed money from a family member for the purchase or renovation of your home (a family loan)? Yes No 3% 2% 2% 2% 4% 4% 97% 98% 98% 98% 96% 96% Total (n = 676) 18-34 years (n = 94*) 35-44 years (n = 147) 45-54 years (n = 149) 55-64 years (n = 135) 65 years and older (n = 151) Age Are you currently lending money to a family member for the purchase or renovation of a home (a family loan)? Yes No

• About 1 in 10 mortgage owners says they have borrowed money from a family member for the purchase or renovation of the home (left figure). The percentage is highest among young adults – more than one-fifth of those aged 18-34 say they have borrowed money from a family member (22%) – and decreases as age increases.
• A small part of mortgage owners (3%) says they are currently lending money to a family member for the purchase or renovation of a home (right figure).
  1 in 10 mortgage owners says they have borrowed money from a family member for the purchase or renovation of the home; among young adults, that is more than 1 in 5 Question (left): Have you borrowed money from a family member for the purchase or renovation of your home (a family loan)? Question (right): Are you currently lending money to a family member for the purchase or renovation of a home (a family loan)? Base = all mortgage owners, n = 676

• Note: the number of observations is low (n < 100)
  A family loan is a loan you take out from someone in your family, instead of from a bank or other lender. For example: your parents, brother, or aunt lend you money to buy or renovate a home. You agree together on how much you borrow, what interest you pay, and when you repay.

9
Since 2022, we see an upward trend in (self-reported) outstanding mortgage debt Question: How high is the outstanding debt (the amount still to be repaid) of your mortgage at this moment?

• The median outstanding mortgage debt per mortgage owner is approximately €185,000 in 2025 (25th percentile: €108,000; 75th percentile: €275,000, based on self-reports). Since 2022, we see a slightly upward trend in the (self-reported) outstanding mortgage amount.
• The right figure shows the median mortgage debt (and the 25th and 75th percentiles) per age group. The median outstanding debt is highest in the younger age groups (18-34: €260,000, 35-44: €200,000; 45-54: €220,000; differences are not significant) and decreases to approximately €100,000 in the group of 65 years and older.
  Base = mortgage owners who know their total outstanding mortgage debt (or looked it up), 2022: n = 575, 2023: n = 617, 2024: n = 563, 2025: n = 544

• Note: the number of observations is low (n < 100)
  €
  € 50000
  € 100000
  € 150000
  € 200000
  € 250000
  € 300000
  € 350000
  18-34 years
  (n = 76*)
  35-44 years
  (n = 112)
  45-54 years
  (n = 114)
  55-64 years
  (n = 110)
  65 years and older
  (n = 132)
  Outstanding debt (p25, p50, p75) per age group (2025) p25 p50 p75 € 260.000 € 200.000 € 102.000 € 220.000 € 157.000 € € 50000 € 100000 € 150000 € 200000 € 250000 € 300000 € 350000 2022 (n = 575) 2023 (n = 617) 2024 (n = 563) 2025 (n = 544) Outstanding debt (p25, p50, p75) p25 p50 p75 € 159.200 € 160.566 € 165.000 € 185.400

10
The increase in (self-reported) outstanding mortgage debt is most visible among 18-34 and 45-54 year olds Question: How high is the outstanding debt (the amount still to be repaid) of your mortgage at this moment?

• The figure shows the development of the (self-reported) outstanding mortgage debt for the different age groups separately.
• We see a relatively strong increase in the median outstanding debt in the age groups of 18 to 34 years (from 2023)* and of 45 to 54 years. In the other age groups, no clear trend over time is visible.
  Base = mortgage owners who know their total outstanding mortgage debt (or looked it up), 2022: n = 575, 2023: n = 617, 2024: n = 563, 2025: n = 544

• Note: the number of observations is low (n < 100)
  €
  € 50000
  € 100000
  € 150000
  € 200000
  € 250000
  € 300000
  € 350000
  € 400000
  2022
  (n = 61*)
  2023
  (n = 62*)
  2024
  (n = 77*)
  2025
  (n = 76*)
  2022
  (n = 96*)
  2023
  (n = 111)
  2024
  (n = 116)
  2025
  (n = 112)
  2022
  (n = 103)
  2023
  (n = 110)
  2024
  (n = 124)
  2025
  (n = 114)
  2022
  (n = 125)
  2023
  (n = 130)
  2024
  (n = 118)
  2025
  (n = 110)
  2022
  (n = 190)
  2023
  (n = 204)
  2024
  (n = 128)
  2025
  (n = 132)
  18-34 years 35-44 years 45-54 years 55-64 years 65 years and older Outstanding debt (p25, p50, p75) per age group since 2022 p25 p50 p75 € 220.000 € 200.000 € 162.627 € 192.413 € 224.000 € 213.000 € 232.000 € 260.000 € 209.852 € 218.000 € 170.000 € 220.000 € 141.000 € 149.367 € 140.000 € 140.000 € 157.000 € 95.375 € 112.000 € 100.500 € 102.043

11
€
€ 25000
€ 50000
€ 75000
€ 100000
€ 125000
€ 150000
€ 175000
€ 200000
2022
(n = 501)
2023
(n = 528)
2024
(n = 444)
2025
(n = 422)
2022
(n = 367)
2023
(n = 428)
2024
(n = 519)
2025
(n = 546)
Interest-only mortgage Annuity mortgage
Outstanding debt (p25, p50, p75) per mortgage type (per loan component) p25 p50 p75 € 74.000 € 80.000 € 87.000 € 75.229 € 74.000 € 79.000 The median outstanding debt per loan component is approximately €80,000 for interest-only and annuity mortgage components Question: Please indicate below for each loan component (1) what the mortgage type is and (2) what the outstanding debt (the amount still to be repaid) is.

• The 547 mortgage owners who know how many loan components their mortgage consists of report a total of 1150 loan components (on average 2.1 loan components per mortgage owner).
• Interest-only and annuity mortgage types are the most common (see page 5). The figure shows the median outstanding debt per loan component (and the 25th and 75th percentiles) for these two mortgage types, over time.
• For both mortgage types, the median debt per loan component in 2025 is approximately €80,000, with no significant trend visible since 2022.
  Base = all loan components of mortgage owners who know how many loan components their mortgage consists of, 2022: n = 1059, 2023: n = 1153, 2024: n = 1167, 2025: n = 1150 € 84.800 € 85.000

12
For about 4 out of 10 mortgage owners, the estimated loan-to-value is higher than 50%

• For mortgage owners where both the outstanding debt and the WOZ value (official municipal property value) of the home are known, the loan-to-value (LTV) can be calculated.1
• 3 out of 100 mortgage owners state that their total outstanding debt is higher than the WOZ value of their home. This share has not changed significantly compared to 2024.
• In 2025, the median LTV is estimated at 45%, comparable to 2024 (46%) and 2023 (46%).
  1 Loan-to-value (LTV) = (outstanding debt / WOZ value of the home) * 100% Base = mortgage owners where both the total outstanding debt and the WOZ value of the home are known, 2022: n = 527, 2023: n = 590 , 2024: n = 520, 2025: n = 508 (74% of the sample) 16% 19% 21% 22% 27% 37% 37% 34% 29% 29% 28% 30% 21% 12% 12% 10% 6% 2% 2% 3% 2022 (n = 527) 26% 2023 (n = 590) 23% 2024 (n = 520) 26% 2025 (n = 508) 26% Loan-to-value (LTV) Higher than 100% 75% to 100% 50% to 75% 25% to 50% Lower than 25% LTV unknown:

13
Almost 3 out of 10 mortgage owners with equity are interested in a cash-out mortgage or additional mortgage component Question: You have equity if the value of your home on the housing market is higher than the mortgage. Is your home worth €400,000 and the mortgage €350,000? Then you have €50,000 in equity. The equity of the home can optionally be used for (1) an additional mortgage component (e.g., an increase), (2) cash-out mortgage 1, (3) sale-and-lease back 2, if this fits within your financial situation. Please indicate for each possibility whether you were already aware of it, if it seems interesting to you, and if you have used it.

• About 8 out of 10 mortgage owners with an outstanding debt lower than 85% of the WOZ value of the home are aware of the possibility to use the equity for an additional mortgage component (e.g., an increase; 79%). More than half are aware of the possibility to use the equity for a cash-out mortgage (54%) and more than a third are aware of "sale-and-lease back" (37%).
• Almost 3 out of 10 mortgage owners with equity find the possibility to use the equity for a cash-out mortgage (29%) and/or for an additional mortgage component (27%) interesting. The possibility to use the equity for "sale-and-lease back" is found interesting by about 1 in 6 mortgage owners with equity (15%).
• The actual use of the equity in these ways is relatively low (additional mortgage component: 5%, cash-out mortgage: 1% and sale-and-lease back: <1%) and has not changed significantly since 2022.
  Base = mortgage owners whose outstanding debt is lower than 85% of the WOZ value of the home, 2022: n = 599, 2023: n = 702, 2024: n = 645, 2025: n = 632 1 In a cash-out mortgage, you receive (part of) the equity of your home in cash, while you continue to live in the home. This money is often used as a supplement to the pension. This is also called a redemption mortgage. 2 In 'sale-and-lease back', you sell your home and then rent it back. Awareness of and interest in using equity for… 14% 16% 15% 14% 33% 35% 38% 39% 19% 18% 14% 15% 33% 29% 31% 31% 1% 1% 1% 1% 2022 (n = 599) 2023 (n = 702) 2024 (n = 645) 2025 (n = 632) …a cash-out mortgage 1 21% 18% 23% 22% 54% 55% 49% 52% 6% 7% 6% 5% 16% 15% 18% 16% 4% 5% 5% 5% 2022 (n = 599) 2023 (n = 702) 2024 (n = 645) 2025 (n = 632) …an additional mortgage component I have used the equity of my home in this way Never heard of it and does not sound interesting Never heard of it, but sounds interesting Heard of it, but does not sound interesting Heard of it and sounds interesting 5% 5% 4% 4% 29% 31% 34% 33% 9% 10% 10% 11% 56% 53% 52% 51% 0% 0% 0% 0% 2022 (n = 599) 2023 (n = 702) 2024 (n = 645) 2025 (n = 632) …sale-and-lease back 2

14
Most mortgage owners would like to use the equity for renovation

• Of the mortgage owners who are interested in using their equity (see previous page), almost half would like to use the equity for renovation or modification of the home (47%). About one-third would like to use the equity to make their home more sustainable (35%) and about one-quarter to retire earlier (23%).
• The goals for which one would like to use the equity do not change strongly over time. Since 2022, fewer mortgage owners have stated each year that they want to use the equity for extra spending room due to inflation (a significant negative trend). However, the share that would like to use the equity for this purpose in 2025 (10%) has not changed significantly compared to 2024 (7%).
  Question: You state that the possibility to use your equity seems interesting to you. What would you like to use the equity for? 1 Answer option added in 2023 Base = mortgage owners whose outstanding debt is lower than 85% of the WOZ value of the home, who find the possibility to use their equity interesting, 2022: n = 279, 2023: n = 297, 2024: n = 275, 2025: n = 262 = significant trend 47% 35% 23% 17% 10% 9% 9% 8% 48% 39% 24% 12% 7% 10% 8% 5% 44% 33% 27% 11% 12% 8% 9% 7% 44% 30% 15% 18% 8% 13% 11% Renovating or modifying the home Making my home more sustainable¹ To be able to retire earlier Financially supporting my (grand)child(ren) Extra spending room due to the consequences of increasing inflation A large purchase (such as a car) Extra spending room for another reason than inflation Other What would you like to use the equity for? Multiple answers possible 2025 (n = 262) 2024 (n = 275) 2023 (n = 297) 2022 (n = 279) * *

15
Mortgage Interest Rate

16
More than three-quarters of mortgage owners with a fixed rate state they pay an interest rate between 1.01% and 3.00% Question: Please indicate below for each loan component (3) whether the interest rate is fixed or variable. For each loan component with a fixed interest rate, indicate (4) what the interest rate fixation period is, (5) what the interest percentage is, and (6) when it expires. 1 Note: The percentages in the figures do not add up to 100% because mortgage owners can have loan components with different interest rate forms and interest percentages. Base (left and middle) = mortgage owners who know how many loan components their mortgage consists of, 2022: n = 580, 2023: n = 613, 2024: n = 565, 2025: n = 547. Base (right) = mortgage owners with a mortgage (component) with a fixed interest rate: n = 523

• 95% of mortgage owners state they have (at least) one mortgage (component) with a fixed interest rate and 5% (at least) one mortgage (component) with a variable interest rate (left figure).
• Of all mortgage owners, 92% state they have only fixed interest, 2% only variable, and 3% both fixed and variable interest (middle figure).
• Of the mortgage owners with fixed interest, more than three-quarters state that the mortgage interest rate is between 1.01% and 3.00% (for at least one mortgage component; right figure). 4 out of 10 state they pay between 3.01% and 5.00% mortgage interest (for at least one mortgage component).
  2%
  47%
  31%
  25%
  15%
  3%
  0%
  1.00% or lower
  1.01% - 2.00%
  2.01% - 3.00%
  3.01% - 4.00%
  4.01% - 5.00%
  5.01% - 6.00%
  6.01% or higher
  % mortgage owners with a mortgage (component) with interest percentage of...¹ 95% 5% 3% 1% 95% 5% 3% 1% 96% 4% 3% 1% 95% 4% 3% 1% Fixed interest Variable interest I do not know I do not wish to say % mortgage owners with a mortgage (component) with...¹ 2025 (n = 547) 2024 (n = 565) 2023 (n = 613) 2022 (n = 580) 92% 2% 3% 3% 91% 2% 3% 3% 93% 2% 2% 3% 92% 2% 2% 4% Only loan component(s) with fixed interest Only loan component(s) with variable interest Loan components with fixed and variable interest I do not know (for one or more components) % mortgage owners with... 2025 (n = 547) 2024 (n = 565) 2023 (n = 613) 2022 (n = 580)

17
Since 2022, slightly more mortgage owners state they have a relatively short interest rate fixation period of maximum 10 years

• Most mortgage owners state they have a mortgage (component) with an interest rate fixation period of 6-10 years (40%) and/or 16-20 years (36%).
• Most mortgage owners state that the interest rate fixation...