How to sign a second home mortgage and spend the summer at your beach house

 

How to sign a second home mortgage and spend the summer at your beach house

Summer is here and has come with high temperatures that make life in the city a little complicated because of the heat. Many think about what it would be like to spend the summer season in a house on the beach, but it is not always possible to rent it year after year. But what if we bought it? How do we know if we can afford it? And under what conditions will they finance it? Then we answer these questions and we present some tips to sign a second home mortgage and welcome the summer by taking a mojito on the terrace of your new house on the seafront.

Have savings, the key to signing your second home mortgage loan

The first thing we must be clear about is that, currently, banks only finance up to 60% or 70% in the case of mortgages for second homes. That means, that we must have savings of between 30% and 40% of the value of the house to cover the part that the entity will not finance us.

To this amount it is necessary to add another 15% of savings approximately to assume the expenses of mortgage and those of purchase , two games that, although we obtained a greater financing for having a good economic profile, we will have to pay out of pocket.

So, before buying our house from the beach and request a second home mortgage, we must know the value of the property that interests us and make sure we have enough savings to cover it.

Compare between the conditions of several mortgages for second residence

Compare between the conditions of several mortgages for second residence

Once we have made sure that we can cope with the significant initial outlay that comes with buying a holiday home, the next step will be to compare several offers of financing for this type of residence.

It should be noted that if we go to the bank where we signed our first mortgage, we will leave with the advantage that they will know our capacity to face the debt and return the borrowed money without problems. However, as happens when we seek to finance our first home, it is not convenient to stay with the first offer we find.

In fact, the best thing is to ask for information in several entities and compare, at least, the conditions they offer in three different banks for this type of mortgage loans. For this, it can be very useful to use tools such as the mortgage comparator HelpMyCash.com, with which we can see which banks offer this type of products and contact them directly to make an offer according to our profile.

Calculate the rate of your mortgage for second home

The last step, before signing a mortgage to finance your house on the beach, will be to calculate how much it will cost, both month to month and in total. In this regard, it should be remembered that the Bank of Spain recommends not dedicating more than 35% of our revenues to our financial debts.

So, if we do not want to put our economy at risk but do not want to give up spending the summers in our new house near the sea, we must ensure that both our mortgage loan for second home and any other debt of a financial nature we have (other mortgages , loans or cards), do not exceed this amount.

In addition, it is important that in the calculation not only contemplate the interest that is applied on the mortgage, but also if it has any connection with associated cost. To do this, using the full HelpMyCash.com calculator can be very helpful, since it will allow us to know the monthly cost and the total mortgage.

Author: Elena Gómez

Author: Elena Gómez

HelpMyCash is one of the most important personal finance comparators in Spain, trusted by media such as La Vanguardia.com, Finanzas.com or ElMundo.es.

We help you choose the account with less commissions, the loan or mortgage with the lowest interest, the most profitable deposit or the cheapest ADSL . We provide tips, tips and calculation tools, all completely free.

Our information is impartial, simple and constantly updated, so you know everything before anyone else in the shortest possible time. In finance … information is power!

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Halogens go down in history, why?

Halogens are prohibited

Halogens go down in history, why?

On September 1, halogens went down in history . The reason? The European Union has banned its manufacture because they are inefficient and polluting. At the moment, the ban affects only halogen bulbs, while halogen bulbs will continue selling until September 2018, so there is plenty of time to replace them with LEDs.

According to the Spanish Association of Lighting Manufacturers (Anfalum), which groups 90% of the sector, currently halogen lamps account for less than 10% of the sales of the lighting market . This is so because the final consumer usually opts for less efficient and more efficient options, such as LED, which already accounts for 50% of the turnover of the sector in Spain, which last year exceeded 1,280 million euros.

However, it is important to note that despite the ban, stores may continue to market stocks that you still have these , but not receive new orders. The estimates that are used suggest that these stocks could be depleted in the next six months.

According to the European Commission, the most efficient lighting installation will allow users to save an average of 115 euros during the life of the use of new generation bulbs , while at the same time reducing, in global terms, the equivalent of the annual consumption of electricity from Portugal.

The community solution goes through LED lamps , of higher quality, more durable and much more energy efficient than halogen technology. In this sense, the transition to LED has already started in September 2012 when the commercialization of incandescent bulbs was banned, and will last until September 2018 with the final ban on halogen bulbs.

LED bulbs consume less energy and last longer . They are, for all intents and purposes, better than halogens. Its useful life cycle is 50,000 hours of light and its consumption is 2.5 times lower than a low consumption bulb. In addition, the LEDs do not heat up, the ignition is instantaneous and does not lose quality of light with the passage of time.

Our advice before making the jump to the LED: let us advise by specialized stores if we do not want to have bad experiences . A cheap LED may end up costing us money, just as a too expensive LED may not be necessary.

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How to get a credit card without changing the bank

We tell you the options for hiring a credit card without changing the organization

 

A credit card that the Bank offers its clients is one of the most useful services. Many users value the chances of getting instant cash if they need it; At the same time, there are currently some services or companies that require payment with this type of card, such as vehicle rental.

However, in these situations, the interested party may not offer credit cards to his or her bank and search for additional services or discounts to take advantage of .

Hire a credit card from another organization

Hire a credit card from another organization

Nowadays, you can hire a credit card without changing the internet through the bank , going to the bank without having to move it and hire it, or it can be done in an office directly.

It is a normal process. In a few minutes, the client needs to have to submit their personal information and the bank has learned from the bank. This research will be delayed for a few days. Everything is fine, sometimes a few days later we will receive a credit card in our residence and we will be able to start using it already.

It is more common for us to apply for a credit card in a different bank, and we would place them in our same bank with similar conditions. The main proof is that the principal is the volume of income and what is requested depends on the credit card.

It is known as an external address that is being traded on a bank without producing a credit card, which means that it is possible to debit the monthly payments in any account of any organization. That’s why you do not have to create what you need to start a new account in another bank with it. A perfect example of the BBVA Repsol card. it raises it

Control your cards from your mobile

Advantages of having a credit card in another bank

Advantages of having a credit card in another bank

The fact that they have a credit card range is what banks offer and do not open a checking account, because most monthly charges are charged to a client option account at the time of payment. This ease of delivering this type of card is added to the advantages and maximizes the bank’s attempts to make it more attractive.

For example, many of these cards offer high cost and upgrade quotes that are very competitive (in some cases they are completely free). They add more services that are much closer to offering credit.

  • Secured purchases protection, accident travel …
  • Discounts and coupons at different stores.
  • Failed payments.

Finally, get a credit card at a different bank offers additional freedom of our own, we will not at some point we had to change our ticket to the bench.

 

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Consell calls for a system that guarantees equal financing per capita and compensation for underfunding to the CCAA

 

 

Vicent Soler en imagen de archivo

 

In the allegations, the Consell intends to correct the “biased vision” and the “omission” of “broad consensus” on “key issues” by the autonomous communities in the document sent by the ministerial department. The Generalitat reproaches that the text of the Ministry describes “repeatedly” the differences while “eludes” point out the “very majority consensus” between the autonomies on issues such as the guarantee of sufficiency, the requirement of vertical re-balancing of resources between the central administration and the CCAA, the simplification of the model or compensation for errors in the application of the system between 2009 and 2017.

In addition, it reproaches the Ministry that the document is “inexplicably inconcrete” regarding the position of the General State Administration in most “essential” aspects that require the configuration of a new model of regional financing.

“We have done the work that the Ministry of Finance has not done: present a document that includes those conclusions that in the course of the work have had very high consensus levels and that have not been reflected as such, as well as others that, without achieve these broad support, they have been endorsed by a majority of communities, “said in a statement the Minister of Finance and Economic Model, Vicent Soler, who has accused the Government of not having done their duties.

The allegations presented by the representatives of the Valencian Community in the CTPE, José Antonio Pérez and Rafael Beneyto, highlight the “broad agreement” and the “clear evidence” provided by the data and the Report of the Experts of July 2017 on the financial insufficiency suffered by the communities to attend the fundamental public services of health, education and social protection in the period 2009-2015.

This insufficiency, according to the Consell, reached 25,000 million in some years and in the last year liquidated, 2015, it stood at 16,500 million. This gap led to a reduction in spending on “essential” services of 9%, which in the rest of the competencies was 30%.

Therefore, “it is essential that the new system allows the sufficiency principle to be met and that the financing capacity of the system meets, at least, the coverage of real regional spending on health, education and social protection at the level of needs”. To do this, at least the gap recorded in the last year liquidated and that was 16,500 million should be recovered.

MORE TRIBUTES DEPOSITED

According to the Consell, this objective of sufficiency “can be achieved through a recovery and / or expansion of the real participation of the communities in the shared taxes, an extension of the ceded taxes or a greater volume of vertical transfers”.

The Generalitat sees “feasible to reconsider the percentage of participation of the Communities in Income Tax, VAT and Special Taxes and the possibilities of transfer of new taxes as ways to expand the fiscal space of the Communities.” The proposed new model of the Consell raises, among other issues, to expand the participation in VAT from 50% to 70% and special taxes, from 58% to 70%.

It also calls for the new financing system to achieve a “full equalization” in the coverage of the needs of the citizens of the autonomous communities and in the resources allocated to each of them for financing “all in homogeneous terms and normative. “

The Consell warns that “not to pursue this objective, nor to turn it into the lever of the reform, can only lead to the immediate reproduction of the new model, the criticisms and the dissatisfaction with its application, and reactivate the proposals for the realization of new reforms in the system “.

“With the extension of sufficiency and the application of the principle of full equity it is feasible to correct practically all of the existing inequities and, at the same time, respect the current funding of all Common System Communities”, maintains the Generalitat.

ADDITIONAL STATE CONTRIBUTION

However, if this leveling is carried out during a “transitory” period and there is a difference for certain communities, the Generalitat believes that “a Guarantee Fund should be provided with the nominal status quo financed by an additional state contribution” to correct it.

The document presented by the Consell also reflects that more than half of the communities present in the CTPE have been in favor of supporting the compensation of part of the regional debt, based on the fact that, to a large extent, they do not originate there is an excess of expenditure but a lack of income, a very relevant circumstance to assess the moral risk of compensation “.

“The total amount to be transferred to reduce the live volume of debt at the individual level would be an equal percentage for all communities as a consequence of the insufficient resources suffered to finance the SPF in the period 2009-2016,” the text states.

Similarly, he adds that some communities “financially discriminated” in the past have also stated that if there is no specific compensation for their debt, “they will drag the effects of the injustice suffered and it is not realistic to think that these over-indebted communities can return to the medium-term market, taking into account how the financial industry works “.

COMPENSATION IN TWO SECTIONS

In this way, the compensation, for the Consell, would occur in two sections: one, general, for all the autonomies, and a second, specific, to serve the communities that have had fewer resources than the average and that, as the Comunitat Valenciana, have spent below the average. The Generalitat claims to the ministry that all the documents provided by the communities appear as an annex to the final report and will present particular votes to Este to detail its specific position in this regard.

Other aspects contained in the document of allegations make reference to the claim of the communities in the CTPE that the regional funding of the situations of extension of the General Budgets of the State be dissociated, as well as that the Government improve the information on the calculation of deliveries on account.

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BBVA Insurance More Health

 In medical matters, get in good hands with the BBVA Health Insurance .

  • Access to the medical staff of Sanitas. More than 40,000 professionals in more than 1,200 medical centers.

  • If you already have your BBVA Insurance, manage your policy and access other services through the BBVA Health app or the Mi Sanitas-BBVA Salud website .

  • Including it in Plan EstarSeguro you can save on the receipt of your BBVA insurance.

What is the BBVA Plus Salud Insurance?

What is the BBVA Plus Salud Insurance?

It is a private medical insurance that offers coverage throughout the national territory and puts at your disposal more than 40,000 professionals and more than 1,200 medical centers in Sanitas.

Who is it for?

It is aimed at people up to 75 years old. who seek medical insurance that provides quality, convenience and speed.

Which are your principal characteristics?

Which are your principal characteristics?

  • You can choose between 2 types of health insurance according to your needs:
  • BBVA More Essential Health : It is a modality with the same coverage as BBVA Más Salud, but with a lower fee and a higher amount of co-payments, so that you pay only for what you use.
  • BBVA More Health. is the average mode, which allows you to customize the basic coverages according to your needs. You can contract it with or without co-payments (!) :
  • With co-payments: In which you will not pay anything for the first 6 annual medical services.
  • No copayments: Aimed at people who do not wish to make any additional payment for the use of medical services.
  • The insurance premium is annual, but the fee is paid monthly.
  • Including it in Plan EstarSeguro you can save on the receipt of your BBVA insurance.
  • The insurance is renewable annually.
Copayment 2018 More Health with co-payments Copayment 2018 More Essential Health with co-payments
From 0 to 6 services € 0 From 0 to 3 services € 4
From 7 to 10 services € 4 From 4 to 10 services € 7
From 11 to 15 services € 7 From 11 to 15 services € 10
More than 15 services € 10 More than 15 services € 15

 

Single co-payment for high-frequency services More Health with co-payments (i) More Essential Health
10 physiotherapy sessions € 12 € 20
30 days of oxygen therapy € 12 € 20
30 days for BPAP and CPAC € 12 € 20
15 days for spray € 12 € 20
15 sessions of ventiloterapia € 12 € 20
Preparation for Childbirth € 12 € 20
Delivery or cesarean section € 12 € 20
Complex diagnostic tests   € 12
Complex therapeutic methods   € 12
Emergency   € 8
Dental   € 3

 

What requirements are necessary?

What requirements are necessary?

You must fill out a simple medical questionnaire and, if necessary, we will make a medical survey by phone or a medical examination.

To contract it, you must be between 0 and 75 years old . There is no maximum age to finalize the insurance.

() Glossary

Copay : is a system by which the user pays an amount established in the policy each time he uses a medical service in general, contained in the insurance policy.

The coverages included in each modality are:

 

Basic coverages BBVA Modality More Essential Health
BBVA Modality More Health (with or without co-payments)
Primary medicine Yes
Medical specialties (gynecology, pediatrics, cardiology …) Yes
Diagnostic tests (clinical analysis, x-rays, ultrasound, magnetic resonance, etc.) Yes
Monitoring of pregnancy and childbirth Yes
Surgical interventions Yes

Hospitalization

Yes
Therapeutic methods (oncology, radiotherapy, physiotherapy …) Yes
Second medical opinion Included Yes

  

Other coverages BBVA Modality More Essential Health
BBVA Modality More Health (with or without co-payments)
Dental Dental 21 (¡)
University of Navarra Clinic (¡) Optional (from € 16 / month per insured)
Assistance in the United States Optional
Prosthesis Yes (without limit)
Emergencies abroad Yes (limit € 12,000 / person)
Chiropody 6 sessions
Psychology 15 sessions
Logofoniatría Included Yes
Prevention programs Yes
Telephone emergencies 24h Yes

  

Shortcomings (!) BBVA Modality More Essential Health
BBVA Modality More Health (with or without co-payments)
Outpatient surgical interventions 3 months
High technology diagnostic tests 6 months
Psychology 6 months
Delivery or cesarean section 8 months
Complex therapeutic methods 10 months
Tubal ligation and vasectomy 10 months
Non-ambulatory surgical interventions and hospitalization 10 months

  

Contracting rules Modality More Essential Health Modality More Health
Copayments (i) Yes Optional

 

() Glossary

Copay : is a system by which the user pays an amount established in the policy each time he uses a medical service in general, contained in the insurance policy.

Dental 21 : is a dental insurance that allows you to access a wide range of dental services and enjoy franchised coverage with special prices.

Deficiency period : time that elapses between the insurance registration date and the possibility of requesting certain assistance services or coverages.

Clínica Universidad de Navarra : expand your medical picture and access this prestigious clinic in its offices in Pamplona or Madrid. Recruitment is available for insured persons with habitual domicile throughout Spain, except La Rioja, Navarra and Cantabria. The services and specialties contracted in the main health care policy are included, as long as the Clínica Universidad de Navarra offers them within the specialties agreed upon with Sanitas. It is necessary to carry out a health questionnaire to contract this supplement and the grace periods established in the General Condition of the main policy for which it is contracted will apply.

If you are already a BBVA Health Insurance client, you can manage your policy, your medical information, your appointments …

  • Download the BBVA Salud app and discover everything you can do wherever you are.
  • Sign up on the Mi Sanitas – BBVA Salud website and access the customer area to manage your policy and your health.

 

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