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Mortgage for chalet no longer possible

Date: October 22, 2020
Author: Ronald Gracia

Mortgage for chalet or second home is no longer possible

It was already difficult to get a mortgage for a second home. But since the tightening of the mortgage rules , consumers are even more often faced with a closed door at the bank. This is at odds with the growing popularity of holiday homes. Because of the limited travel options in times of corona, more and more people choose their own chalet. As a holiday home, investment and sometimes even as a main residence due to the tight housing market.

According to DNB, Dutch banks tightened their acceptance criteria, taking into account a major downturn in the economy due to the corona crisis. Buyers therefore have to deal with stricter rules and additional questions when applying for a mortgage. Some examples:

  • Those who move from a current to a new owner-occupied home may no longer use 100% of that home equity for the new home in the event of equity. Some mortgage lenders even no longer count the equity at all.

  • Banks are more strict about their income and financial buffers. For example, a higher buffer applies to self-employed persons and people with a temporary contract (up to 6 months gross monthly mortgage payments). Consumers must also be able to demonstrate higher reserves if (temporarily) double housing costs are involved.

  • Mortgage lenders take into account that many people's income is looser than before March 2020. That is why additional questions arise, such as whether there has been financial damage from the corona crisis, how big your buffer is and how you deal with the financial setback.

But where can buyers go if banks raise barriers to financing chalets or even reject applications?

Financing the chalet with a Personal Loan

Those who want to buy a holiday home, but do not have enough equity capital, can often turn to a consumer credit lender. Where mortgages are only provided for homes made of concrete, brick and with a full foundation, with a Personal Loan you can finance a very wide range of loan purposes.

You can borrow money for a second home, holiday home or chalet responsibly with a Personal Loan. This is a credit with a fixed term and interest, so that you know exactly what you will pay off each month and when the loan is paid off.

Personal loan

With a Personal Loan you borrow a fixed amount once. You often have the money in your account within 2 working days.

  • Fixed low interest from 3.5% - the lowest interest in the Netherlands!
  • You can borrow from 5000 us dollars.
  • You determine the term of the loan yourself. You can adjust this to the (expected) useful life of your chalet. For example, you borrow an amount that you pay off in 5 to 10 years. A much shorter term than with a mortgage!
  • You have a fixed term, clear end date and fixed monthly terms.
  • You may always make additional interim repayments without penalty. This way you can reduce your debt even faster.
  • Will the chalet become your main residence? In that case, the interest is tax-deductible under certain conditions.
  • You borrow safely and responsibly and can take out the loan fully online at low cost. Without expensive advice or closing costs.

Ronald Gracia

Partner and Head of Acceptance

Author: Ronald Gracia

Michel is a real all-rounder. He knows everything about credits. Whether it concerns a personal loan, a revolving credit or a combination credit for consumers, you have to go to Michel. Michel is friendly, patient and always has time for a chat or a listening ear. '

Specialization within Snaploan Online - Acceptance of applications, issuing via e-mail and My SNLO of the overviews containing the possibilities of our partner banks.

'I make sure that you can compare all options at a glance and that you can make the right choice. I think it is really important that you take out a loan that suits your needs. '

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