In the second quarter of 2025, just under 55,000 mortgage loans were granted for a total amount of approximately EUR 10 billion (excluding refinancing).

This represents an increase of 15.7% in the number of credit agreements granted compared to the second quarter of last year. In terms of the amount of credit granted, there is also an increase of approximately 30.4% compared to last year.

From the second quarter of 2024 to the second quarter of 2025, the number of credit applications (excluding refinancing) rose by approximately 7.7%. The corresponding amount borrowed also increased in the second quarter of 2025, by just under 16%.

The first half of 2025 shows an increase in the number of credit applications compared to the same period last year. This upward trend is also confirmed by an increase in credit granting during the first half of 2025 compared to the same period last year.

Mortgage interest rates stabilised in the second quarter. According to figures published by the National Bank of Belgium, these rates fluctuated in May between an average of 3% (for loans with an initial fixed interest period of more than 10 years) and an average of 4.26% (for loans with an initial fixed interest period of up to 1 year).

“The continued increase in the number of credit applications confirms the recovery of the mortgage market in the 1st half of 2025. Thanks to fiscal stimulus measures in some regions and the stabilisation of interest rates, prospective buyers have regained confidence and taken the step towards acquisition,” says Ivo Van Bulck, Director Retail Credit and Savings at Febelfin.

Key findings for Q2 2025 compared to Q2 2024

The number of credit applications, excluding those related to external refinancing, increased by about 7.7% in Q2 2025 compared to the same quarter last year. The underlying amount of credit applications also rose by 15.7%. This is part of a long-term upward trend in credit applications (excluding external refinancing), a trend not seen since 2021, which inspires confidence in the future.

The increase in the number of credit applications occurred across most purposes. The number of credit applications for the purchase of a home (+3,023) rose by +6.5%. The number of applications for home construction (+794, or +13.3%) increased in the 2nd quarter of 2025. The number of applications for other purposes increased the most compared to the same quarter in 2024 (+1,253, or +38.8%). Applications for the purchase + renovation of a home (+818) rose by +20%. Only the number of applications for home renovation contracted in the 2nd quarter of 2025 decreased (-239, or -1.7%). Finally, in the second quarter of 2025, the number of external refinancing applications rose significantly (+1,067, or +34.4%).

In the second quarter of 2024, the number of loans granted, excluding external refinancing, increased by nearly 16% compared to the second quarter of 2024, confirming the positive trend over five consecutive quarters. The corresponding amount also rose by approximately 30.5%.

The first half of the year shows a truly positive trend in the granting of mortgage loans.

In the second quarter of 2025, just under 55,000 new loans were granted for a total amount of just over EUR 10 billion – excluding external refinancing. This figure for Q2 2025 is comparable to the same quarter in 2020.

All loan purposes show positive results: the number of loans granted, excluding external refinancing, increased by approximately 15.7%. This increase is visible across all purposes, including home construction.

Compared to the second quarter of 2024, the number of loans granted for the purchase of a home (+4,496, or +16.5%) as well as for home construction (+746, or +16.6%) rose, along with the number of loans for other purposes (+877), which increased by +41.5%. The number of loan contracts for purchase + renovation (+1,058, or +44.2%) saw the strongest growth. However, the number of loans for home renovation showed the smallest increase this quarter, with a rise of +2.2%, i.e. 236 more loans than in Q2 2024.

In addition, the number of external refinancing loans recorded a sharp increase in Q2 2025 of approximately 74.6%, i.e. 1,402 more loans than in Q2 2024. As a result, around 3,300 external refinancing transactions were granted for a total amount of approximately EUR 508 million.

In the second quarter of 2025, the average amount of loans granted increased slightly for some purposes and decreased slightly for others.

The average amount of a loan for the purchase of a home fell in the second quarter of 2025 to approximately €211,500.

The same applies to the average amount of a loan for the purchase + renovation of a home, which dropped to around €243,000.

Most notably, the average amount of a construction loan rose significantly in the second quarter of 2025, reaching €250,000.

In the second quarter of 2025, more than 9 out of 10 borrowers—specifically 92.7%—once again opted for a fixed interest rate or a variable rate with an initial fixed-rate period of at least 10 years. Around 5.2% of borrowers preferred a variable rate with an initial fixed-rate period between 3 and 10 years. Just over 2% of borrowers chose a loan with an annually variable interest rate.

Given the level of interest rates (see chart below), Belgian consumers continue to strongly favour certainty. The number of people choosing a variable rate remains low. However, legislation also provides protection for consumers who choose a variable interest rate. This rate can never exceed twice the initial rate, even after adjustments based on changes in the applicable benchmarks.

Sustainability and taxonomy are becoming increasingly important in the daily operations of businesses, and the financial sector is no exception. The sector’s regulator, the National Bank of Belgium, requires regular reporting on the “green” profile of its real estate portfolio for prudential reasons. To meet this requirement, the industry defined an “energy-efficient” loan in 2023.

Based on this definition, the industry has begun reporting, making it possible to identify trends in “energy-efficient” loans issued in the first half of the year. In the first half of 2025, a total of 21,800 loans were granted that meet the definition of “energy-efficient,” amounting to EUR 4.4 billion.

The credit sector is and remains aware that mortgage lending must be done with great care and that responsible lending must remain the absolute starting point. On this point, the industry is on the same line as the regulator: lenders must exercise the necessary caution in order, on the one hand, to avoid, as far as possible, individual borrowers taking out loans that are too large and, on the other, to safeguard financial stability over time.

All statistics on mortgage lending (2000 - 2025 S1), broken down by purpose of loan and type of interest rate, are available on this link (Dutch/French figures only).