Helping young people to buy their first home

The support measures that young people need are about to become available. Once the conditions have been approved, an agreement will be signed between the Ministry of Housing and Urban Agenda and the Official Credit Institute (ICO) to provide public mortgage guarantees for young people under the age of 35 and families with dependent children. This new guarantee scheme is intended to support those who cannot obtain a mortgage because, although financially solvent, they do not have the savings required to buy a home. The Government has also stressed the need to address the difficulties of accessing housing. This type of measure benefits the market by making mortgages more accessible, easing pressure on the rental market and offering families the opportunity to purchase a home instead of renting.

Financial institutions generally finance up to 80% of the property's value, meaning that buyers still need the remaining 20%. Under this new scheme, that amount will be guaranteed by the State. According to the Government, the guarantee will remain valid for 10 years, regardless of the mortgage repayment period. Applicants must be under 35 years of age or be families with dependent children. Applications may be submitted until the end of 2025, although the measure may be extended for an additional two years. Another requirement is that annual gross income must not exceed €38,000. For couples applying jointly, the limit is doubled to €76,000. In addition, applicants' personal assets may not exceed €100,000.

The guarantee scheme aims to solve a problem that has affected many young people and families throughout Catalonia for years. In areas such as Sant Feliu de Guíxols and Santa Cristina d'Aro, however, the main problem is the lack of homes available for purchase. These mortgage support measures must therefore be accompanied by initiatives from companies and other stakeholders that help increase the supply of housing. Regardless of the financial support available, if there is not enough housing, these measures alone will not solve the problem of access to home ownership.

At Finques Santa Cristina and Immo el Portalet, we will advise you to help make buying your first home easier.