The Government authorized the Official Credit Institute (ICO) to articulate a line of guarantees of 20% financing to help young people up to 35 years of age and families with dependent minors with individual incomes of up to 37,800 buy their habitual residence. € per year.
A change of color after the elections could divert the course of this agreement, although the PP also includes guarantees in its program to reach up to 95% financing. A similar measure is already carried out in some autonomous communities presided over by the popular, such as Madrid or Murcia.
"Pure and hard propaganda." David Espiago is director of the banking business of the mortgage brokerage company Housfy Hipotecas and recalls that "the only ones who joined this campaign were banks that already offered these mortgages before."
It does not have to be that way with this new guarantee, which would make it easier for applicants to reach 100% of the mortgage (and not the 80% that banks usually grant).
These guarantees are not yet in place: the Ministry of Transport, Mobility and the Urban Agenda and the ICO have yet to sign a solid agreement. Nor is it known which banking entities are going to market them, in the event that their adhesion is voluntary, or if the Government will force all of them to offer it. With complete certainty, there will be other conditions that will depend on the autonomous community, such as a maximum purchase price.
Some points that any user who chooses to request mortgage aid of this caliber must take into account are related to the risk that the bank considers that it assumes, the amortization of capital and the necessary savings.
Things are clear: that the Government guarantees 20% of a mortgage means that it agrees to answer for the debtor in case of non-payment.
If the mortgaged party stops paying, the ICO in this case would respond for the unpaid amount. Now, the holder of the mortgage would have contracted a debt with the State, which, understandably, will claim the amount owed and may even take the appropriate legal action.
"In the end, even if the Government guarantees 20%, the one who assumes the risk is the bank," recalls David Espiago. The mortgage expert warns that the profile of users to whom this guarantee is directed are those that the bank considers to have a greater risk of default.
Given this horizon, there will be many fewer people who pass the filter and meet the bank's requirements for granting the mortgage.
It is not a secret: returning more money during the same period means higher fees. Also, if the interests are higher.
This is something that applicants should take into account when taking advantage of a measure whose objective is to promote access to housing for those people who, even with sufficient monthly income, have impediments to save the amount of money that is disbursed at the beginning of a mortgage.
And very important: the guarantee does not release the applicant from contributing approximately 10% of expenses associated with the sale and mortgage. A minimum of savings will also be necessary to defray these costs.
This is not something new: when the bank grants 100% mortgages to very solvent profiles, the expenses do not fall within this financed percentage either. Depending on the price of the house, that initial expense will be less or more.
