Financing a holiday home, what are the options?

There are 2 options for financing a holiday home:

Increase your mortgage / second mortgage
A consumer loan

You probably financed your first home with a mortgage. As the owner, you receive a benefit in the form of a low (mortgage) interest rate and mortgage interest deduction. However, this favorable tax rule only applies to the purchase of a first home, not to a second or holiday home.

You can finance your holiday / recreation home with equity from your current mortgage or a partial second new mortgage.

Please note when taking out a mortgage for a holiday home: A mortgage entails additional costs (notary, appraisal / broker and closing / advisory costs). A consumer loan (Personal Loan or Combination Credit) does not have these costs. If you buy the holiday home as an investment, you also want a shorter investment period of, for example, a maximum of 10 years instead of 30 years with a mortgage. Taking out a loan is cheaper due to the shorter term, despite the slightly higher interest rate.

Borrow money for a holiday home up to € 150,000

If you do not receive a mortgage or want to take out a mortgage for your second home, you can take out a consumer loan for the entire amount up to a loan amount of € 150,000. Or you can finance the remaining part of the purchase amount of your holiday / recreation home or chalet with a consumer loan.

The maximum loan amount for a holiday home is often higher with us than with other lenders. We can lend you an amount of up to € 150,000 . This high amount is not provided by all lenders; with most you can borrow a maximum amount of € 50,000 - € 75,000. With Snaploan Online you borrow more to realize your dream thanks to the spread of the loans. For example, your loan is distributed as two Personal Loans at two banks. As a result, there is a broader acceptance of the loan, with better conditions and at a lower interest rate.

Why borrow from us?

Lowest fixed interest rate from 3.6%
Always pay off penalty-free
With one request a complete and realistic offer of 5 banks in one overview
Compare interest, conditions and payment date in one overview
Fast, error-free and inexpensive
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Financing a holiday home with a loan

You can choose from two types of loan: a Personal Loan or a Combination Credit to finance (part of) your holiday home.

Personal Loan for holiday home

With a Personal Loan you borrow a fixed amount of up to € 150,000 at a fixed interest and fixed term. This means that you pay off the same amount every month for a pre-agreed term and are debt-free at the end of the term. You can always make extra repayments in between penalty-free so that you can enjoy your holiday home debt-free even earlier.

Characteristics Personal Loan

The bank pays you the agreed amount once.
You repay a fixed amount every month. This amount does not change during the term. This reduces your debt after each monthly repayment. Very motivating, especially with a holiday home!
The loan has a fixed interest rate and a fixed term. You know exactly when the loan has been repaid.
You may always make additional repayments in the interim without penalty so that you have paid off the loan earlier.

Financing a holiday home with the Combination Credit

The combination credit is a combination of several loans:

Two personal loans
Part personal loan and part revolving credit

It combines the best of the loan forms in one loan and the best of two banks by spreading risk. If you choose the combination credit with two Personal Loans, the interest costs are tax deductible. The interest and term are fixed and you pay the same charges every month.

The security of a personal loan: you know in advance how quickly you will pay off the loan in monthly installments.
The flexibility of a revolving credit: you benefit from the low variable interest and low monthly costs and you always have money on hand because you can withdraw the repaid money again.

Thanks to the risk spreading of a Combination Loan , we can offer a lower interest rate and higher loan amounts are possible for financing recreational objects such as caravans , mobile homes , bungalows, chalets and holiday homes. If you rent out the holiday home, you can repay the rental income directly to the revolving credit part or pay off extra installments on the part of the Personal Loan without penalty.

3 Tips for borrowing money for a holiday home

Match the term of the Personal Loan / Combination Credit to your plans. The longer the term you choose to pay off the loan, the lower the interest will be. However, this does not mean that a longer term is ultimately the most advantageous choice. You also have a payment obligation for longer. Perhaps the smartest choice is to pay off the loan as quickly as possible, at a slightly higher interest rate and monthly repayment amount.
What about the insurance? Has the financing of the holiday home of your dreams been completed? Then it is time to look at the insurance. You are not always present in the house, so good insurance for unforeseen matters is a smart idea. You do not automatically have to choose the insurer where you have all your insurance policies. This is often not the cheapest and most optimal for your holiday home. Also compare the largest range of home insurance policies online .
Rent out your holiday home. The word holiday home says it all: you are not always there yourself, but it is an ideal home for holidays. That is why you can also rent out your holiday home to others. You earn some extra money with it and you can even return the proceeds to your Personal Loan for (extra) repayments. Do study the local regulations well. In general, a lot is possible

Request a quote for a loan for a holiday home

You can calculate how much you can borrow via our calculation tool. You then complete the quotation form and based on your data we will send you a proposal from our partner banks. You choose which loan amount you place with which bank and we will arrange the rest for you.

Through us you can easily finance up to € 150,000 of your holiday home. Within a few hours you will know if you can achieve your dream. Request a quote completely free of charge and without obligation .