Applying for a mortgage loan to buy a property is a difficult task for young Spaniards. Temporary work, low wages and instability lead to the fact that the moment of moving to their own housing is postponed. As iAhorro explains, this moment comes at the age of 35, when citizens reach a sufficiently high level of wages.
No research is needed to understand that rent, mortgage, bills or expenses are much more affordable when they are shared between two people. It is not easy to take a step towards independence alone: «Gaining independence in a couple significantly speeds up the process. It is much more difficult to leave home alone, because of the financial aspect», explains Simone Colombelli, CEO of Mortgage Lending at iAhorro.
This applies not only to food or services such as electricity or Internet, but also mortgages.
«In the case of buying a house by one person, some institutions are more reluctant to issue a loan, fearing future defaults on the part of the buyer. Thus, in order for a single person to buy a house, he must meet more requirements than if the purchase was a joint one», explains the comparator iAhorro. For instance, this is the presence of greater financial solvency, stable and long-term work or an external bank guarantee.
These are not all the obstacles that a single person can face. «Recently, banks have been focusing on young people and offering them more specific products, such as mortgages with more financing (in some cases 90%)», explains Colombelli.