If buying a second home was among your wishes for 2020 and your financial situation allows it, you still have time. Also, if you need to finance the operation, you’re in luck because many banks currently offer mortgages for second homes with improved conditions. Although the usual thing is that these products are reserved for a very specific profile, that applies higher interests or that offers financing of up to 70%, Hipotecas.com, Bankia, and Openbank are part of the exception that confirms the rule. Next, we will explain each of the offers in detail.
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Mortgage Vive de Hipotecas.com: conditions to suit you
Hipotecas.com, an entity backed by Banco Santander and BNP Paribas, offers an indicative interest rate of 2.59% during the first two years and Euribor plus 1.49% afterward to finance up to 70% of the purchase of second homes.
However, the most outstanding advantage of the Live Mortgage from Hipotecas.com is that the conditions are adapted to each client. In fact, the users of this financial comparator value very positively the assignment of a manager who offers personalized follow-up during the contracting process.
As for linkage and commissions, this mortgage loan does not require the contracting of combined products nor does it apply any type of penalty, so the commissions are 0% in all cases.
Mortgage without Bankia Commissions: from Euribor plus 0.99%
Bankia, for its part, is one of the entities that does not apply a more expensive interest rate to its PHH mortgages for second homes. In fact, customers who want to buy a vacation home, for example, will be able to finance up to 60% of the price of the house at an interest rate of 1.99% during the first year and Euribor plus 0.99% afterward.
The Bankia Commission-Free Mortgage does not apply any penalty for early repayment, but it does provide for a subrogation commission of 0.15% during the first 5 years and 0% thereafter and a novation commission of 2% (0.1 % if only the term is modified)
In this case, the requirement to be able to enjoy the best conditions is to direct deposit a salary of at least 3,000 euros per month. If the income were between 1,200 and 3,000 euros, the interest would be Euribor plus 1.35%; and for those holders with income of less than 1,200, the interest would become Euribor plus 2.25%.
Openbank Open Mortgage: financing of up to 70%
In third place, we have the Openbank Open Mortgage, one of the few that finances up to 70% with an interest of 1.99 during the first year and Euribor plus 0.89% afterward. In addition, if we had savings that covered 50% of the price of the house, then the entity would apply an even lower interest from the second year: Euribor plus 0.79%.
Although Openbank does not have a subrogation, novation, or partial amortization commission, it does penalize the total amortization with a commission of 0.25% during the first 3 years. In addition, to obtain the subsidized interest rate, it is essential to direct deposit a salary of 900 euros per holder and take out life insurance with the bank.
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