Ask for a mortgage to pay for a home It has become our daily bread. For young people, especially. But the mortgage loans are not governed by agemore now than the prices They are out of control and real-estate market they feed on the big ones cities y Tourist places. Applying for a mortgage takes years, but not only with respect to how many years you are going to get into debt. Banks also take into account the age of clients and there is a limit to requesting a financing. Did you know?
That the bank always wins is not only a saying, it is a fact. The Bank entities They want your money and charge you with interest. But what happens if you are 55 years old and want to sign a 25-year mortgage?
The result of a sum is fundamental
You would be 80 years old, at best enjoying your retirement and at worst, complaining about something bad. What is a right for you, the banks impose limitations. Age is one of them, unless you have the money at hand. If so, congratulations. Otherwise, read on.
The banks do a sum that goes to mass When granting loans: they take your age and they add it to mortgage term. The result cannot be higher than the 75 years. That is, if you are 50 years old, you will have 25 years to pay back your mortgage. If you are 65 years old, you will only have 10 years to pay it. If you are in this second population group, can you afford it?
Two holders and one life insurance
The law does not establish a general rule for This procedure and each bank has its own criteria, but remember that its main purpose is to ensure that you will return the money borrowed. For this reason, experts recommend going to several entities and finding out which one offers the better conditions for each case.
age is a problem
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If age is a problem, there is an alternative to extend the duration of the financing. It happens to add to one second person as titular, and also that he is younger. If you can’t settle the debt, she will. To finish making sure that you return the money, you can also demand a life insurance.
The duration of the loan also deserves a separate chapter. There is no law that limits it either, but the Bank of Spain has taken a position on the matter and recommends that the maximum term be 30 years. In this way, this suggestion would set the maximum age to apply for a mortgage individually in the 45 years.
2023-12-17 07:33:28
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