Beach, mountains, investment… There are numerous reasons to buy a second home, but they all have one thing in common: to do so, we usually need to apply for a mortgage.

Are second mortgages not like first mortgages? Yes and no. Both are mortgage loans, although with small differences that are important to know. What distinguishes a mortgage for a second home are details such as the maximum mortgage amount, the loan term, and the fees.

In fact, most financial institutions don't offer specific mortgages for second homes. Therefore, we'll have to negotiate based on a standard mortgage, but with certain restrictions.

Initial savings and maximum mortgage amount, linked products, time to repay the money and fees are the key things to keep in mind when applying for a mortgage for a second home.

That's how most mortgages work, and that's how we make it easier for you at Hipotecas.com.

Loan principal: Can 100% financing be obtained?

Typically, financing for a second home doesn't exceed 70% of the property's value. In other words, if we haven't saved 30% of the purchase price plus closing costs, we'll have to forget about our dream of a beach house or a country retreat.

Additional products: you won't see them here

It's also common for lenders to require us to purchase additional products in order to grant us a mortgage, or rather, to make us a more attractive offer. Besides the standard life and home insurance, this is where pension plans and other investment products are added.

Amortization period: Less time to pay off the mortgage?

Another characteristic of mortgages for second homes is that the repayment period is shorter . This means that we will have to pay back the money in less time.