Helping young people to buy their first home

Once the conditions have been approved, an agreement will be signed between the Ministry of Housing and the Institute of Official Credit (ICO) to request public guarantees of mortgages affecting young people under 35 years of age and families with underage children. The new line of guarantees announces and assures that it will guarantee those who cannot access a mortgage because, being solvent, they do not have the necessary savings to be able to access decent housing and have insisted on the need to solve problems of access to housing. This type of action favours the market, since the possibility of accessing a mortgage is extended and this will loosen the rental market and give options to families who want to lease before buying.

Financial entities grant 80% of the value of the house in the loan, so an additional 20% is still needed, which, thanks to this new help, will be charged with a guarantee from the State. According to the details explained by the Government, the guarantee will last 10 years regardless of the mortgage repayment deadlines and applicants must be up to 35 years old or families exceeding this age but have minors in their charge. Until the end of 2025 the guarantees can be requested, although it is contemplated the possibility of extending the measure up to two more years. Another of the conditions is that the income does not exceed 38,000 euros gross per year, if the mortgage is requested by a couple, this is multiplied by two: 77,200 euros. And the limit is also set on personal assets, which cannot exceed 100,000 euros.

The line of guarantees aims to solve a problem that has been affecting many families and young people throughout the area of Catalonia for years and if we focus on Sant Feliu de Guíxols and Santa Cristina d'Aro the problem is that there is no home to be able to acquire. This type of aid with mortgages must go hand in hand with companies and collaborators that help to grow the real estate market. For many grants they offer, if there is not enough housing this type of measures will not help to solve the problem in order to access a home.

At Finques Santa Cristina and Immo el Portalet we will advise you so that you can have easier access to your first home.