Without a doubt, it is increasingly common to take out a mortgage. To pay for the purchase of your first home . Mainly, mortgage loans are the way to access a home for the youngest. Applying for a mortgage loan has to do with the years, but not only with how many years you are going to get into debt. The reality is that entities also take into account the age of their clients and there is a limit to request a mortgage in Spain. The banks, without a doubt, seek to recover their money and charge it with interest. Today, even more so, since the Euribor has risen significantly. So, what happens if at you want to sign a -year mortgage loan? Age and mortgages The definition of a mortgage, according to the Bank of Spain, is a loan whose payment is guaranteed by the value of a property. Age is, with other variables, an element that banks will take into account when requesting a mortgage. There is no regulation regarding the maximum age to request a mortgage in Spain , however, financial institutions and banks do establish an age limit, according to their risk policies.
Age limit to apply for a mortgage in Spain
Generally, the age limit is close to years, however, this will depend exclusively on the will of each bank and its policy in this regard at all times. This limit is closely linked to the health and survival risk associated with advanced age, which implies a New Zealand Phone Number Data greater risk of non-payment. What calculation do banks make? Banks usually make a sum when deciding whether or not to grant a mortgage. It’s about taking your age and adding it to the term of the mortgage loan . The result cannot be older than years. In other words, if you are years old, you will have years to pay back your mortgage loan . If you are years old, you will only have years to pay it. You must analyze, if you are in this second population group, if you have the possibility of affording it.
Alternatives: more than one owner and life insurance
It is true that the law does not establish a general rule for the age limit to. Apply for a mortgage in Spain, in addition, each bank has its own criteria. However, its objective is to ensure that the money borrowed is returned to you. So, a good Mexico Phone Number List option is to go to different entities and. Find out which one offers the best conditions according to each case. If age is a problem, one option to extend the duration of the financing is to have a mortgage with more than one owner . It is about adding a second person who is younger as the starter. Then, in case you cannot settle the debt, the second holder will take care of it. To ensure that you will return the money you borrowed, life insurance may also be required. Return period The law does not limit the duration of the loan either, however, the Bank of Spain has taken a position on the matter and advises that the maximum term be years. In this way, this suggestion would place the maximum age to apply for a mortgage in Spain individually at years.
