Streaming In The Loop

apply for a mortgage at a young age: Mission Impossible

In Bankimia, Compare mortgages, we have addressed the options available to young for independence by buying a house with mortgage financing. I advance that they are increasingly becoming more difficult to have a property owned.

The core business of banking is take deposits from savers and channel for funding (investment and consumption).

Therefore it is safe to say that young banks are required to understand. Another thing is that the relationship is bidirectional or become a " want and can not" when talking about mortgages for young .

The economic situation is shining with special virulence in the group of young, with unemployment well above the average, low wages and precarious contracts. Higher probability of becoming unemployed, inadequate and unstable income make it difficult for many couples meet the requirements mortgage lending financial institutions:

• Employment status of the applicant. The bank requires a broad working life, with little downtime and with a permanent contract several years ago.
• borrowing capacity, financial institutions that the maximum fee that a client can pay can not exceed 30 or 40% of the monthly income of mortgage applicants. Savings
• to contribute to pay expenses and others. Fewer and fewer mortgages to finance 100%.
• The possibility of providing double guarantees and guarantors . A mortgage with other properties that can be mortgaged and with the support of the family is much more likely to be approved as one in which only two mortgage holders.
• The family stability. Young couples buying is more likely to break than the consolidated, with the problems of mortgage payment that separation brings.

difficulties of young people to access a mortgage

If particularize general risk criteria of the young group banking is not very difficult to identify the difficulties he has a mortgage loan:

• short working life, with limited access to permanent jobs and possible periods of unemployment. The perfect combination to be told no.
• limited borrowing capacity. Two owners mileuristas without savings could best apply for a mortgage of about 180,000 euros to 40 years (to buy a home of no more than 160,000 euros).
• The savings capacity of young English conspicuous by its absence in general. Traditionally
• guarantee parents their children so they can apply for a loan. The problem is that more and more debt or unemployed parents. And with this little use of guarantors. The
• couples are becoming less stable , and young couples have a higher incidence of rupture.

Of all the above problems can be solved only in certain cases, is to provide guarantors since there subsidized mortgages for certain Autonomous younger age group in which the Administration supports a part, the problem is that often no interest to financial institutions signing this type of mortgage products and not sold actively, so sometimes almost have to "force them" to offer. The

rent should be a baseline option, but the mentality Hispanic buying and renting low culture not conducive to a competitive rental market and attractive. An interesting option is the contract of leasing purchase, allowing us to pay rent while saving for later exercise the option and apply for a mortgage with higher chances of success.

Young people are most harmed by the crisis , both unemployment and access to housing. When financial institutions suffer from lack of liquidity and selected more to your customers, under 30 see their prospects of living in a home fade. One of the many problems that our economy does suffer in the least to blame for their current situation. Www.futurfinances.com