Fazlur Rahman
Quick Answer
The Netherlands logged almost 217,000 new mortgages in January-June 2026, up 5% versus H1 2025, according to Kadaster (the Land Registry). Total volume was €84.8 billion (+8% YoY). Starter loans, a Dutch government-backed program, now cover 8.3% of all first-time buyer mortgages — roughly a 160% increase versus 3.2% in H1 2021. The average mortgage amount exceeded €517,000, up 5.3% YoY (iamexpat.nl, Sep 11, 2026).
Last verified: Sep 16, 2026.
At a glance
- H1 volume: ~217,000 new mortgages (+5% vs H1 2025)
- Total value: €84.8 billion (+8% YoY)
- Starter loans: 8.3% of FTB mortgages (+160% vs 3.2% in H1 2021)
- Average amount: >€517,000 (+5.3% YoY)
- Average LTV: 87.3% (FTB 91.5%)
- Urban LTV: 88% (Amsterdam, Rotterdam, The Hague, Utrecht)
The H1 mortgage numbers
The Kadaster data show a 5% increase in mortgage volume over H1 2025. Almost 217,000 new mortgages were registered in the first six months of 2026, with a total value of €84.8 billion — up 8% year-over-year. The growth came despite rising mortgage rates and the highest mortgage rates since December 2023, which would normally suppress demand (iamexpat.nl, Sep 11, 2026).
The average mortgage amount exceeded €517,000, up 5.3% year-over-year. The average LTV ratio was 87.3%, just below the 2025 average. For first-time buyers, the average LTV was 91.5%, indicating that new entrants are borrowing close to the maximum available. Urban areas — Amsterdam, Rotterdam, The Hague, and Utrecht — have a slightly higher average LTV (88%) than rural areas (86.1%) (iamexpat.nl, Sep 11, 2026).
The starter-loan boom
Starter loans are a Dutch government-backed program that lets municipalities lend to first-time buyers. The program has surged: starter loans now cover 8.3% of all first-time buyer mortgages, up roughly 160% versus 3.2% in H1 2021. The growth reflects an affordability crisis — first-time buyers cannot save enough for a deposit at current home prices and rely on starter loans to bridge the gap (iamexpat.nl, Sep 11, 2026).
The surge has implications for both housing policy and financial stability. Municipalities are taking on credit exposure to first-time buyers, and the program's growth trajectory suggests deeper structural affordability issues than cyclical rate dynamics (iamexpat.nl, Sep 11, 2026).
Why volumes are rising despite higher rates
Dutch mortgage volumes are rising despite higher rates because of a confluence of factors. First, a record number of homes changed hands in 2026 — 137,142 in the first seven months alone, +5.4% year-over-year. Second, a wave of former rental homes entered the market. Third, ladder-movers are transferring their existing low fixed rates while using built-up equity to upgrade (amsterdamtimes + newsbrainport, Sep 2026).
The rental sell-off has driven up transaction volumes even as prices stabilised, with established homeowners taking advantage of locked-in low rates. First-time buyers and high-loan borrowers are hit hardest by the rising rate environment because their borrowing capacity is shrinking (amsterdamtimes + newsbrainport, Sep 2026).
Side-by-side: H1 mortgage indicators
| Indicator | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| New mortgages (count) | ~217,000 | ~207,000 | +5% |
| Total volume (€) | €84.8B | €78.5B | +8% |
| Average mortgage (€) | >€517,000 | ~€491,000 | +5.3% |
| Average LTV | 87.3% | ~87% | Slightly higher |
| FTB average LTV | 91.5% | ~92% | Slightly lower |
| Starter loans (FTB share) | 8.3% | ~5% | +160% vs 2021 |
| Urban LTV (Randstad) | 88% | ~88% | Flat |
What enterprise buyers should do next
Three actions for lenders, brokers, and policy stakeholders.
- Monitor starter-loan growth. The 160% surge in starter loans reflects deeper affordability issues. Lenders should track municipal starter-loan programs as a leading indicator of FTB credit quality.
- Stress-test for higher rates. With mortgage rates at the highest since December 2023 and ~30% of outstanding mortgages reaching end of fixed by 2030, banks should stress-test for higher-rate scenarios.
- Watch the urban-rural divergence. Urban LTV of 88% versus rural 86.1% indicates continued demand pressure in the Randstad. Developers and investors should focus on supply-constrained urban submarkets.
What to watch next
Three near-term datapoints. First, Q3 2026 Kadaster data — the full-year trajectory will confirm whether H1 strength is sustained. Second, the Dutch central bank (DNB) mortgage debt report — debt just below 80% of GDP is a key systemic metric. Third, NHG rate movements — the most popular Dutch mortgage (10-year fixed with National Mortgage Guarantee) hit 4.11% on Sep 16, the highest since December 2023 (iamexpat.nl, Sep 11, 2026; amsterdamtimes + newsbrainport, Sep 2026). The H1 2026 surge in mortgage volume reflects several structural forces beyond cyclical rate dynamics. The Netherlands has experienced sustained population growth, particularly in urban areas, which continues to drive demand for housing. Government policies encouraging homeownership, including tax benefits for mortgage interest, remain in place despite periodic political debate. The rental market has tightened significantly in major cities, pushing more households toward ownership. These factors combine to create a resilient demand backdrop that supports transaction volume even as rates rise. International buyers, particularly from Germany, Belgium, and France, continue to view Dutch property as an attractive investment relative to their domestic markets.
Photo: Rijksmuseum, CC0, via Wikimedia Commons (https://upload.wikimedia.org/wikipedia/commons/f/f2/Huizen_aan_de_singel_buiten_de_Diezerbuitenpoort_te_Zwolle%2C_RP-T-1888-A-1797-20%28R%29.jpg?utm_source=commons.wikimedia.org&utm_campaign=imageinfo&utm_content=original)
