July 29, 2021

How to buy a house without having a previous saving

How to buy a house without having a previous saving


The general recommendation aims to have saved 20% of the price of the house, since banks do not usually grant financing above 80%. On the other hand, the expenses of notary, agency, registration and all taxes associated with the acquisition of a property usually represent between 5% and 10% of the price of the house. That is why potential buyers do not take the step until they have a sum that allows them to cover the initial contribution and expenses. But nevertheless, Even without this amount, it is possible to become an owner. In pisos.com we tell you some options:

1. Buy the bank: Entities accumulated many assets during the time of crisis. This stock is still being liquidated through servicers. When a buyer bets on one of these houses, the mortgage conditions are usually more favorable than if you opt for a residence outside this circuit. The percentage on the appraised value can even reach up to 100%. Although the offer of more quality has already been drained, it is still possible to find some good opportunity if you are not too exquisite with the location and you are not afraid of reforms.

2. Faithful customers: you have been from the same bank all your life and you have a relationship of trust and several decades with the staff of the branch, you may also have an opportunity to obtain a wider financing margin. Everything will depend on your credit history. If you have proven to be a punctual person in the payments, without ever falling short and you have always had recurring income, you will be in an advantageous position to negotiate.

3. Insured employment: Mortgages at 100% have not completely disappeared from the market, but banks only put them on the table in very specific cases. There are certain profiles that, even being new clients, can achieve a mortgage without savings. Banks are interested in recruiting workers with permanent contracts, as well as public officials. Young people who have not had time to save enough, but who charge a salary above 3,000 euros have possibilities.

4. Double mortgage guarantee: It is a different practice from the guarantor. What the bank does in these cases is to grant 80% of the value of the home that is going to be bought and 20% to subscribe a new mortgage on a second property. In general, this floor is usually that of parents who can not provide cash money for their children to buy, but can adopt the figure of the non-debtor mortgagor. In case of non-payment, the execution would be limited to 20% of the family home, and present and future assets would not be compromised.

5. Rent and wait: Without a doubt, it is the most sensible and reasonable alternative. The illusion of having a home of our own and the state of our finances must have an inevitable face-to-face. We must mark a realistic purchasing budget and save as much as possible to reach that 20% -30%. In addition, it is worth covering this percentage, given that the mortgage payment will be more adjusted, as well as the repayment term.


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