Turning to concrete figures, in a sample of 12 young government mortgages in force in Spain, the following proportions are found: only 3 of the 12 offer cash aid for expenses, only 1 offers a 50-year repayment term, and only in 4 cases it is possible to avoid hiring home and life insurance that will make the monthly fee more expensive. On the other hand, 8 of the 12 grant between 100 and 120% of financing (the others reach the usual percentage, 80%), the age to request them is stretched above 35 years in 3 of them, and the differentials They are below 0.50% on 8 of the 12 mortgages.
In summary, the Government helps to contract young mortgages are few, unequal and poorly distributed geographically, although some of the offers are really worthwhile.
What are the best offers in force in our country?
After discarding from the list all the mortgages with “land clause” (a minimum interest to be paid that does not allow to benefit from the current low Euribor), and also discarding those that force to contract multiple related products (insurance) that make the monthly fee more expensive independently If the agreed interest is low, three of the best sponsored young mortgages in force can be considered as those offered by the Government of La Rioja, the Valencia City Council and the Zaragoza City Council.
The Young Mortgage of the Government of La Rioja
This mortgage offers financing of up to 100% with guarantee and 80% without guarantee to be repaid in a maximum of 40 years. During the first 3 months, the mortgaged person does not pay interest, only amortizes capital and, after this period and until 3 years of mortgage are fulfilled, only the value of the Euribor will be paid as interest. The differential to be paid from these 3 years is between 0.35% and 0.65%, depending on whether you have chosen low or high repayment times and financing percentage. There are no commissions of any kind and it is only necessary to domicile the payroll, register a credit card of the entity and take out home insurance, that is, it only has a single linked product, which is already much lower than the half. One of the most interesting points of this young mortgage is that it offers a help of 190 euros to cover the appraisal, 400 euros for the notary and registration expenses, and the entire home insurance during the first three years.
The Young Mortgage of the Valencia City Council (in Ibercaja)
The Valencia City Council offers young people who purchase housing in their city with financing of up to 100% with a guarantee and 80% if a guarantee, and a repayment term of up to 40 years with absolutely no related products. In fact, it is not even necessary to have the payroll domiciled in Ibercaja, although there is the option of hiring some related products in exchange for them to bear the appraisal and the rest of the expenses. The interest of the Valencia Joven Mortgage is 0.0% during the first 6 months, and 0.37% to 0.42% thereafter. And one of its strengths is that it allows to postpone 1 quota of every 12 from the fourth year.