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Mortgage update | Insights from Q3 2021

Mortgage revenue grows to €41 billion, with a strong increase in average mortgage loan size.

The number of mortgages in the purchase market declines compared to 2020.

Utrecht, November 16, 2021 – In the third quarter of 2021, mortgage revenues rose to €41 billion. With respect to the third quarter of 2020, this is an increase of 12.2%. After the dip in the second quarter, revenues in the third quarter are rising again. Revenues have increased by 10% compared to the second quarter of 2021. The number of mortgages grew by 4.5% compared to the second quarter and amounted to 129,000 in the third quarter. It is striking, however, that the number of mortgages for first-time buyers and transferrers is falling compared to the third quarter of 2020. The sharp increase in the average mortgage loan size compensates for this decline in the purchase market.

Strong increase in average mortgage loan size

"The growth in the market is largely due to a strong increase in the average mortgage loan size, as a result of the continued increase in house prices," explains Joppe Smit of consultancy firm IG&H. The average mortgage loan size increased by 5.5% compared to the second quarter and will amount to €367,000 in the third quarter of 2021. The increase is greatest in the purchase market. For first-time homeowners, compared to the second quarter, the mean amount rose by 9.6% to €347,000. For transferrers, this is an increase of 8.7% to €498,000. This powerful growth correlates with the strong rise in house prices, as shown by Calcasa's quarterly WOX report.

Number of mortgages in purchase market declines compared to 2020

Compared to the third quarter of 2020, the number of mortgages increased by 2.0% to 129,000. This growth is being driven by the refinancing of mortgages, where homeowners either remain in their home and take out a new mortgage or increase their current mortgage. For refinancing, the number of mortgages rose by 8.5% compared to the third quarter of 2020. “In the purchase market, the number of mortgages decreased compared to the same quarter of last year, which shows that the supply in the housing market is under pressure,” describes Joppe Smit. The number of mortgages among first-time buyers fell by 2.6% and even by 7.6% for transferrers. With 61,000 mortgages in the past quarter, transferrers remain the largest group.

Market share of major banks falls to 43.3%

Last quarter’s trend of the declining market share of banks, specifically the three major banks, continued in the third quarter of 2021. The market share of the top three bank holding companies decreased by 3.1 percentage points to 43.3%. The decline in Rabobank's market share (-2.3 percentage points) is a major contributor. The banks lost most of their market share among transferrers.

Despite this decline in market share, the top three providers stay unchanged: Rabobank, ING and ABN AMRO. However, there are shifts within the top 10 providers. BLG Wonen made the farthest upward jump (moving from tenth to seventh place) and Obvion, together with AEGON, fell by the most places. Nationale Nederlanden takes fourth place at the expense of AEGON, which drops down to sixth.

Highlight: Dutch financial institutions unite to make the Dutch mortgage market more sustainable

The Energy Efficient Mortgages NL Hub launched this week, an initiative also supported by IG&H. The 20 members of the EEM NL Hub are committed to promoting and accelerating the sustainability of homes in the Netherlands by interpreting the European guidelines for green mortgages. You can find more information about this recent development on our website.

We wish you pleasant reading and wholeheartedly invite you to respond!

Yours sincerely,

Joppe Smit Director at IG&H E: T: 06 2035 2438

Authors & data analysis of the IG&H Mortgage Update:

Annelies van Putten-Stemfoort (

Ruben Oude Engberink (

Dirk van Dijk (

Correction number of mortgages in Mortgage Update Q2 2021

In the Q2 2021 mortgage update, we reported 109,000 mortgages. However, the correct number for Q2 of 2021 is 123,000 mortgages. Of these, 60,000 are transferrers instead of the previously reported 45,000. The reason for this difference is that some of the bridging mortgages were not included. The previously reported turnover of € 37 billion remains correct.


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