Mortgage expertise in Brussels

Real estate expertise for a mortgage in Brussels

Obtaining a mortgage for the purchase, construction or renovation of a property in the Brussels-Capital Region requires, in the vast majority of cases, an independent valuation report attesting to the value of the property offered as security. This report directly determines the loan amount the bank is prepared to grant.

Our real estate appraisal firm produces reports compliant with the requirements of Belgian credit institutions and the prudential recommendations of the National Bank of Belgium (NBB).

Regulatory framework for mortgages in Belgium

NBB requirements and European directive

Since the implementation of European Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property, Belgian banks are required to carry out a rigorous valuation of the property serving as security. The Act of 22 April 2016 transposing this directive into Belgian law reinforces the obligation of independent valuation.

The NBB has issued macroprudential recommendations governing loan-to-value (LTV) ratios:

• Primary residence (first-time buyers): Maximum LTV of 90%, with a tolerance for 35% of files up to 100%.
• Primary residence (non-first-time buyers): Maximum LTV of 90%.
• Buy-to-let investment: Maximum LTV of 80%.

The reference value for calculating the LTV is that determined by the real estate expert, which may differ from the transaction price. A well-substantiated report establishing a value above the purchase price can improve your borrowing capacity.

Belgian mortgage law

The Mortgage Act of 16 December 1851 (now incorporated into the Civil Code, Book III, Title XVIII) governs mortgage registration. A conventional mortgage may not exceed the value of the property, hence the need for a reliable valuation.

When does the bank require an expertise?

Credit institutions systematically require an expertise in the following cases:

• Property purchase: To validate the transaction price and determine the applicable LTV.
• Construction or major renovation: To assess the value of the property upon completion of the works (future value).
• Refinancing or renegotiation: To update the value of the secured property when renewing a credit.
• Bridging loan: To determine the value of an existing property that will be sold in the short term.
• Credit transfer: When transferring a mortgage from one bank to another.

Content of the bank valuation report

The report for the bank follows a specific format:

• Identification of the property and the applicant: Address, cadastral references, identity of the owner or future purchaser.
• Detailed technical description: Composition, surfaces (NBN standard), state of upkeep, technical installations, energy performance (EPC).
• Planning analysis: Compliance with the PRAS, planning permits, any violations, easements.
• Local market analysis: Comparable transactions in the district and commune, price trends, micro-market dynamics.
• Fair market value: Estimated value in a free sale, under normal market conditions.
• Future value (if works are planned): Estimated value after completion of the planned works, based on the quote or specifications.
• Forced sale value: Estimated value in the event of a judicial realisation (enforcement), generally corresponding to 75–85% of the fair market value.
• Appendices: Photographs, site plan, copy of EPC, cadastral extract.

How the mission works

1. Request: You or your broker contact us with the property details and any available documents. A quote is sent within 24 hours.
2. Inspection: Full inspection of the property by our expert. Duration: 30 minutes to 1 hour 30 depending on size and complexity.
3. Analysis: Cadastral research, collection of market references, application of valuation methods (comparison, capitalisation, replacement cost).
4. Report: Drafted and delivered within 5 to 8 working days. Express processing possible within 48 to 72 hours.
5. Transmission: The report can be sent directly to your bank or broker, with your authorisation.

The advantage of an independent report

Some banks appoint their own expert. In that case, you have no choice of valuer. However, having an independent report offers several advantages:

• Negotiation: If the bank’s expertise undervalues your property, your private report provides a documented counter-argument.
• Multi-bank approach: An independent report can be presented to several banks simultaneously, facilitating competitive comparison.
• Transparency: You know the objective value of your property before embarking on the credit process.

To explore the subject further, consult our comprehensive guide on mortgages in Brussels. Discover the full range of our real estate expertise missions or our services for pre-purchase expertise and inheritance expertise. Consult our fees or book an appointment for a free quote.