A small part of the holiday homes are in the Netherlands, the majority abroad. A small portion of the homes are fully financed by the owners themselves, the majority uses a loan, whether or not supplemented with own resources
Depending on the location of the home to be financed, a loan is provided easily or more difficult. Applying for a loan for a home in the Netherlands is easier than a loan for a home abroad. Then more things must be taken into account and a loan is provided less quickly and the maximum loan is less high than in the Netherlands.
Mortgage or combination credit
In almost all cases, a mortgage is used as a loan on a first home. As the owner, you receive a benefit in the form of mortgage interest deduction. This favorable tax rule only applies to the purchase of a first home, not to a second.
You can finance your holiday home with a (equity of your current) mortgage or a partially new mortgage. With a combination credit you can finance the rest of the purchase amount of your holiday home or chalet. If you cannot get a mortgage for your second home, you can take out a combination credit for the entire amount . This credit is specially formulated for high loan amounts up to € 150,000 .
Loan amount up to € 150,000
The maximum loan amount via a combination credit with Snaploan Online is € 125,000 - € 150,000. This high amount is not provided by all lenders; usually the maximum amount is € 50,000 - € 75,000. With us you can borrow more to make your dream come true.
The combination credit is a combination of two loans:
- Two personal loans
- Part personal loan and part revolving credit
The combination credit, consisting of two personal loans, is spread over to the partner banks. Thanks to this risk spreading for the bank, you benefit from a low interest rate. You repay the loan in full in fixed monthly amounts during the agreed term. The interest costs of a personal loan are tax deductible, so you benefit from this favorable tax benefit. The conditions of a combination credit are favorable: you can repay extra during the term of the loan without penalty. This reduces your loan amount. The bank is highly accepted for this form of loan.
The combination credit can also combine the best of a personal loan and a revolving credit in a loan. The security of a personal loan; you know in advance how quickly you will repay the loan and you will repay it monthly. And the flexibility of a revolving credit; you benefit from the low variable interest rate and low monthly costs and you always have money on hand. In summary: you repay part of the combination credit monthly in the predetermined period, the other part you repay when you want.