Benefits
- Ability to work out and apply for your loan online
- Quick to arrange
- No security required apart from an assignment of wages if you fail to pay
- No notary-public required
Drawbacks
- Often comes at a higher rate of interest than a mortgage loan
- Online applications only possible for loans of 50,000 euros or less
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Benefits
- Attractive terms
- No new mortgage: if sufficient equity has been released, you don't need to apply for a new mortgage and you won't pay any additional notary-public's fees, just a loan origination fee
- Tax breaks: a renovation loan is a new mortgage loan. When renovating an investment property or holiday home, the principal repayments may qualify for tax relief under a long-term savings scheme and/or the interest for standard interest relief
Drawbacks
- If you take out a new mortgage loan, you pay a loan origination fee
Benefits
- Ability to work out and apply for your loan online
- Opportunity to spread the cost
- Fixed repayment schedule (you know exactly how much you have to pay and for how long)
- No invoice needed as proof
Drawbacks
- Higher rate of interest
