In Spain there are more and more interested in buying a home. The confinement experience has caused many users to seek the acquisition of a property, either by leaving the rent, or by looking for a larger house. It is a trend that has accelerated.
Buying a home always requires having financial resources. Banks tend to have strict risk requirements and focus on the income you have, the money you have saved, and your debts. Credit conditions tightened as a result of the 2008 crisis and that caused most banks to set the granting of a loan at 80% of the purchase price.
What does this mean? In summary, that the client must have savings of 20% of the value of the property, plus the assumption of the expenses that are caused from the process. That is to say, For a house of 200,000 euros, the normal thing is that the user contributes 40,000 euros plus expenses (notary, ITP, etc.).
The question that many ask is whether there are possibilities of obtaining superior financing when there is not enough money saved. The answer is that, although it may seem complicated, there are still alternatives to apply for a 100% mortgage.
The context of recent years is quite clarifying. Banks are offering the lowest interest rates in the last 10 years, and home buying is skyrocketing.
In fact, real estate sales soared 145.9% in the last year, according to the data of the College of Registrars. In the current context, many people are considering buying a home, but they do not have enough savings.
The payment of the entrance of a flat, therefore, is one of the main problems for the access to the purchase of house on the part of the young people. Therefore, the desired objective is to try to get a mortgage that finances the price of the property at 100%.
Options for getting 100% on a mortgage
There is no room for despair, as there are several options you can use to try to get the bank to grant you full financing.
One of them is to try have access to the property that is owned by the bank. Banks, as a general rule, usually offer 100% mortgages if you acquire any of the properties you have in your portfolio. All you have to do is look at the banks’ offer of apartments to see if any property may be interesting for you.
Of course, this financing can be accessed, depending on the profile of the person and their solvency capacity. This is an issue that the financial institution always considers important when granting credit to the client.
Meanwhile, there is an alternative that is the one that tends to stand out the most today and with which more advantageous conditions are obtained, which is to resort to a credit intermediary specialized in the housing market.
Hiring a mortgage broker is a possibility that allows the client to have the best options available in the real estate sector.
A relevant opinion, in this sense, is that of Ricardo Gulias, director of RN Your mortgage solution. From his point of view, having this route can solve a large part of the problems that people have when buying a home: “The work of a credit intermediary serves to forget about the procedures and application processes and access to loans with better conditions”.
However, beyond this option, although it is the most advisable, there are others. For example, a solvent user will have more options to access a 100% credit. Those who meet a series of characteristics such as indefinite work, with sufficient seniority to understand that the probability of dismissal is low; A salary of about 2,500 euros a month, not having previous debts or being part of delinquency lists, they have it much more flattened to get that financing to the maximum.
The last option is to resort to a double mortgage guarantee you can achieve a 100% mortgage. This last possibility means that the bank grants a mortgage loan that covers 80% of the value of the property. The remaining 20% must be covered by a mortgage on a second property, which is usually any family home.
Banks that reach 100% mortgage today
As such, banks do not offer a 100% mortgage in their product line, although there are some that come to assume that maximum degree of financing if there are good conditions of credit solvency and payment capacity.
With a high salary, a stable job and few debts or with the possibility of requesting a guarantee from a third party, there are banks that can take on a greater risk.
Among other entities framed within these options is Kutxabank, who acknowledge reaching 90% financing in case the profile of the mortgaged is very good –Although later this percentage may be increased–.
Too, Liberbank or Eurocajarural are two other banks with which, perhaps, you can reach up to 100% of the purchase value of a home, although if it is not through a mortgage broker, it is difficult for them to individually offer it to you.
Banco Santander, for its part, can approach that 100% financing as long as you have a very good profile In order to negotiate with the bank, that you get a bank floor in Aliseda, the real estate owned by the bank and the Blackstone investment fund, or that you sign up for the new Banco Santander Youth Mortgage.
You can also get closer to that 100% mortgage with the purchase of the apartments that the banks have on their property.
For example, one option is the Liberbank’s Own Real Estate Mortgage or the Altamira, Casaktua and Aliseda Mortgage of Banco Santander. With these formulas, you can get that 100% of the value of the property.
–
