Ibercaja has launched the ‘Contucasa Account’ aimed at young people to buy a home, which includes a 1% remuneration for the first 6,000 euros, as well as two new mortgages at a mixed interest rate in its range of ‘Vamos Joven’ Mortgages, with the objective of facilitating home financing for the young segment.
As detailed by the bank on Tuesday, the new savings account pays 1% during the five years prior to the acquisition of the house and an additional contribution of 500 euros at the time of constituting the mortgage. In this way, the holder can obtain up to 800 euros of remuneration (500 euros of the extraordinary contribution and up to 300 euros for interest).
The ‘Contucasa Account’ is exempt from maintenance and administration fees. The only condition to receive the payment of 500 euros is that the client makes monthly contributions of at least 50 euros from the moment the account is opened until the mortgage is constituted.
This account, which can be contracted both from the Ibercaja application and in the branch network, is intended for customers and non-customers between the ages of 18 and 35 who wish to save each month for the purchase of a home. Ibercaja pays its holder 500 euros when they contract their mortgage loan if its amount is equal to or greater than 120,000 euros. When the loan is lower, the holder will receive 0.42% of the amount of the mortgage loan (for example, 252 euros net if the mortgage loan is 60,000 euros).
The payment will be made during the calendar month following the month of formalizing the mortgage in Ibercaja.
Two mixed mortgages
In addition, the bank has set up two new mixed-rate mortgages for young people under 35: the “Vamos Mixta 5 años Joven” mortgage and the “Vamos Mixta 10 años Joven” mortgage, for up to 95% of the value of the property. It deals with two mortgage products for the acquisition of habitual residence that complement the current offer of existing fixed and variable rate mortgages for this group.
“The purchase of the first home is one of the most decisive moments in life in which Ibercaja accompanies its customers. With this offer, aimed at the youngest, we want to improve the accessibility of housing, promoting a habit of periodic savings prior to buying a house and facilitating its financing under preferential conditions”, stressed Ibercaja’s director of marketing and digital strategy, Nacho Torre.
Until the third quarter of 2022, Ibercaja formalized new mortgages for a total amount of 1,307 million euros, 44% more than in the same period of 2021.