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Mortgages, for the under 35 the advance guarantees the state

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“Adequate welfare, a home and a safe job” are the three pillars on which Prime Minister Mario Draghi wants to rebuild Italy in the name of a generational pact. The most important news on the front of the purchase of the first home concerns the guarantee of the State which will allow under 35 to take out a mortgage without paying any advance. A Copernican revolution that the Draghi government is ready to put pen to paper in an upcoming decree law.

In detail, the measure should be added to the tax cuts announced a few days ago with the Economics and Finance Document. The coverage will be guaranteed by the 40 billion euro of the latest budget variance and will therefore be complementary to the 100 million euro allocated by the Growth decree to finance the first home fund for young couples: in this way the state guaranteed 50% of the amount disbursed. for purchase or renovation. The maximum funding ceiling was set at 250 thousand euros.

If the borrower defaults, the Fund intervenes by liquidating 50% of the outstanding principal amount to the lender. In 6 years of life, the Fund has accepted 209,500 requests for guarantees, of which 43,613 in 2020 alone. 60% of these made young people between the ages of 20 and 35 and almost entirely for the purchase of their first home.

Alongside the measure there is the first home mortgage fund, managed by Consap, whose residual endowment is 206.9 million euros (the initial ceiling was over 600 million euros), aimed mainly at under 35 employers atypical and young couples, where at least one of the two members has not exceeded 35 years.

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Certainly, between reliefs and State guarantees, the purchase of a first home may no longer be a mirage for many under 35. Just a year ago, the Italian Banking Association recorded a 30% decline in loans to Young people. According to the ABI, behind this collapse, there are demographic and employment factors. But the Coronavirus pandemic, which abruptly curbed all requests for funding, except for mortgages and subrogations, is changing. To say this are the data of the Financial Risks Center: the investigations initiated by the under 35 to obtain a loan in fact mark a decrease lower than the average: -20% (which becomes -16.8% among the under 24), while the general trend it is -24.7%. At the same time, the incidence of inquiries by young people on the total increases: in the first three months of 2021, 26.8% of mortgage applicants are aged between 25 and 34 years: an increase of + 2.4% in last 4 years.

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