During the summer months, many Spaniards will take a well-deserved rest in the tourist areas of our country: the Costa Brava in Girona, the Balearic and Canary Islands, the Costa Blanca in Alicante… And many families will fall in love with their holiday residence and consider buy a second home there to repeat the experience in the coming years.
It must be taken into account, however, that buying a second residence is somewhat more complicated than acquiring a home for habitual use, since the mortgages granted by banks for this purpose usually have worse conditions: lower amount, shorter term … Even so, according to the financial comparator HelpMyCash.com, there are entities that can finance the operation with very attractive offers, both at a fixed rate and with variable interest.
As a general rule, banks lend less money when the mortgage is requested to finance the purchase of a second residence: between 60% and 70% of the operation (for habitual residence, this percentage is usually 80%). In addition, in many cases, they offer a period of less than 30 years to repay the money, which forces the applicant to pay somewhat higher fees.
However, if the client has a good profile, HelpMyCash advises negotiating with several banks to try to improve those initial conditions: to increase the financing or the term or to reduce the interest applied, for example. And if the applicant does not have time or prefers to entrust the processing to an expert in the field, they can leave the procedures in the hands of a mortgage broker, who will be in charge of obtaining the best possible mortgage loan.
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