On June 27, the Government authorized the Ministry of Transport, Mobility and Urban Agenda and the Official Credit Institute to create a line of guarantees aimed at young people and families with minors who want to buy a home with little savings. With this measure, the State will guarantee 20% of the mortgage, which will allow banks to finance more than 80% of the purchase for applicants who are included within the aforementioned groups. It should be remembered that entities do not usually exceed that percentage due to the greater risk of non-payment associated with these operations.
At the moment, however, there is no defined date to be able to start requesting these guarantees. However, according to the financial comparator HelpMyCash.com, in some autonomous communities there are already similar aids, aimed mainly at young people, which allow them to obtain a mortgage without having to contribute a 20% down payment. These regions are the Balearic Islands, Castilla y León, Galicia, the Community of Madrid and the Region of Murcia.
Those who live in the Balearic Islands can access a public guarantee of up to 20%, which allows them to obtain a mortgage to finance up to 100% of the purchase of a home (excluding taxes and other purchase and sale expenses). In order to access the aid, it is necessary to have resided in the region for a minimum of five years, earn an income of less than 57,117.67 euros gross per year (64,257.38 if the loan is requested by two or more people) and not own another house or flat in Spain.
The home must also be located in the Balearic Islands, it must be used as a habitual and permanent residence and its price cannot exceed 270,151.20 euros. From HelpMyCash they affirm that the guarantee and the mortgage must be requested from the three financial entities adhered to the Mortgage Guarantee Program of the Balearic Housing Institute, which are CaixaBank, Colonya - Caixa Pollença and Cajamar.
The Junta de Castilla y León, through the "TUYA" Youth Housing Plan program, offers a guarantee of 17.5% for young people, in such a way that they can obtain mortgages of up to 97.5%. The requirements that the applicant for the aid must meet are being 35 years of age or younger, not owning another home and earning less than 42,000 euros gross per year.
As for the house, which has to be located in Castilla y León, it cannot cost more than 240,000 euros or be officially protected. This guarantee can only be obtained if the mortgage is requested from CaixaBank, Unicaja, Cajaviva, Ibercaja or the rural banks of Zamora, Salamanca and Soria. These entities will be in charge of processing the application for public aid.
According to HelpMyCash, the Xunta de Galicia also has a public guarantee program aimed at young people under 36 years of age. This regional body can cover up to 20% of the mortgage, which makes it possible to finance up to 100% of the purchase of a home in that community. The interested party, yes, must collect between 16,800 and 46,200 euros gross per year (54,600 if he requests the help together with his partner).
As for housing, its maximum price can be between 130,000 and 240,000 euros, depending on the municipality in which it is located. The guarantee must be requested through the Electronic Office of the Xunta de Galicia until November 31, 2023.
Through the My First Home program, young people from the Community of Madrid can access a 15% guarantee to take out a mortgage that finances up to 95% of the purchase of a house or flat in the region. To get it, you must be 35 years old or younger, have been legally resident in the community for at least two years, and not own another home.
The guarantee can only be used to finance the purchase of homes with a sale or appraisal value of up to 390,000 euros (the lesser of both). You have to request it from the banks that are part of the Madrid Community program, which are imagin (an online brand of CaixaBank), Ibercaja and Banco Santander.
Finally, in the Region of Murcia, a 20% public guarantee is offered to young people interested in buying their first home in that community. In this way, the buyer can finance up to 100% of the price of the property. The aid is aimed at people under 35 years of age whose income does not exceed 5.4 times the IPREM, that is, 45,360 euros gross per year.
The price or appraisal value of the house purchased, yes, cannot exceed 175,000 euros. The guarantee and the mortgage must be requested from the banks participating in the Aval Joven Región de Murcia programme: Bankinter, Cajamar, Caja Rural Central and Caja Rural Regional.
At the moment, the rest of the autonomous communities do not offer similar guarantees. Even so, from HelpMyCash they affirm that residents in other regions (or those who do not meet the aforementioned requirements) can also get a mortgage of more than 80% if their profile is solvent, that is, if their employment situation is stable, they have little or no debt and they earn a good salary.
Of course, it will be necessary to negotiate with several banks to see if one is willing to finance more than 80% of the purchase. In this sense, it may be convenient to hire the services of a broker, since it will be in charge of sending requests to the entities that usually sign this type of operation and will try to reach an agreement with them to obtain the best possible conditions.
