Owning your own home is the dream of many, but most of the time the lack of savings prevents us from achieving it. Buying a house without savings or without an initial contribution is a reality, complicated, but possible. Today we tell you how you can buy a home without having savings.
How can I buy a house with no savings?
There are different ways to buy a house without having savings, today we expose them all:
Buy a house without savings with double guarantee
One of the most recurrent ways of getting a house without savings is through a guarantee, be it a property free of charges or a guarantor. It is very common for entities to ask you if you can opt for it, either to improve the conditions or to accept the mortgage.
Being a guarantor entails a series of risks, it is a good option to obtain financing, but you have to be sure that you have good stability to be able to pay the installments without problems. A non-payment of the mortgage has serious consequences for the guarantor, since it affects him all the responsibility of the payment and they can even seize his properties to pay off your debt.
Good profile
Another alternative to get a 100% mortgage is to have a good profile, but the requirements and conditions are very specific:
● officials. The profile of the officials is one of the most sought after by banking entities. They are very stable profiles, with indefinite jobs and without risk of dismissal, in addition, they usually have good salaries. The risk of non-payment is minimal and, therefore, they are one of the main candidates to obtain a 100% mortgage.
● Young people with job prospects. The second profile that banks are interested in is young people, aged 35 or older who already have good jobs and high incomes. The risk is greater than an official profile, but the entity sees it as a bet on the future.
personal loan
This route, like the guarantee, carries more risks, but if you do not have enough savings and the bank only offers you, for example, 80% financing, you can request a personal loan to pay the rest. There are several complications here:
● You will have to pay the mortgage and the personal loan at the same time.
● You must be sure that you will be able to assume both loans, since the risk of non-payment will increase.
● Both loans must enter within 35-40% of the borrowing capacity, that is, you must have a good monthly income.
bank floors
Bank flats are a great alternative, many banking entities have a long portfolio of flats, from which they want to make a profit. The bank is the first interested in selling, so it offers better financing conditions to buyers, financing up to 100 mortgages.
Help from an expert
Finally, the best way to get better financing conditions is with the help of financial intermediaries or brokers who negotiate for you. In Mauriz Home We can help you, we have more than 90 mortgage brokers accredited by the Bank of Spain, who will be able to obtain the best conditions for your profile thanks to our agreements with more than 20 banks.