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Financing a holiday home in the Netherlands

How do you finance a holiday home?

Becoming the owner of a holiday home is also within reach for you if you approach it smartly. Do you finance the holiday home with your own money? Or do you opt for a mortgage or loan? First, compare the financing options and compare them. What are the pros and cons and what should you take into account? We list the options for you.

Own money

If you have enough money of your own, buying a holiday home is a good investment. Nowadays money in the bank yields little return because of the very low interest rate. And if you can pay for the home with your savings, you will not have any interest costs that you would have in the case of a mortgage or loan.

Financing a holiday home from a mortgage

A mortgage is the most common form of financing for the purchase of a first home. The interest is low and you benefit from a tax advantage: the mortgage interest is tax deductible. This benefit does not apply to a mortgage for a second home.

You can try to arrange the financing of your holiday home from the equity of your mortgage. Or you take out a second mortgage. Not all banks want to provide a mortgage for a holiday home due to the stricter regulations regarding mortgages. If they do want to take out a mortgage for this, it is for a maximum of 75% of the total amount. The type of home also plays a role in the granting of the mortgage. A higher loan amount is possible for a stone house than, for example, for a wooden chalet.

Consumer credit for purchasing a holiday home

Are you not getting your mortgage or have you calculated that a consumer credit is more advantageous? You can finance your second home with a Personal Loan or Revolving Credit. Both loan forms have their own advantages, of course. We advise our customers to opt for a Personal Loan when financing a holiday home.

A loan has a number of advantages over a mortgage:

  • When taking out a loan you have no closing and advice costs and costs to the notary and broker / appraiser.
  • A loan is arranged faster than a mortgage because of the application process
  • The term of a Personal Loan is shorter so you are more likely to be debt-free

Personal loan

The Personal Loan gives you security thanks to the fixed low interest rate and term. You pay the same interest and repayment charges every month and the loan is fully paid off on the end date. If you have a financial windfall during the term, you can make extra repayments on the loan without penalty. You can already take out a Personal Loan from 3.5% interest.

Revolving credit

The Revolving Credit is a flexible form of loan . That is why we do not think this is a suitable loan form for financing a holiday home. For example, if you continue to withdraw repaid amounts, your credit is an endless credit. If you pay off your holiday home in a fixed form within ten years, you have made a good investment for the future and a good investment where the debt has been paid.

Arrange financing online

Our credit specialists can answer questions you still have or perhaps your question is listed in the frequently asked questions . Request a quote online and we will then make a tailor-made proposal based on your personal and financial data. In this way you can take out an affordable and responsible loan for your holiday home. You do not pay any advice and closing costs.

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