Mortgage 100: a mortgage work and how to get it
How does the 100 percent youth mortgage work and how to get it? The proverbial prudence of the banks is expressed through some particular choices. These include the exclusion from its offer of loans that provide for an LTV higher than 80%.
For some categories of people, however, the approach proves less severe. It is no coincidence, therefore, that the 100 per cent young mortgage loan is a more or less consolidated reality, capable of solving financing problems.
LTV is the ratio between the amount financed and the value of the property. A loan with 100% LTV therefore equates to a loan that covers the entire house price. In this context, the citizen does not mobilize his savings and can completely rely on the resources of the institution that provides the credit.
In truth it is an undesirable product for both parties. Citizens are in fact required very heavy guarantees and mortgages, capable of putting existing properties at risk.
Institutions, on the other hand, consider the product to be risky because a customer who cannot use his own resources for purchasing purposes has demonstrated (at least in the conservative view of the banks) poor savings capacity.
The latter reasoning does not concern young people, who do not have savings for a registry issue rather than reliability. For this reason, some institutions offer the 100 percent youth mortgage.
100 youth mortgage: the proposals of Nice Bank and Single Loan
The best offer is undoubtedly that of Nice Bank. The product is called Mortgage falsh. It is aimed at young people aged 18 to 34. Not only is the loan extended up to 100% of the property value, but two opportunities are offered to lighten the repayment burden.
In fact, the funded person can suspend the payment of the installment for up to six consecutive months and can, for a maximum of three times, modify the amplitude of the installment by lengthening or restricting the duration of the amortization period. You can choose the variable rate and the fixed rate. In the latter case, depending on the duration of the loan, the rate ranges from 2.70 to 2.88%.
Basically, the LTV could not exceed 80% but can be extended to 100% if the guarantee fund for first home loans is activated.
The minimum amount is 30,000 USD while the maximum is 250,000 USD. It is aimed at a young audience but, if necessary, no longer very young.
Unlike Nice Bank ‘s proposal, the product is accessible even to those who are not older than 40 years of age. Also in this case, finally, it is possible to move, cut or reduce the installment.
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