Typically, in Spain, mortgages cover up to 80% of the purchase of a home. And that is a problem for many young people, because it is difficult to have the remaining 20% saved (plus the cost of formalization) if you have been in the labor market for a short time. Some autonomous communities, such as the Community of Madrid, the Balearic Islands or Murcia, offer public guarantees so that the bank finances up to 95% or 100% of the operation, but what about those who do not live in those regions?
According to the financial comparator HelpMyCash.com, there are banks that grant mortgages of more than 80% to young people without the need for a public or parental guarantee. Of course, to obtain approval, it is essential that the future holders of the loan earn a salary more than enough to pay the installments, that their employment situation is stable and that they have no other current debt (or very few).
The aforementioned banks openly offer mortgages for young people with which more than 80% of the purchase can be financed without providing guarantees, but they are not the only ones that have products of this type. According to HelpMyCash, other entities can approve operations of this kind if the applicant's profile is good, although this must be negotiated during the application process.
Therefore, if a young person needs a mortgage of up to 90% or more, it may be advisable to hire the services of a mortgage broker. This professional knows which entities usually finance more than 80% of the purchase for people with that profile and can negotiate the granting of the loan with greater chances of success.
