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Mortgage update | Insights from Q4 2021 and annual overview

The number of mortgages issued grows to a record high in 2021 despite the decline in transfer rates.

The average mortgage loan size is growing within each target group as a result of rising house prices and a tight housing market.

Utrecht, February 10, 2022 – In the fourth quarter of 2021, mortgage revenue grew to €44.7 billion. This is a growth of 16.4% compared to the fourth quarter in 2020. The total number of mortgages issued is also growing but it is striking is that the number of mortgages taken out among transferrers* has decreased by more than 18% compared to the fourth quarter in 2020. Over the whole of 2021, the mortgage market grew with a record high of 515,000 mortgages closed.

* Those who already owned a house and are now moving on to the next house, thus not only changing mortgage but also house.

Mortgage revenue will rise to no less than €163 billion in 2021

The growth in mortgage revenue compared to 2020 is mainly due to the strong increase among first-time homeowners as well as people refinancing and taking out additional loans. The mortgage market continued to rise in both the number of mortgages granted and mortgage sales. Especially for first-time buyers, there is a strong increase in mortgage revenue, namely 36.5% compared to 2020. Back in 2020, this increase was still 16.9% compared to the previous year. What is notable, is that compared to 2020, the mortgage revenue has increased much faster than the number of mortgages issued. Mortgage revenue increased by 17%. In contrast, the number of mortgages issued in 2021 increased by only 8.2% compared to 2020. This was a less steep increase in relation to 2020, where the number of mortgages increased by 21.1% compared to the previous year. “This turnaround in growth is a result of the problems in the housing market,” says Joppe Smit of consultancy and technology office IG&H.

Sharp increase in average mortgage loan size

“The continued, strong increase in the average mortgage sum is contributing a lot to the growth of the market. This is a result of the rise in house prices, the tight housing supply and low interest rates," says Joppe Smit. The average mortgage sum (excluding individual bridging mortgages) for the whole of 2021 has increased by 8.4% compared to 2020, meaning the average mortgage sum will rise to €363,000. This is a sharper rise than in 2020, when it was still 4.8%.

Decrease in number of mortgages among transferrers in 2021

The number of mortgages for first-time homeowners and those who are refinancing grew by 22.4% and 21.2% respectively in 2021. However, this growth is not reflected in the transferrers. The number of mortgages taken out by transferrers even decreased by -2.9% compared to 2020. "The decline in the number of mortgages shows that the supply in the housing market is under pressure," describes Joppe Smit.

Market share of major banks remains stable at 43%

The market share of banks shows a small decrease of -0.6 percentage point in the fourth quarter of 2021. The top 3 bank holdings remain stable with a market share of 43%. Even though Rabobank had the biggest increase in the provider landscape in 2020, the bank is now in the top 5 descenders, with a decrease of -0.4 percentage points. Allianz, a.s.r. and Nationale Nederlanden are the strongest risers in the fourth quarter of 2021. An eyecatcher is that Allianz is the strongest riser in the fourth quarter, as this party experienced a decrease of -1.2 percentage points in the third quarter of 2021.

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

Yours sincerely,

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

As part of our mortgage services, IG&H creates flexible and cost-efficient mortgage operations. We are also your delivery partner for breakthrough mortgage propositions.

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

Veerle Willemsen (

Annelies van Putten-Stemfoort (