After the consumers take out a mortgage loan, they may also consider taking a second mortgage loan as the maturities are too long. Of course, it was thought that such a situation could occur in housing loans allocated with maturities up to 10 years, and it was decided to apply various procedures on the subject.
Therefore, consumers who want to take out loans for the second residence should be aware of some details and act accordingly.
There is no legal regulation that directly concerns consumers who want to attract a new home loan or express their status while continuing their mortgage loan installments. In other words, applications can be sent to banks for new loans easily. However, since the allocation of the second loan means a very serious risk for the banks, the evaluation is carried out in a very different way than the first loan.
Although the credit rating is evaluated by each bank, the credit policy pursued by the bank is of great importance as to whether the second mortgage loan will be allocated. In this context, in order for the consumers to allocate the second mortgage loan, they should improve their financial aspects, especially their credit ratings, in a positive way.
Consumers who want to take out a loan for the second home will have their credit rating already low due to their current debt, but regular payments must continue to take effect. The closer to the end of the credit term, the higher the credit rating.
For this reason, consumers who are considering taking out loans for the second home should determine how much more installments they will pay for their existing loan payments and if possible, submit a new loan application as soon as possible. You can also visit this section to learn the most effective and fast ways to upgrade your credit rating.
This is the only thing that consumers whose loan installment payments are continuing and making their payments regularly can do to increase their credit ratings.
Consumers who are considering allocating a second mortgage loan must have a high income. It is also very important that the income in question can be documented and an insurance record is available. If your monthly income is at least 3 times more than the amount of installment payments that will arise from two credits, you may be able to withdraw the second loan. However, installments of 50% of the income normally applied by banks will not be valid for the second housing loan.
If your income situation is not suitable for this, you can consider showing a guarantee or giving a mortgage. It is possible to increase the probability of using a loan by guarantee or mortgage of your movable or immovable property.
If this is not possible, you can vouch for it. Guaranteeing people who have a regular income, who do not owe to a different bank and whose income can be documented will significantly increase the possibility of credit allocation.
If your spouse has a regular income and is working as an insured, you can submit a loan application or vouch for the loan you will use. This will be very useful for household income calculation and increase your chances of allocating credit.