2023-05-17 02:19:45
Wednesday, May 17, 2023, 01:04
On May 10, Pedro Sánchez announced that he would establish a line of guarantees through the Official Credit Institute (ICO) to guarantee 20% of the first home mortgage for young people under 35 who receive an annual income of less than 37,800 euros, as well as for families with dependent children.
As a general rule, banks usually finance up to 80% of the purchase of a home, so the buyer must have 20% of the value of the property saved to contribute it as a down payment on the loan. However, there are some entities that offer 100% financing mortgages, designed for those who do not have enough savings to pay that 20%.
Of course, to qualify for a 100% mortgage, a series of solvency requirements must be met. That is, having a stable job that provides a good income, not having debts or having a guarantee. Likewise, you must have a minimum saved for the extra expenses involved in buying a home: notary fees, registration, agency, etc. In other words, you must have approximately 10% of the value of the property.
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What banks grant it?
“Getting a loan of 90% or higher will depend on whether the entity finds your profile attractive and your ability to negotiate better conditions,” they explain from the ‘HelpMyCash’ portal. In any case, taking into account the current economic situation, not all banks have these products.
In this sense, from ‘HelpmyCash’ they have compiled the banks that offer mortgages of up to 95%, which could become 100% if you have sufficient solvency. Taking a 20-year loan of 100,000 euros as an example, these are some of the options that some financial institutions can offer you:
– Vamos Joven Fija Mortgage from Ibercaja: the fee is between 560 and 609 euros, depending on whether it is subsidized or unsubsidized.
– Santander Fixed Youth Mortgage: the fee is between 566 and 622 euros.
– Vamos Joven Variable Mortgage from Ibercaja: the fee is between 340 and 382 euros.
– Kutxabank Youth Mortgage: the fee is between 337 and 376 euros.
– Santander Youth Variable Mortgage: the fee is between 360 and 410 euros.
how to get them
The most important factor that any entity will take into account is having a good financial profile, since greater solvency will be required. In this sense, it will be taken into account that there are no other credits pending payment.
One of the alternatives that they propose from the portal is to hire a broker or mortgage intermediary, who knows the sector and knows how to find the best conditions. “In most cases, you will not have to pay for their services (between 1% and 5% of the capital of the loan that they get you) until they sign it,” they say.
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