The Netherlands’ National Mortgage Service will be offering its clients some breathing space when it comes to paying off their mortgage loans. Borrowers will be allowed to defer their monthly installments for three months without any penalties being imposed. They’ll also be allowed to run up arrears to 9 percent of the borrowed amount assuming the bank agrees to the solution. NHG director Arjen Gielen said that even with the deferral, some homeowners are worried if they’ll be able to resume paying their mortgages after the three-month period. If they’re unable to do so, the NHG is offering to cancel any residual debt their clients have, assuming they meet the necessary criteria. The new measures were developed in cooperation with the Ministry of Home Affairs, the Dutch Banking Association, and the Dutch Association of Insurers.
