Nowadays it becomes increasingly difficult for young people to have liquidity available for the purchase of a property . For this reason it is necessary to resort to the request for mortgages and look for the most convenient financial solutions available. Given this we are going to see what can be the tools today to access funding for the purchase of the first house or what may be the most affordable mortgage offers. At this point I think it is essential and necessary to know the Guarantee Fund for mortgages for the first house
FUND GUARANTEE FOR MUTUAL FIRST HOUSE
The Facilitation for the purchase of the First House is dated 2014, the year in which the Guarantee Fund for mortgages for the first house was established with the Law of 27 December 2013, n. 147, then used in subsequent years and is still considered functional . The aforementioned fund is not only meant for the purchase of the first house but also to restructure and improve the energy efficiency of the building used as a first home. The fund for the first house for 2019 is financed by the Budget Law and as indicated by the relevant legislation, it is up to people who are not already owners of a property except for those who received the property in succession or take it on loan use.
To access the fund the property must possess certain characteristics . First of all, as established by the memorandum of understanding between the Ministry of the Economy and Finance and the ABI (Italian Banking Association), the property must not exceed the value of 250,000 euros. It must not be registered at the local office as a luxury item, so it must not belong to the A1, A8 and A9 classes. Also comply with the amplitude requirements ie it should not exceed 95 square meters.
What reductions for young people
With access to the fund special facilities are guaranteed, with regard to interest rates, to certain categories of people.
For example, concessions are granted to couples under the age of 35 , to young people under the age of 35 with the Innominato contract , single- parent families with minor children, occupants of housing owned by particular institutions such as IACP or ATER.
How to access the Fund
The application for access to the Guarantee Fund for mortgages for the first home must be presented to the banks participating in the initiative. The list of participating banks is available on the CONSAP website (consortium for public insurance services), while the forms are issued directly by the Bank or can be downloaded from the MEF (Ministry of Economy and Finance) website. The bank will handle all the inquiries related to the mortgage application. It will send the application electronically to the fund management company, which will reply within fifteen days on the approval or rejection of the application and in case of a positive outcome the mortgage will be disbursed within thirty days.
BEST OFFERS FOR MORTGAGES GRANTED FOR THE PURCHASE OF THE FIRST HOUSE
Finding offers for mortgages that can be provided for the purchase of the first house is not a simple and immediate thing whether you have the requisites to access the guarantee fund, or if you do not have any. In terms of mortgages for the purchase of the first house, to understand what are the most favorable conditions offered by lenders, we must consider the age of the applicant, his position in work, the value of a property that we want to buy, the rate to be chosen if variable or fixed and above all what financial capacity and in years we have to repay the loan. Given this it is always strongly advisable to rely on some trusted financial adviser.
Some offers of loans granted by lenders
Many banks have thought of mortgages for young people who want to buy their first home . For example, by referring to a twenty-year loan of 100,000 euros, Intesa San Paolo offers young people aged under 35 with a fixed rate of 2.20% and an APR of 2.46%. While CREDEM grants for the first house a mortgage with a fixed average rate of 1.62% and 1.94% APR. With a variable, convenient rate, Intesa San Paolo offers an average rate of 1.09% and an APR of 1.31, and ING which offers an average rate of 0.89% and TAEG 1.02%. This information is to be considered approximate and as mentioned above it is always useful to rely on an expert in the field.