Increase in mortgage lending continues in the third quarter of 2025
29 October 2025 - 10 min Reading time
In the third quarter of 2025, approximately 53,100 mortgage loans were granted, amounting to a total of around €10.1 billion (excluding refinancing).
This represents an increase of just under 12% in the number of credit agreements compared to the third quarter of the previous year. In terms of the amount of credit granted, there was a rise of approximately 23% year-on-year.
The number of mortgage credit applications also rose by about 6.7% compared to the same quarter in 2024 (excluding refinancing), with the total amount applied for increasing by around 13.5%.
This is shown by the mortgage credit statistics published today by Febelfin.
Febelfin members represent approximately 90% of the total number of newly granted mortgage credits (known as production). At the end of September 2025, the total outstanding mortgage credit of Febelfin members amounted to approximately EUR 295 billion.
The positive trend continues and is sustainable again
A comparison of the figures with those for 2024 shows that, as in the previous two quarters, demand for credit continued to rise in the third quarter of 2025.
Mortgage interest rates stabilised in the last quarter. Based on figures published by the National Bank of Belgium, these interest rates fluctuated in August between an average of 4.11% (for loans with an initial fixed-interest period of up to 1 year) and an average of 3.16% (for loans with an initial fixed-interest period of more than 10 years).
'The ever-increasing demand for loans is a positive trend for long-term credit production. The stabilisation of interest rates and certain tax incentives have given the property market and, consequently, mortgage lending a boost.'
These are the main findings for the third quarter of 2025 compared to the third quarter of 2024:
Excluding refinancing
The number of loan applications (excluding refinancing applications) rose by approximately 6.7% in the third quarter of 2025 compared to the third quarter of 2024. Loan applications also increased in value, by around 13.5% compared to 2024. Just under 73,000 credit applications were submitted for a total amount of just over 15 billion euros.
The number of mortgage loans granted rose by just under 12% in the third quarter of 2025 compared to the same period in 2024. The corresponding amount also rose by approximately 23% compared to 2024. Approximately 53,000 loans were granted for a total amount of just over 10 billion euros (excluding refinancing).
Compared to the third quarter of 2024, the number of loan agreements for the purchase + renovation of a home (+708, or +24.7%) saw the largest increase, as did the number of loans for other purposes (+476, or +20.5%). We also note an increase in the number of loans for the purchase of a home (+3,874, or +13.5%) and for the construction of a home (+494, or +12.2%). The number of loans for renovation (+63, or +0.7%) rose only slightly in the third quarter of 2025.
As in the previous quarter, the number of external refinancings (+816, or +43%) increased in the third quarter of 2025. As a result, approximately 2,700 external refinancings were recorded in the third quarter of 2025, for a total amount of approximately 433 million euros.
The average amount borrowed for the purchase of a home rose further in the third quarter of 2025 to approximately €215,000. The average amount for a construction loan also rose in the third quarter of 2025 to approximately 259,000 euros. However, the average amount of a loan for purchase + renovation fell to approximately 242,300 euros.
In the third quarter of 2025, the vast majority of borrowers (90.6%) still opted for a fixed interest rate or a variable interest rate with an initial fixed interest period of at least 10 years. In only 1.9% of cases did borrowers opt for loans with an annually variable interest rate.
Garage, building land, ...
The number of credit applications continues to rise
The number of credit applications, excluding those relating to external refinancing, rose by 6.7% in the third quarter of 2025 compared to the same quarter of the previous year. The underlying amount of credit applications also rose by approximately 13.5%. In the third quarter of 2025, there was a positive trend in the number of credit applications (excluding refinancing). This is favourable for lending activity in the coming months.
The increase in the number of loan applications paints a positive picture for most purposes. Only the number of loan applications for home renovation (-367, or -3.1%) recorded a decline. Applications for home construction rose (+481, or +8.6%). The number of credit applications for the purchase + renovation of a home (+387 or +9.1%) also increased. The number of credit applications for other purposes (+445, or +11.5%) and the number of applications for the purchase of a home (+3,613, or +8.4%) increased. Finally, the number of external refinancing applications (+4,995, or +7%) also rose in the third quarter of 2025.
Garage, building land, ...
Number of loans granted increased in the third quarter
As in the first half of 2025, the number of loans granted, excluding external refinancing, rose by approximately 12% in the third quarter of this year compared to the third quarter of 2024. The corresponding amount increased by approximately 23%.
The increase in demand for credit is also reflected in an increase in credit production.
Increase across all credit categories
In the third quarter of 2025, approximately 53,000 new loans were granted for a total amount of just over EUR 10.1 billion, excluding external refinancing. This confirms the positive trend in mortgage lending for the year 2025.
In total, the number of loans granted rose by approximately 12% compared to the third quarter of 2024. This increase is observed across all purposes without exception.
Compared to the third quarter of 2024, there has been a sharp increase in the number of loans taken out for other purposes (+476, or +20.5%) and the number of loans taken out for the purchase and renovation of a home (+708, or +24.7%). The number of loans for the construction of a home (+494, or +12.2%) and the number of loan agreements for the purchase of a home (+3,874, or +13.5%) also increased. The number of loans for the renovation of a home (+63, or +0.7%) remained stable.
In addition, the number of external refinancings rose by 43% in the third quarter of 2025. As a result, approximately 2,700 external refinancings were granted in the third quarter of 2025 for a total amount of approximately EUR 433 million.
The average amount of a credit continues to rise
In the third quarter of this year, the average amount of credits granted also rose.
The average amount of a loan for the purchase of a home fluctuated around 215,000 euros in the third quarter of 2025.
The average amount of a construction loan rose to around 259,000 euros in the third quarter of 2025. This is probably due to the increase in material prices.
However, the average amount of a loan for the purchase of a home + renovation fell slightly to around €242,300.
90.6% of borrowers opt for a fixed interest rate
In the third quarter of 2025, 9 out of 10 borrowers, or 90.6% to be precise, once again opted for a fixed interest rate or a variable interest rate with an initial fixed-rate period of at least 10 years. Approximately 7.6% of borrowers preferred a variable interest rate with an initial fixed-rate period of between 3 and 10 years. Less than 2% of borrowers opted for an annually variable interest rate.
The stabilisation of interest rates in recent months shows that Belgian consumers continue to opt for certainty to a large extent. The number of people opting for a variable interest rate remains low, although we are seeing an increase in this type of interest rate. The legislation also specifically protects consumers who opt for a variable interest rate. For example, after adjustment to the evolution of the applicable reference indices, the variable interest rate can never exceed twice the initial interest rate.
Responsible mortgage lending remains the guiding principle
The credit sector is and remains aware that mortgage lending must be carried out with great care and that responsible lending must remain the absolute guiding principle. In this respect, the sector is therefore on the same wavelength as the regulator: lenders must act with the necessary caution in order, on the one hand, to avoid borrowers taking on excessive loans as far as possible and, on the other hand, to safeguard financial stability in the long term.
All mortgage credit statistics (2000 – 2025Q3), broken down by credit purpose and type of interest rate, are available here (only in Dutch/French).
