People dream of owning their own home. But along with the many obvious benefits, home ownership brings it with risks and responsibilities. The National Mortgage Guarantee (Nationale Hypotheek Garantie, or NHG) not only makes homeownership accessible to thousands who might otherwise be unable to afford it. It also limits those risks for individual households while working as a vital catalyst for the housing market as a whole.
For over 20 years, the Homeownership Guarantee Fund (Waarborgfonds Eigen Woningen, or WEW) has worked, for example through the NHG, for the responsible creation of more space in the housing market.
Healthy development of the housing market
The WEW supports measures that stimulate the healthy development of the housing market. And since its inception, the precondition for the WEW in this respect has been responsible financing. Obviously that also goes for the choices the WEW itself makes in the shaping and implementation of the NHG. But the WEW also looks at the mortgage lending rules applied by other parties, both market and government.
The WEW feels that under these preconditions, too, home ownership should be accessible to as many people as possible, just as financing for home improvements or for people wanting to stay longer in their homes. This is essential for sufficient movement into and within the housing market, and for a healthy price trend. Particularly now that there is no worthy alternative to owner-occupation and improvements in the rental market are not expected for many years.
WEW, a trustworthy and independent partner
The WEW is an autonomous, independent not-for-profit organisation that since 1995 has been operating the NHG in a highly professional manner under commission of central government and local municipalities. Through the guarantee, the WEW reduces the financial risk to homeowners and lenders and ensures that, when payment problems do arise, people can continue to live in their homes. In extreme cases, the WEW assumes the losses.
Over 70 employees ensure the successful implementation of the scheme. Since it was set up, the WEW has helped over one million households get an appropriate mortgage, enabled many people facing payment problems to remain in their homes, and assumed losses in some 26,000 cases.