There are different reasons why it may be necessary to request a second mortgage, on the one hand, to be able to buy a second home and, on the other, to obtain financing to be able to carry out reforms, set up a business or make an investment.
For whatever reason, before making the decision, it is important to know if it is possible, if it is a good time to do it and what the cost will be.
Can you apply for a mortgage already having one?
Yes, you can take out a second mortgage by already having one. And it is important to know that the conditions that apply to you are different from those that applied to the first one. First, get 100% financing for a second mortgage is much more complicated and interest rates tend to get a little more expensive due to the risk of having to pay two mortgage payments instead of one.
In addition, it is likely that additional guarantees such as putting another home as a guarantee or having the support of guarantors that guarantee that the charges will be paid.
Get advice from experts
As it is more difficult to obtain good conditions for a second mortgage, it is essential to have specialized brokers, since they can obtain conditions and prices much better for customers. Home is something that is always necessary, whether as a regular home, as a second residence or as an investment, we all need a place to live.
In addition, the second home is taxed differently than the first, as it is not the usual one, and you have to include it in your income statement. But if you rent it permanently and the tenant uses it as a habitual residence, the rent is considered income from real estate capital, is taxed in the general tax base and, in addition, you can apply a 60% reduction on the net income.
At Grocasa Hipotecas, they have a team of financial experts who carry out financial intermediation and who compare all the mortgage offers on the market in order to offer their clients the best conditions that fit each specific case. His specialty is assisting his clients so that they can get the mortgage that best benefits them. If you need a second mortgage, do not hesitate to put yourself in the hands of experts who can assist you throughout the process.
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