The coronavirus pandemic is part of the current life of every citizen, not only in the sense of the health emergency situation, but also in all aspects of daily life, due to the restrictions that have been carried out since the March of the past year 2020.
Limitations on movement, the number of people per meeting and hours, among other restrictions, have led people to notably change their lifestyle: mass parties have been put aside to give way to leisure in small groups. People have fled from the overcrowding of cities and, at the moment, residing in towns or areas with low population density is another trend, which has led many to reform old houses or even to acquire new homes, taking advantage of the facilities of the online mortgages.
What is clear is that life has taken a 180º turn and that it is necessary to adapt to the so-called “new normal”. But what are the best ways to maintain a good quality of life right now?
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Parties today, the rise of private settings
As previously stated, there have been numerous restrictions that have been affecting the different Autonomous Communities over the last few months. From perimeter limits of entry and exit of certain locations, to curfews and early closing of all types of establishments, without forgetting the limitations in the number of people who can meet, either in places of leisure or in a home. particular.
This has led to the search for new entertainment alternatives, one of the most popular being meetings in private settings, as long as all security measures are maintained and all established restrictions are met.
Another of the great options today are plans abroad, in order to guarantee everyone’s safety: field trips, rural getaways or plans on the beach and in the mountains, for the most fortunate, have been the best possible leisure alternative.
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Advantages of owning a second home
Many people, after these sporadic trips to certain towns, coastal cities or natural environments away from the hustle and bustle of the city have made an important decision: to get a second home to enjoy these plans in their own home!
There are many advantages associated with this action, since not only does it get a fixed place to disconnect from day to day, but it can also become a good long-term investment.
● At this time, the supply of housing has notably increased due to the current economic situation, in this way, we can also find multiple favorable conditions for mortgages, whether they are variable, fixed or mixed interest.
● From a more economical perspective, you can take advantage of this opportunity to acquire a second home, not only to take advantage of it during weekends and holidays, but also as a means to obtain a monetary benefit, since if you rent it, that rental can help you to go paying the mortgage.
● The change of location, associated with all the benefits offered by a quiet place, away from the city, can increase the quality of life, increasing the personal well-being of the owners.
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Second home mortgages
But, before acquiring a second home, you must be clear about several aspects, starting with the location in which you want to acquire it and the offer of that place or the use that is going to be given to it.
In addition, it is important to know a series of legal aspects about mortgages for second homes:
● While banks usually grant up to 80% of the appraisal or sale value in financing the purchase of a main home (the lower of the two), in financing a second home they usually grant a percentage lower, around 60 and 75%.
● The total payment term of the mortgage is shorter than in the mortgages of habitual residence. While the mortgage for a main residence is usually between 30 and 40 years in most cases, the term of a mortgage for a second home is usually around a maximum of 25 years.
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Requirements to apply for a mortgage for a second home
All of the aforementioned translates into a series of essential requirements to apply for a mortgage for a second home, as a result of the increased risk that this financing entails for banks.
To begin with, as the percentage paid is lower, a greater volume of initial savings is needed. Also, by paying in a shorter time frame, the installments are higher and, therefore, the monthly income of the future owner should also be higher.
It may seem that there are many conditions necessary to apply for a mortgage for a second home, but you also have to realize that the result that is achieved is extremely satisfactory and with benefits.
(This article is a sponsored content)
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