How to Get a 100% New Build Mortgage: Tips and Options to Consider

Getting a 100% new build mortgage is not always easy. And it is that not all banks risk granting them due to the risks that this entails for them. However, if you want to find a product with these characteristics to have greater peace of mind, you should know that there are options that can fit what you need. However, be sure to compare between different alternatives.
That they grant you a mortgage for new construction at 100% it gives you a lot of peace. Well, sometimes it can be difficult for you to have the entry that banks usually ask you for, if your home has a remarkably high budget. To do this, you must not only choose those entities that offer you this possibility, but also provide guarantees to the bank that, whatever happens, you will be able to pay off the debt contracted.

👉🏻 If you are thinking of taking out a mortgage, you can consult the article on best mortgages of the moment.

⭐️ Featured Mortgages

Some most prominent mortgages of the moment, they are:

  • Type of interest

    2.91% NIR at 25 years

  • Opening commission

    Does not have

  • monthly fee

    704,32 €

  • 1.49% TIN the 1st year

    Euribor + 0,6%

  • Opening commission


Choose those banks that have these mortgages

Not all banks can offer you a 100% new-build mortgage because not all of them offer this type of product to finance the construction of a home. Therefore, you must carry out an analysis of which are the entities that do allow you to access this possibility.

For example, Banco Santander offers you the option of a youth mortgage 95% if you are under 35 years of age. Something similar happens with Ibercaja and, as you can see, these products remain, in the end, at the doors of that 100% what you want to achieve However, it is still good news and, despite this, you can access that percentage if you negotiate some conditions with the bank.

Although, for this, you must have a very specific profile because the entity will need to be able to trust you.

Justify that your profile is solvent

Generally, banks do not offer a 100% mortgage for new construction to any profile that cannot demonstrate their financial solvency. And it is that having a fixed employment contract and a good salary can be a guarantee so that this mortgage loan is finally granted to you. Therefore, make sure that you can justify this and that you provide all the necessary documents that the bank requests.

However, there are some entities that, in order to grant you a 100% mortgage for a new construction, will not only require a fixed contract, but that you can demonstrate that you receive a minimum income per month. Therefore, make sure you comply with the conditions that each bank has so that you know, from the beginning, if you can take advantage of them or not. Since getting this financing is not easy.

Think about the mortgage guarantee

If, despite all of the above, the bank you have chosen still places certain obstacles in your way of getting a 100% mortgage for a new build, try negotiating with the mortgage guarantee.

Generally, It is best that you present a guarantee, which can be a relative or a person you know and who has a property that supports your mortgage. In this way, the bank, perhaps, can grant you the loan.

In that situation in which you do not have a guarantee or you do not want another person to assume responsibility for the payment of your home if you do not manage to pay it, you can offer your property as a mortgage guarantee. However, remember that in case of non-payment you will be left without your home, regardless of whether you have already paid 20 years of your credit and only have 5 or 10 more left.

Obtaining a 100% new-build mortgage is not easy, but it is not impossible either. Although some financial entities are very close to that percentage, there are others that, if you present a good financial profile, can grant you that 100%. But, for this, it is recommended that you negotiate very well with the bank. This will be crucial so that you can get full credit without any problems.

2023-05-25 15:32:22

#newbuild #mortgage