{"id":33974,"date":"2023-02-24T18:49:39","date_gmt":"2023-02-24T17:49:39","guid":{"rendered":"https:\/\/www.cbleon-abogados.com\/how-can-you-access-a-mortgage-for-a-second-home\/"},"modified":"2023-02-24T18:49:41","modified_gmt":"2023-02-24T17:49:41","slug":"how-can-you-access-a-mortgage-for-a-second-home","status":"publish","type":"post","link":"https:\/\/cbleon-abogados.com\/en\/how-can-you-access-a-mortgage-for-a-second-home\/","title":{"rendered":"How can you access a mortgage for a second home?"},"content":{"rendered":"<p><span style=\"color: #000000;\"><strong>The mortgage for a second home is viable even if the mortgage for the main residence is active. Many people have the option of buying a new apartment without selling the one they already own.<\/strong>  If you are one of them and want to know how to manage a second mortgage and its requirements, be sure to read on.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Tabla de Contenidos<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/cbleon-abogados.com\/en\/how-can-you-access-a-mortgage-for-a-second-home\/#What_are_the_reasons_for_taking_out_a_mortgage_for_a_second_home\" >What are the reasons for taking out a mortgage for a second home?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/cbleon-abogados.com\/en\/how-can-you-access-a-mortgage-for-a-second-home\/#The_requirements_for_second_mortgages_are_as_follows\" >The requirements for second mortgages are as follows<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/cbleon-abogados.com\/en\/how-can-you-access-a-mortgage-for-a-second-home\/#The_basic_requirements_for_managing_second_mortgages\" >The basic requirements for managing second mortgages<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/cbleon-abogados.com\/en\/how-can-you-access-a-mortgage-for-a-second-home\/#What_is_the_required_documentation_for_these_cases\" >What is the required documentation for these cases?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/cbleon-abogados.com\/en\/how-can-you-access-a-mortgage-for-a-second-home\/#If_there_is_a_person_who_will_serve_as_your_guarantor_heshe_must_deliver\" >If there is a person who will serve as your guarantor, he\/she must deliver:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_reasons_for_taking_out_a_mortgage_for_a_second_home\"><\/span><span style=\"color: #000000;\"><strong>What are the reasons for taking out a mortgage for a second home?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"color: #000000;\">Many times a second home mortgage allows you to obtain another apartment that you will not use as your primary residence, but it will give you the option to:<\/span><\/p>\n<ul>\n<li><strong><span style=\"color: #000000;\">An extra income by renting it.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">A good investment if you can later sell it for a better price.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">A place that will serve you to rest or to spend your vacations.<\/span><\/strong><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Any of the possibilities will open up new opportunities for you. If you have already decided to purchase <a href=\"https:\/\/www.helpmycash.com\/hipotecas\/hipoteca-segunda-vivienda\/\" target=\"_blank\" rel=\"noopener\">a new property<\/a>, the requirements will be described below.<\/span><\/p>\n<figure id=\"attachment_33972\" aria-describedby=\"caption-attachment-33972\" style=\"width: 2000px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-33970 size-full\" src=\"https:\/\/www.cblspanishlawyers.com\/wp-content\/uploads\/2023\/03\/motivos-para-la-gestion-de-la-hipoteca.png\" alt=\"reasons for the management of the mortgage\" width=\"2000\" height=\"1333\" srcset=\"https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2023\/03\/motivos-para-la-gestion-de-la-hipoteca.png 2000w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2023\/03\/motivos-para-la-gestion-de-la-hipoteca-300x200.png 300w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2023\/03\/motivos-para-la-gestion-de-la-hipoteca-1024x682.png 1024w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2023\/03\/motivos-para-la-gestion-de-la-hipoteca-768x512.png 768w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2023\/03\/motivos-para-la-gestion-de-la-hipoteca-1536x1024.png 1536w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2023\/03\/motivos-para-la-gestion-de-la-hipoteca-370x247.png 370w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2023\/03\/motivos-para-la-gestion-de-la-hipoteca-760x507.png 760w\" sizes=\"auto, (max-width: 2000px) 100vw, 2000px\" \/><figcaption id=\"caption-attachment-33972\" class=\"wp-caption-text\">reasons for the management of the mortgage<\/figcaption><\/figure>\n<h3><span class=\"ez-toc-section\" id=\"The_requirements_for_second_mortgages_are_as_follows\"><\/span><span style=\"color: #000000;\"><strong>The requirements for second mortgages are as follows<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #000000;\">Almost all the clauses stipulated for a mortgage application, regardless of whether it is a first or a second mortgage, are very similar. However, the second mortgage will have minor variations in terms of:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\"><strong>Financing.<\/strong>  Your payment conditions, monthly income, etc. will always be carefully studied. However, almost every time this funding will be less than the first.<\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>Time of return.<\/strong>  The time period for you to repay the money that is granted to you as a loan is shorter than that of your first mortgage.<\/span><br \/>\n<span style=\"color: #000000;\">For sure, by the time you buy a second home you will be more prepared in terms of money.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"The_basic_requirements_for_managing_second_mortgages\"><\/span><span style=\"color: #000000;\"><strong>The basic requirements for managing second mortgages<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #000000;\">The banking institution will demand more detailed requirements, since you will owe not one, but two loans. For that reason they must cover their backs and guarantee that both will be returned in full. Consequently, you will have to provide for them:<\/span><\/p>\n<p><span style=\"color: #000000;\">Bank statements showing consistent income. Such income must be good enough for both mortgages to be repaid without inconvenience or arrears.<\/span><\/p>\n<ul>\n<li><strong><span style=\"color: #000000;\">Apart from the first mortgage, you should not have any other unpaid debts. In addition, the installments of the first <a href=\"https:\/\/www.cbleon-abogados.com\/en\/what-is-irph-and-how-does-this-clause-work\/\">mortgage loan<\/a> must be up to date.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">  All your utility bills must be paid. You cannot appear as a defaulter in ASNEF, RAI, etc.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">Consistency of having money saved. Remember that the financing you will be granted will be less than the first time. It is essential that you have started saving before embarking on getting your second home.<\/span><\/strong><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Keep these three points in mind. If you have them covered, then do not hesitate and go to the financial institution of your choice to arrange the mortgage for a second home.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_the_required_documentation_for_these_cases\"><\/span><span style=\"color: #000000;\"><strong>What is the required documentation for these cases?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"color: #000000;\">Each bank will give you a list of the documents you will need to provide to apply for a new mortgage. But mostly you will need the ones listed below:<\/span><\/p>\n<ul>\n<li><strong><span style=\"color: #000000;\">If you are a native, the NIF. In case of being a foreigner, the NIE.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">Proof of income. The company where you are employed will issue a statement indicating your salary and how long you have been working with them. Also, what is discounted monthly. If you are self-employed, an accountant must certify your income.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">Personal income tax return.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">If you have loans in different financial institutions, the last paid receipts.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">The movements of your other bank accounts. The last six months.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">A summary of your work experience that is up to date.<\/span><\/strong><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"If_there_is_a_person_who_will_serve_as_your_guarantor_heshe_must_deliver\"><\/span><span style=\"color: #000000;\">If there is a person who will serve as your guarantor, he\/she must deliver:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li><strong><span style=\"color: #000000;\">The NIF or NIE as the case may be.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">Proof of income.<\/span><\/strong><\/li>\n<li><strong><span style=\"color: #000000;\">Personal income tax return.<\/span><\/strong><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">The property must be appraised by a professional appraiser. Depending on the cost issued by the bank, the bank will tell you what amount will be granted. Then, go for your second home.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mortgage for a second home is viable even if the mortgage for the main residence is active. Many people have the option of buying a new apartment without selling the one they already own. If you are one of them and want to know how to manage a second mortgage and its requirements, be sure to read on. What&hellip;<\/p>\n","protected":false},"author":5,"featured_media":33967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_joinchat":[],"footnotes":""},"categories":[170],"tags":[],"class_list":["post-33974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/posts\/33974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/comments?post=33974"}],"version-history":[{"count":0,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/posts\/33974\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/media\/33967"}],"wp:attachment":[{"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/media?parent=33974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/categories?post=33974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/tags?post=33974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}