2023-10-22 10:47:33
It is one of the great objectives of thousands of Spaniards. Buy one living place It is something that many have in mind, but that fewer and fewer people can do. And one of the big reasons is the mortgage.
Accessing a mortgage loan is beginning to be complicated due to high interest rates. Also due to the need to have saved between 20 and 30% of the value of the property. living place so that he banco access.
On the other hand, details such as age must also be taken into account. Banks are very aware of the age of their clients, there is a limit when they will grant you financing.
According to the law, there is no general rule on the maximum age to request a mortgage. However, banks do have it established, and each entity has its own criteria, since they must ensure that they recover the money borrowed.
For this reason, it is best to compare what happens in each entity to know which conditions are the most interesting. In addition to age, other requirements must be added to be granted financing.
In general, these are being solvent, having a stable income, having a certain amount of seniority in the job, not having debt and having savings of a minimum of 20% of the value of the property, among others.
The age limit to apply for a mortgage
As we see, age is an aspect to take into account. The reason is that this is a risk factor for banco, the older the customer, the more the risk of non-payment increases. It must be taken into account that the applicant may die or that at later ages the income is usually lower.
As indicated from Bankinter, Age is also associated with the repayment period. That is, the older the interested party is, the shorter the period will be to repay the loan. For this reason, the fees will also be higher.
In general, banks have the rule of knowing the age of the client, in order to calculate the payment terms. mortgage. And the fact is that the figure that adds the age of the applicant and the years in which the loan will be repaid cannot be more than 75 years. That is, if the applicant is 50 years old, he will have 25 years to repay the loan.
Therefore, what follows from this is that you will not be granted a mortgage if you are 75 years old or older. This would be the limit age, although, as we say, each banco set your rules.
It is not difficult to deduce, either, that asking for a mortgage After 60 it is not impossible, but it is complicated. Well, in this case, most likely they will not give you a mortgage more than 15 years.
What to do if you exceed the age limit to apply for a mortgage?
In the event that age is a problem when requesting your mortgage loan, there are also alternatives so that the financing has a longer duration. It is about adding a second person as a starter who is younger. Thus, if the applicant cannot take care of the debt, that person will do so. Furthermore, the banco You can also request life insurance as an extra.
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