:max_bytes(150000):strip_icc()/GettyImages-1773698434-2e19504834834175ac45a269d20503ab.jpg)
Buying a home can be a daunting task for young people, with challenges such as limited savings, job insecurity, and lower purchasing power. However, for those who have the financial means to purchase a home, there are banks that offer exclusive mortgages with attractive conditions. These conditions may include low interest rates, financing higher than the usual 80% of the home price, and other perks.
One such bank is Ibercaja, which offers a competitive fixed-rate mortgage for young people under 36 years of age. This mortgage, called Mortgage Let’s Go YoungFixed, has one of the lowest interest rates on the market at 2.99%. To qualify for this rate, applicants must meet certain requirements such as domiciling their payroll and receipts, using a credit card, and taking out insurance policies with the bank.
Kutxabank also offers a variable rate mortgage for young people under 35 years of age. This mortgage has an initial fixed interest rate of 2.49% for the first 12 months and is based on Euribor plus a percentage for the remaining term. Like Ibercaja, Kutxabank also offers financing up to 95% of the home purchase for young people.
In addition to these options, some banking entities offer to finance between 90% and 100% of the home purchase if the young applicant meets certain requirements for regional guarantees. For example, imagin offers a fixed mortgage with financing of up to 90% for young people who can request a regional guarantee in certain autonomous communities.
To secure the best possible mortgage conditions, it is recommended to shop around and consider multiple financial institutions. Hiring a mortgage broker can also be advantageous as they can negotiate with different entities on behalf of the client to secure the best possible conditions.
Ultimately, with careful planning and strategic financial management, young people can overcome these challenges and secure favorable mortgages to buy their dream homes.
