by Diana Cavalcoli
The extension comes amid growing demand. In the first nine months of the year, given the progressive decline in interest rates, the applications admitted by Consob marked +15% compared to the same period of 2023
Extension in maneuver for the Guarantee Fund for mortgages for first homes for families and young people. With the 2025 budget law comes the refinancing, as well as an extension until 2027, for the Fund managed by Consap, the in-house company of the Ministry of Economy and Finance. The Dealership has it supplied 130 million for next year and 270 for each of the following two years. 670 million in total.
Tajani: «Strengthened measure»
“With the 2025 budget, the Government has decided to confirm the ‘First Home Mortgage Fund’ which was due to expire on 31 December 2024. It is a measure that Forza Italia strongly supported and which is being strengthened and stabilised”, declares Antonio Tajani, secretary of Forza Italia, confirming that in the budget law for the first time refinancing is not annual. Tajani recalls that «the government has therefore provided for an extension of the benefit for young couples under 36 years of age, with an 80% guarantee and for large families, with a guarantee of up to 90%, again for mortgages for the purchase of the first house.” For Forza Italia the government «has shown that it believes in the fund managed by Consap Spa, refinancing it for three years, with a medium-long term perspective, with a clear vision: in a phase in which interest rates are falling it is foreseeable that the buying and selling of properties will restart”.
The 80% public guarantee for those under 36
The First Home Fund is aimed at all citizens who, on the date of submitting the loan application for the purchase of their first home, do not own other properties for residential use (including abroad). The measure is aimed at under 36, to young married couples or cohabiting couples who have been a nucleus for at least two years, to single parents with minor children living together. In addition to tenants of accommodation owned by independent public housing institutes. Categories which are recognized as having priority in accessing the benefit of the Fund and the application of a global effective rate not higher than the average global effective rate (TEGM) published quarterly by the Ministry of Economy and Finance. The public guarantee provided by the fund it is 50% for all citizens (for a maximum financing amount of 250 thousand euros), but it grows to 80% for those who fall into the priority categories above.
The mortgage market
The extension comes amid growing demand. In the first nine months of the year, given the progressive decline in interest rates, admitted applications increased by more than 15% compared to the same period in 2023. For the CEO of Consap, Vincenzo Sanasi d’Arpe, the fund has been “largely refinanced” and “for the first time it will have a duration of three years” and not half-yearly or annually as in the past, thus guaranteeing greater continuity to the benefits .
Questions from 2013
From 2013, the year the fund was established, to 30 September, Consap reports that over 582 thousand applications for access have been received, of which 537 thousand have been admitted to the guarantee – for a total of over 62 billion euros – and 441 thousand mortgages have been disbursed. In the first nine months of 2024, over 61 thousand applications were admitted to the guarantee, compared to approximately 53 thousand in 2023 (+15.2%). Furthermore, approximately 70% of first home mortgages granted are guaranteed to under 36s.
Numbers which according to Sanasi d’Arpe demonstrate the fund’s support «not only to needy individuals in a fundamental moment such as that of purchasing their first home, but also to the entire Italian economic system, with particular reference to the mortgage market». A market which, concludes the CEO, «Consap supports 30%» if you look at the number of total mortgages stipulated (Istat data) in 2022 alone.
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