Attens Hypotheken: investment and connection

What started as an innovative idea to build a stronger connection with the health and welfare sector has grown into a mortgage label with a portfolio worth over €6 billion. Mortgages are an attractive investment opportunity while helping PFZW participants increase their chances of owning their home.

Why invest in mortgages?
After the financial crisis, mortgages once again became an appealing asset class for Dutch pension funds. Stricter regulations made the mortgage market less risky, banks stepped back, and low interest rates led homebuyers to choose longer fixed-interest periods.

For a pension fund with long-term liabilities like PFZW, mortgages fit well. They offer stable returns and an additional premium because the money is locked away for a longer period. This aligns with our investment horizon at PGGM: we invest with a long-term perspective.

By and for the care sector
At the same time, we wanted to strengthen our connection with PFZW’s participants. This sparked the idea of launching our own mortgage label, designed specifically for people working in the sector we invest in. Achmea proved to be the right partner, offering participants a trusted place to arrange their mortgage. Together, we set up the structure: Attens Hypotheken is a subsidiary of Achmea but is fully financed by PFZW. At PGGM, we manage this capital.

Attens Hypotheken is exclusively available to PFZW participants. Each mortgage is funded with money from the sector’s pension pot and ultimately flows back into that same sector - a truly closed loop.

Tailored mortgages
The mortgage label was developed with healthcare employees in mind. Achmea and our members’ organisation PGGM&CO looked into the challenges these professionals face when applying for a mortgage and used these insights to shape the product.

• Many healthcare workers receive allowances for irregular shifts or overtime. Unlike most lenders, Attens includes these allowances as a structural part of their income.
• Many employees do not have a permanent contract but move from one annual contract to the next. Where others see this as a risk, Attens relies on the strong job security within the sector.
• Trainees, such as doctors and nurses in training, are given more flexibility as well. Unlike most lenders, Attens treats work and learning trajectories as permanent income.

Encouraging sustainable living
Attens was one of the first labels in 2015 to offer a discount for making homes more sustainable. Initially, this applied to buying an energy-efficient home; today, it mainly focuses on actively improving existing homes. When someone takes out an Attens mortgage and upgrades their home, they receive a mortgage rate discount as well as a financial contribution towards the improvements.

Through a platform developed in partnership with Achmea, participants can access advice and manage the entire sustainability process. The financial contribution was recently increased from €500 to €1,000, and the mortgage rate discount for sustainable upgrades has also been expanded.

Growth and future
We started out with something that did not yet exist: our own mortgage label, exclusively for PFZW participants. Ten years later, we can confidently say it works. We now manage a mortgage portfolio worth over €6 billion, covering more than 25,000 mortgages for healthcare workers.

With the introduction of the new pension system, there will be even greater scope for mortgages in the investment mix. This allows us to continue growing with Attens in the years to come.