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REAL ESTATE, NEXUS GROUP, INFORMA

Can you buy a home with mortgages and without prior savings?

As a general rule, having prior savings is one of the essential requirements to get a loan today, since banks usually finance between 70 and 80% of mortgage loans.

However, it is possible, although difficult to obtain 100% financing of the mortgage if there are a series of circumstances, as explained by FIABCI Spain.

Despite the enormous increase in the savings rate in Spanish households, not having a mattress is the main obstacle that families face when facing a mortgage, since financial institutions request the payment of an entry as a requirement prior to the mortgage loan.

According to a study, on average in Spain a person must save 20% of her salary for seven years to get a ticket for a medium price mortgage.

It is not feasible to get a 100% mortgage, except if you buy homes from financial institutions, where the regulations are different.

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