Six entities have launched alone to put an offer on their windows to facilitate financing for the purchase of housing for the youngest. He kicked off in April 2021 with u the value of the house. However, two banks have joined in recent months to give mortgages up to 95%: Ibercaja and MyInvestor. , and Kutxabank offer better rate conditions, although without expanding the financing granted.
The urgency of the pandemic left the debate on facilitating access to home purchase for young people, with less savings due to job insecurity, frozen. The banks spoke out on several occasions publicly urging the Government to reach an agreement to solve the problem. This was the case of the president of Santander, Ana Botín, who pushed harder for the mortgage. The proposal was for the banks to finance 95% of the house, with 20% (which would mean the entry) guaranteed by the Government and for the client to only contribute 5%. The Executive then turned a deaf ear and opted to promote rent, as evidenced by the new Housing Law approved in February. Other bankers advocated reaching agreements with insurers to cover the 20% savings that are normally required to contract a mortgage. Neither one nor the other came out ahead.
Since then, certain entities have gotten down to work to launch their own products. Santander offers a 95% mortgage to people under 35 years of age. To acquire this product it is necessary to provide a personal guarantee, the value of which will depend on the amount of the operation, which will expire five years from the formalization of the mortgage. Ibercaja also finances up to 95%, with the need for a guarantee if the ability to pay is not given. MyInvestor was the last entity to join with the 30-year loan and with a fixed rate of 1.99% (2.18% APR). Holders must have a minimum joint income of 3,000 euros net per month.
Bankinter’s youth mortgage only finances 80%, but extends the repayment period up to 40 years. Under this margin, it offers the product both at a variable and mixed rate, but not at a fixed rate. Holders must have a combined income of 2,000 euros per month. The Kutxabank mortgage also finances up to 80%, although it offers lower interest until the client reaches 35 years of age. Unicaja’s strategy, which finances up to 80%, lowers the rate in variables, up to Euribor +1.99% with an APR of 2.148% and in fixed ones, with 20-year amortization, places the TIN at 1.50 % and the APR at 2.229%.
Necessity of pact
The president of the Spanish Mortgage Association (AHE), Santos González, assured in a recent interview with elEconomista that with the unemployment that exists among young people, thinking about a financing strategy and a general home purchase “is a pipe dream” and, publicly, and private, are willing to support.
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