74% of home buyers request a mortgage, 5 points less than prepandemic By EFE

© Reuters. 74% of home buyers ask for a mortgage, 5 points less than prepandemic

Madrid, Nov 24 (.) .- 74% of individuals who want to buy a home apply for financing, which is 5 percentage points less than in February 2020 (79%), according to the report “Profile of the Spanish mortgagee” prepared by Fotocasa.

The Director of Studies and spokesperson for the portal, María Matos, believes that “there is still” a high percentage of buyers who need a mortgage loan to access a home, “although we detected a slight decrease,” he points out.

Matos adds that the data “does not mean” that there is poor financial health, “but rather that these are slightly more mature and solvent buyers than in previous years,” he highlights.

It has also been related to savings in the months of economic and social stoppage by citizens and the use of these savings in the home buying process without the need to apply for a mortgage.

Another piece of information in the report indicates that 20% of the buyers who get mortgaged sold a home to finance the operation, which is the same percentage as in 2020.

The profile of the home buyer who takes out a mortgage has also changed somewhat, according to the study.

Thus, the biggest change refers to the situation of coexistence: while a year ago it was 8% of applicants for financing who lived with their parents, now they add up to 5%.

Also today, 74% of those who request a mortgage are married, are a common-law partner or live with a partner, while in 2020 they were 68% of the total.

However, the “most frequent” thing, the survey adds, is that mortgage applicants live with their partner and children (41%) or only with their partner (35%).

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In general, 57% of the cases are women and, on average, they are 39 years old, with one in two in a socioeconomic level of intermediate strata.

Regarding the use that they are going to give to the home for which they have been mortgaged, the percentage of those who are going to use it as their habitual residence decreases: 86% today compared to 92% a year ago.

However, and although it is a minority profile, those who buy or intend to buy as an investment have doubled compared to a year ago: now they are 5% compared to 2% 12 months ago.

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