Is it possible to apply for a 100 mortgage with double guarantee?

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Buying a home entails very significant savings of money. This is because most of the loans offered in the market are financing, although very high, they do not cover the total amount that a home costs. Even so, there are 100 mortgages , with which the applicant can enjoy a loan without contributing savings. One of the most interesting mortgage solutions is the 100 mortgage with double guarantee, which if you don't know what it is, in our article you will discover what a 100 mortgage with double guarantee consists of.

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What is a 100 mortgage with double guarantee?
The double mortgage guarantee is a condition that is part of some mortgage products, generally 100 mortgages.

As you already know, in most mortgage loans the applicant has to contribute 20% or 30% of the value Chinese Overseas America Number Data of the home in savings. This does not happen in 100% financing, since in these the entire amount is lent.

These loans are not easy to access, therefore, ways are sought to convince the bank that they should grant approval of the mortgage loan to the applicant.

One of these ways is double guarantee, where the financing applicant offers two properties as additional guarantee for the credit. That is, on the one hand, it offers the property for which the mortgage is granted, of which its value constitutes 80% and, on the other hand, it presents a property owned by itself or, generally, by a family member who will be the property. guarantor and which constitutes the remaining 20% ​​of the amount of the home. These two homes are presented as additional guarantees for the mortgage he is requesting.

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Double guarantee requirements
In order to obtain a 100 plus expenses mortgage with double guarantee, two fundamental requirements must be met, which are the following:

The home must have a home appraisal value of more than 100,000 euros.
The property provided as collateral must be free of encumbrances , that is, it cannot have an outstanding mortgage or tax encumbrances.
It is very important to remember that in the event of non-payment of the mortgage-backed loans , the bank may obtain both properties as payment for the installments that were not paid.

Advantages of double guarantee in mortgage loans
As we have explained in previous articles, accessing a 100 mortgage is not easy because there are several conditions to meet, which often reduce the profile of the applicant to a very specific profile.



Thanks to the double guarantee, the possibilities of accessing 100% financing are multiplied. Having a guarantor and a property as additional collateral is something that the bank will value very positively. That is why the bank will have more security in being able to lend you the amount since, with the double guarantee, it knows that, in the event of non-payment, it will recover the investment it made in you.

For those who do not have liquidity in their accounts, it will allow them to access financing for a home, since, normally, if you do not have liquid assets it is very difficult to obtain one.

Risks when taking out a 100 mortgage with double guarantee
If you are going to request this financing for your future property, you must also know what its risks are .

It is possible that there is a situation of non-payment of the monthly mortgage payments and in the event that this happens, the owner of the second home would lose 20% of his property .

Furthermore, for 100% financing with double guarantee, a guarantee is necessary , therefore a third person would come into play to guarantee the holder of the mortgage. It is best that the person who provides the guarantee for the home and the person who provides the guarantee are not the same person. This is because if there is a default, the guarantor will have to pay the mortgage installments 100 with a guarantee .