In order to obtain a mortgage, users must meet a series of requirements related to their solvency and economic capacity.
The usual thing when applying for these credits is that banks reject young and elderly users, while those between 35 and 45 years of age have a better chance of getting the mortgage loan they are looking for
What is the maximum age to ask for a mortgage (and get it)?
Have a mortgage It is the dream of many. Despite the fact that the rise in the Euribor has made access to this type of credit more expensive, the The vast majority of Spaniards dream of having their own home and abandoning the itinerant life of rentalseither for economic or independence reasons.
When applying for a mortgage, users must meet a series of requirements related to their solvency and economic capacity. The first and most important is to have money saved, since banks, as a general rule, do not fully finance mortgages. On the contrary, the most they usually give is 80% of the appraisal price.
Also, also they demand that users have the necessary income to be able to pay the monthly installments of their credit (The usual thing in these cases is that they require that the mortgage installments and outstanding debts that the user may have contracted do not exceed 35% of their income), that they have a stable job and that their credit history is clean and free of debts. And depending on the personal situation of the applicant, It is also possible that they ask you to carry some type of guarantee to act as collateral in case of non-payment.
Age counts too
Although most banks do not establish a minimum age from which a mortgage loan can be applied for, the usual thing is that reject applications from users under the age of 25since the chances of such a young person being completely solvent are quite small.
In addition, it is also common that they establish an age limit to access these loans and that, generally, they ask that users are not older than 80 at the time the mortgage is paid off.
According to the Idealista real estate portal, the ideal age to apply for a mortgagethat is, the age at which we will be more likely to get the mortgage we are looking for, is between 35 and 45 years old.
Users of this age, as a general rule, have less risk of default than younger or older userswhich makes them more attractive to financial institutions.
At this age, according to Idealista, most people already they usually have the economic stability necessary to assume the costs of this mortgage loan without great effort and they have enough savings to assume a percentage of the price of the home.
Besides, are of full working ageso they are not affected by problems such as youth unemployment or the risks that affect people close to retirement, and, being relatively young, They can establish longer repayment termswhich allows them to reduce the amount of the installments and, consequently, the risk of non-payment.
Even so, and although people in this age group tend to have a better chance of getting a favorable mortgage, it is essential that the solvency requirements are met to be able to contract these credits. Otherwise, our requests will be denied.
#ideal #age #apply #mortgage