How to apply for a mortgage without savings and brand new home
Signing a mortgage is one of the great financial operations that we are going to have to carry out in our lives. In the vast majority of times, signing a mortgage translates into a good number of years committed to paying a certain monthly fee. Faced with this situation, it is vitally important to carry out a prior analysis of what our situation is, what the market situation is and what exactly we can afford. Asking for a mortgage without savings is an increasingly common reality.
One of the great handicaps that we must face when requesting a mortgage is related to the need to have savings that we can give as an entrance to the apartment. It is one of the eternal questions, how much to have saved to ask for a mortgage. However, we cannot always have these savings or, if we have them, we may not be interested in decapitalizing ourselves to be able to buy a flat.
If you feel identified with this situation, do not worry, although many people do not know it, you can ask for a mortgage without savings. Do you want to know how you can request a mortgage without savings? Go ahead, keep reading, from Sky Marketing we explain how to get the apartment of your dreams!
Requesting a mortgage without savings, an increasingly real solution
That the economic crisis has had major consequences on our pockets is no secret. However, it is also true that it has not affected all sectors equally. Especially the youngest, those who at the beginning of the crisis hoped to join the labor market, the result has been the zero ability to save with which they have been found.
The first years of our work stage have always been one of the moments in which all people have had the greatest capacity to save. That time that elapses between when we live with our parents and when we are collecting a payroll is one of the most fruitful to start having a good mattress. And it is precisely that mattress that, in most cases, was used posteriori for the entrance of a flat.
However, this situation has radically changed in recent years. Currently, young people in their 30s have been found to be late on the job market. Which has resulted in a practically non-existent saving capacity. As a consequence, first of all, to their working conditions. And, secondly, to be able to spend less time at their parents’ house.
This has led banks to realize that, given this perspective, it is inevitable to reach solutions that allow the youngest to get access to a home.
Tips when applying for a mortgage without savings
Applying for a mortgage for a person with no savings changes slightly from the traditional method. In the case of not having enough liquidity to face the traditional process of buying a home, we will show you the options that exist to be able to request a mortgage without savings.
How much money do you have saved?
It may be the situation that you do not have all the money saved that you would need to be able to request a mortgage. However, if you have a somewhat lower amount, you may be able to negotiate with the bank a solution so that, with the cash you have, even though it is less than the 20% they usually ask for, you can sign the mortgage you want.
In this type of scenario, in many cases it is possible to negotiate the total amount of the mortgage or even the years to repay it. If you are able to negotiate with your bank, you will have many more options to request a mortgage without savings.
Bank homes, a novel solution
Although the regulations regarding the granting of mortgages do not change, when it comes to acquiring an apartment that the bank owns, the scenario changes radically.
Years of economic crisis have resulted in a significant number of cases in which banks have had to execute a large number of mortgage clauses. This is due to the fact that there were many families who, with the loss of their job, saw the banks taking possession of their home as a result of not being able to meet the expected payments.
Faced with this situation, there were many entities that had a large portfolio of flats under their belt that, currently, are still looking at how to give them an exit. In this situation, many young people have been surprised by the bank’s interest in getting rid of these flats, even without having the money to enter these properties.
During the years of crisis, the banks have had real bargains to their credit, which have been taken advantage of by people who at that time had enough cash to face the payment in question. However, there is still a more than enough offer to cover all kinds of needs to request a mortgage without savings and reach the apartment you are looking for.
Rent with option to buy
Rentals with an option to buy have managed to position themselves in recent years as one of the smartest ways to buy a flat. Its advantages, despite being unknown, are manifold. And it is that we are facing one of the most efficient ways while we continue saving our money before opting for the purchase.
The monthly rent that we begin to allocate to this type of product is deducted from the final price of the house, so it is one of the ways to secure a property while we manage to accumulate the money necessary to pay for the apartment.
As we have seen, requesting a mortgage without savings is a solution that, over time, has become more popular. Due to the context in which we have lived in recent years, more and more people and families want to buy a flat but have not had the necessary opportunities to save the minimum necessary to do so.
However, far from despair, it is convenient to know that there are options in the market to be able to request a mortgage without savings. Although the way to get there can be somewhat more complicated than by applying for a traditional mortgage, it is one of the most popular solutions that we can find today.
If you are thinking of applying for a mortgage, but you do not have the necessary savings, do not worry, you have already seen how it is possible to request a mortgage without savings. It only remains to find which is the best way that fits the needs of each person.