Second Home Mortgage

A second home mortgage is a loan taken out to purchase a property that will not be your primary residence. In other words, it is an additional property that you can use for vacations, weekends, or even as an investment to rent out during certain periods. Since it is not your main residence, banks apply different conditions, as they consider the risk of default to be higher if you have to choose between paying for one home or the other.

Although both are mortgage loans, the conditions differ significantly. For a first home mortgage, banks usually offer better conditions: you can finance up to 80% of the property value, access longer terms, and lower interest rates. In contrast, for a second home, it is common to finance only 60–70%, with slightly higher rates and stricter financial requirements. This is because the bank knows that, in case of financial difficulties, you are more likely to prioritize paying for your primary residence. At Hub de Hipotecas, we help you obtain better financing percentages for a second home.

Getting a mortgage for a second home is perfectly possible, but it requires demonstrating financial solidity. You will need more initial savings to cover the non-financed part (usually at least 30%) and also show stable income, low debt levels, and a good financial history. Some institutions may offer specific products if the property is in tourist areas or if you have a very strong financial profile. If you need help in the process, having a mortgage broker can make negotiations with banks much easier.

Yes, you can have more than one mortgage in your name. In fact, it is quite common for people who buy a second home or want to invest in property. The important thing is that the bank sees you can manage both payments without compromising your financial stability. They will evaluate your current income, debt capacity (ideally not exceeding 35–40% of your monthly income on mortgages and loans), and also how you are paying your current mortgage. If everything is in order, there is no legal or financial impediment to having two active mortgages.