Expand / If you get financing to buy a first home is complicated, it is more for second homes, those for holidays or weekends.
Mortgages intended for a second home are granted, usually with less favorable conditions mortgages for the purchase of the main residence, in terms of funding rates on the appraised value of the property and the repayment period .
These conditions have evolved in the same mortgages for first and second homes, as has verified the comparator Bankimia mortgages. In times of crisis it was common for banks to finance up to 50% -60% of the appraised value of a second home, now this percentage has increased significantly to 70% -75% in some cases.
So, the ING Direct Orange Mortgage finances up to 75% of the appraised value for second homes, always with a minimum of 50,000 euros. The deadline for repayment of the loan is up to 40 years. It is marketed to Euribor + 0.99% throughout the life of the mortgage.
We also found with a maximum funding of 70% of the lower of the appraisal and purchase of Banco Santander Variable Mortgage at 1.75% interest the first two years and Euribor +0.99 % since then. The repayment period is 25 years.
The same applies to the repayment period, if it was not common in 2010 see such mortgages that exceed 20-25 years, now we find some loans that allow debt to more than 30 and even 35 years.
This is the case with the Mortgage CX CatalunyaCaixa setting a repayment term of up to 40 years provided that the maximum age of the holder at maturity of the loan is 70 years. The interest rate is 1.25% the first year and Euribor + 1.25% for the rest. The funding amounts to 70% of the appraised value in second homes.
also noticed the Mortgage Bank Mediolanum Freedom proposed 70% within 30 years. Funds 70% of the appraised value and applies a variable interest rate of Euribor + 0.99%.
As for the differential apply, does not differ much from that found in mortgages for first home, since it increases or not depends on additional products concluded with the entity.
fixed mortgages for second homes
On the other hand, currently some banks also offer fixed rate mortgages intended for the purchase of a second home. As the Fixed Mortgage Bankinter at 1.80% interest, the maximum term is ten years and funded percentage is 60%.
BBVA also gives option to finance a second home with a fixed rate mortgage. The repayment period is 20 years maximum, the amount financed is 70% and part of an interest rate of 1.90%.
Bankimia
What you need to know about mortgages for the purchase of a second residence
Information Expansión
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