Some young people chooses for mortgages of 50 years like íºnico resource to achieve a housing
18.01.2006
Although the average time of life of a loan for housing buy in Spain, according to the information of the School of Registrars of the Property, is 24 years and a half, entities as the Santander and the Caixa already offer credits for apartment buy in a maximum term of 40 years, more of the triple of what it was offered a few years ago. And there is still margin so that this term is extended. The box BBK already commercializes mortgage credits to 50 years.
Nevertheless - the national mortgage market is still very far of that of the United States, where some mortgages are signed to 100 years. Japan is other of the countries where this type of credits happens from parents to children along with the rest of the heredity. Many families get into debt during half a century to acquire a good as scarce as the housing.
Although the Spanish Bank and other institutions do not stop being alert on the high level of indebtedness of the Spanish families and the derived risks of the already real increase of the interest rates, the clients of the financial institutions receive new and more and more attractive credit offers. This way - in the mortgages of variable type, the amortization period comes in practice totality of the entities at the age of 30, many, like Unicaja, they lengthen it up to 35 years but someone have increased it up to 40 years, and even even the 50.
Banco Santander has been one of the first entities that has thrown a mortgage to 40 years, so called Super Revolution. It offers the possibility of being provided for five years with a more limited quota, on having been paid only, be of interest without having to amortize capital during this term. For the client who does not want this lack period, the type that will apply itself the first year is 2,95 per cent.
To the client who decides to use this lack period there is applied an interest of 3,55 per cent per year in these years. The entity tells that they have taken these five years on having been considered to be that is a term of sufficient time so that the young man manages “a labor stability, consolidates his salary and benefits from the possible increases that can take place in the price of the housing”.
Box Madrid has been the last entity in there joined in the segment of young clientele with the commercialization of the Mortgage 40, which is provided with a pay-off period of up to 40 years. The interest rate is indexed to the Eurí-bor more a margin of 0,75 points, with the possibility of choosing a fixed percentage of 2,99 per cent during the first five years.
With the Mortgage 40, Box Madrid tries to reach the success of his previous product directed to young people: the card MTV, of which only in three months it commercialized more than 40.000 units, when the initial target was 50.000 cards in the course of one year. Also, The savings bank is counted with the Mortgage Quota by Zero, which allows to postpone the payment of the quotas during the first year, and the Quota Released, with that the quotas of the loan can adapt themselves to pay a minor amount at first.
Caixa Catalunya commercializes a loan for young people to be amortized in 40 years and with an initial capital lack of up to five years on the condition that his holders do not overcome the age of 32 years. Between other advantages, which acquire this product will be able to benefit from the application of a system of increasing-charge depreciation of quotas that will allow them to go increasing them annually according to a percentage previously agreed. The mortgage to 40 years can be hired to fixed or variable type and it is provided with a bonuses system in the interest rate that is fixed according to the link of the client to the box. The amount of the loan cannot be superior to 90 per cent of the expert value or price of sale.
The Caixa has incorporated in his offer a new version of his Young Mortgage, which principal characteristic is a pay-off period of up to 40 years and a lack of up to ten years. This mortgage is the only one of the market that offers a lack in a credit with revolving, that is to say, that allows to the holder to have again on behalf of the capital amortized “to face to new needs for financing, like reforms or the buy of a vehicle”, they tell in the box.
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