3 ways to get a mortgage if you are young and have little savings

Those who ask for financing to acquire a home are required, in most cases, to have saved 30% of the value of the property to pay 20% that banks do not usually cover more than 10% of the costs of formalization associated with the purchase. But what about those young people who have not yet had time to raise those own funds? For them, according to the bank comparator HelpMyCash.com, get a mortgage It is much more complicated, although not impossible.

1. Buy a flat from a bank

One way to get a mortgage without having a lot of savings can be to find homes that belong to banks. Banks want to get rid of these properties, so they usually finance up to 100% of their acquisition to attract potential buyers. They may even offer better conditions: lower interest, longer terms, etc.

The list of real estate agents that manage bank floors is very long: Altamira, Aliseda and Casaktua (Banco Santander), ServiHabitat and InmoCaixa (CaixaBank), Haya Inmobiliaria (Bankia, BBVA, Cajamar and Liberbank) ... It must be said, however, that it will not always be possible to get a 100% mortgage to finance the purchase of these homes. Logically, the decision to approve or not the operation will always depend on the risk department of each entity.

2. Negotiate with several entities

In case of not wanting (or not being able to) buy a home that belongs to a bank, a second option may be go to several entities to negotiate the financing of more than 80% of the value of another house or apartment. Having a good profile, yes, it is practically essential to reach an agreement: to collect a good salary in a company with good prospects, to take a few years in the face of a high rent (demonstrates ability to pay), etc.

In addition, it is very likely that the bank imposes a condition: that the money borrowed does not exceed 80% of the appraised value of the home. Therefore, if this coincides with the purchase price, it will be difficult to obtain greater financing, although it could be achieved if some type of additional guarantee were provided (a property of the owners' parents, for example).

3. Go to a financial intermediary

The third method to get a mortgage in case you have little savings is to hire the services of a financial intermediary or broker. This is a professional with contacts in banking and with a deep knowledge of the sector that may find it easier to find a bank that lends all the money your client needs.

However, keep in mind that intermediaries charge for their work, like is logic. Generally, your commission is between 2% and 5% on the capital of the mortgage obtained, always payable after signing the deed of the loan. By law, brokers are obliged to inform their customers of the cost of this charge at the time they contact them.

Selling expenses are not financed

These are, according to HelpMyCash.com, the methods young people can use to get financing if they don't have much money saved. Now, we must clarify that, in general, banks will lend them a maximum of 100% of what their new home costs. Thus, these applicants must have sufficient own funds to pay the costs of formalization of the sale, which generally equals 10% of the value of the home (in some communities it may be lower for bonuses to children under 35).

In case of not having that money, getting the mortgage will be practically impossible, unless new guarantees are added to the credit (other housing, for example). Likewise, requesting a personal loan from another bank to finance this item is inadvisable according to the majority of finance experts, since their fees can generate problems of over-indebtedness to the client.


Source link