Year, new life … but also new home. There are many couples who are about to get married and move into their love nest. An important choice for the future which is not always as rosy as one imagines. Young people fall into the most penalized category as regards access to credit . The lack of a permanent job and a permanent contract often push children to opt for a medium and long term rent.
Something, however, has changed in recent years: there are several banking institutions that have decided to meet the needs of the under 35s. There are also numerous government incentives dedicated to the new generations. All that remains is to get busy and look around to find out how to access a loan or a mortgage for the purchase of a first home.
How to choose
The first step for young couples to do is to find out about what can be the best credit solution for their needs. Eye, therefore, to the requirements for accessing the documentation and the contract that will be subsequently signed. Always better to ask for a quote first so as to consult the actual cost for the granting of the loan or a loan. Lights on, then, on the spread.
The spread allows you to calculate the fixed cost of a mortgage when it is added to the interest rate of the loan. If it is low it means that the interest to be repaid on the mortgage will be lower.
Another aspect to consider is the mortgage rate . There are four in particular:
- Fixed rate : the interest rate does not change for the entire duration of the loan, the installment remains so constant.
- Variable rate : the mortgage payment changes according to some parameters that can be, for example, money market and financial rates.
- Mixed rate : allows the beneficiary of the loan to be able to switch from the fixed rate to the variable rate and vice versa at certain times.
- Entry rate : this loan allows for the first few months to have a reduced rate. When this initial period ends, the fixed or variable rate will be applied until the loan expires.
Another factor to take into consideration is that of the Taeg, or the global cost of the loan. This value also includes ancillary expenses: there are the costs of appraisal and preliminary investigation when the contract is signed.
If you want to try to make a simulation, there are several online platforms that allow you to compare the various mortgage offers , comparing rate, repayment plan and thus giving the prospective borrower the opportunity to choose the right product for their needs .
In addition to state subsidies and mortgages, there are also different loan solutions that banks have designed to allow young people to turn to credit and meet their needs. This is funding that also allows you to meet large expenses. In many cases the installments can be constant for the entire duration of the loan and there are no preliminary investigations.
Guarantee fund for the first home
Even the state, in recent times, is trying to reach out to young people because among the categories most in need when there is a need for liquidity. One of the most requested tools lately is in fact that of the Guarantee Fund for the first home . This is a solution that allows guarantees up to 50% of the principal on mortgages that do not exceed 250 thousand euros but that are able to finance up to 100% of the value of the apartment.
Who can request it
To apply for the Guarantee Fund for the first home – as reported on the website of the Ministry of the Economy and Finance – can be couples formed for at least two years and made up of people where at least one of the two has not yet turned off at 35 candles and therefore turned 35; single-parent family units with at least one cohabiting minor child; subjects in possession of an atypical work contract; the tenants of dwellings owned by the autonomous public housing institutes.
The guarantee fund for the first home allows for guarantees on mortgage loans for a total of 20 billion euros on a total fund of around 620 million euros.