Young people face several challenges when it comes to buying a home, such as lack of savings, job instability, and lower purchasing power. However, for those who have enough financial stability to make a purchase, there are exclusive mortgage options available with attractive conditions. Some banks offer mortgages specifically for young people, with features like low interest rates and financing options higher than the usual 80% of the home price.
One example of such a mortgage is Ibercaja’s competitive fixed-rate mortgage for those under 36 years old, with interest rates starting at 2.99%. This mortgage allows financing up to 95% of the home purchase price, as opposed to the typical 80% offered by most banks. Another option is Kutxabank’s Young Mortgage, available for those under 35 years old, with a variable interest rate starting at 2.49% fixed for the first 12 months.
It’s worth noting that some banks offer financing between 90% and 100% of the home purchase price if the young applicant qualifies for regional guarantees in certain areas. These regional guarantees can help young buyers access more favorable mortgage terms. Additionally, the government may soon offer endorsements for mortgages that cover up to 100% of the home purchase price.
Experts recommend exploring multiple mortgage options from different banks to find the best deal. Employing the services of a mortgage broker can also be beneficial, as they can negotiate on behalf of the client to secure lower interest rates, reduced fees, and higher financing options. Ultimately, with the right approach and research, young homebuyers can find competitive mortgage offers that suit their needs and financial situation.
