As we told you a few weeks ago, Government guarantee for mortgages has been approved which will facilitate the purchase of homes for young people and families with dependent minors. When it is available, you can request it so that the Official Credit Institute (ICO) guarantees 20% of the operation and the bank finances 100% of the purchase, instead of the usual 80%. This way, you won’t need as much savings to pay for the entry fee.
But this measure will not benefit everyone: you will have to meet certain requirements established by the Government. Do you want to check if you meet them? Find out in less than a minute with a free simulator that HelpMyCash.com analysts have created.
Check if you meet the requirements to access the ICO guarantee
You can access our tool to check if you meet the requirements of the Government’s mortgage guarantee if you do click on the next button:
Can I request the guarantee?
You will see that a page opens with a form. Fill in the fields with your data and those of your partner, if you want to apply for the mortgage together (it will take less than a minute). Automatically, We will tell you if you can access the ICO guarantee or if, on the contrary, you do not meet the requirements demanded by the Government.
With our simulator you can save time, because the requirements to benefit from this measure are few and are not easy to understand. Also, if you want to start looking for mortgages, we give you the option to contact an intermediary who will analyze your case and find the best offers of the moment.
Remember: you cannot still request government endorsement for mortgages
However, keep in mind that Government guarantee on mortgages of young people and families with children cannot be requested yet. He Official Credit Institute It still has to publish the agreement and open the deadline for interested banks to sign up.
We do not know how long it will take the ICO to close the processing of the guarantees: it could be weeks or months, depending on the hurry that this public institution takes. Of course, as soon as they are available, we will let you know through our website, this blog and our social networks.
Now, if your autonomous community offers similar guarantees to cover up to 15% or 20% of your mortgage, you can request it without problems. In our page on youth purchasing aid We explain in which regions they are available.
Calculate what house you can afford before applying for the guarantee
While you wait, you can also do the math to calculate what house you can afford at most with the income you earn. Thus, as soon as the Government guarantee is available, you can search for homes that fit your income and, subsequently, you can obtain the mortgage (guaranteed by the State) that you need to finance your purchase.
From HelpMyCash we have a free simulator that shows you what home you can afford depending on what you charge and the debts you have in force. You can calculate it whether you are going to request the ICO guarantee soon or not. Click on the following button and do your numbers:
Calculate what house you can buy
2024-02-26 18:58:19
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