Second Home in Belgium
For a second home at the coast or in the Ardennes, you won’t be able to borrow the full amount, just as with a primary residence. The bank typically expects a 20% down payment, not including registration fees. These fees are higher for a second home: 12% instead of 3% for a first home.
A Well-Filled Savings Account?
It’s advisable to have a well-stocked savings account when embarking on this adventure because the bank loan will certainly not cover everything. You can take out an additional mortgage on your first home, but that is limited to 80% of the purchase price. This is called a second mortgage, and the bank wants to ensure their security is guaranteed. Here’s how much savings you will need at a minimum.
The Reborrowing Option
There is also something called ‘reborrowing’: borrowing again an amount you have already repaid. Whether the bank agrees to this depends on how much you have already paid and how long you have left. If there’s no room for this, then it will be a completely new loan, with the same or another bank. It’s a tricky balance, so seek advice from hypotheek.winkel if you don’t want to walk a tightrope.