3 Requirements to get a Mortgage 100

The mortgage 100 still exists today and although not all profiles can access it, there are common requirements for financial institutions to get it. Quality mortgage advice will place you closer to your concession.
Do you want to know if you are a good candidate for Mortgage 100?

Mortgage Requirements 100

Let’s start at the beginning by analyzing the requirements in which financial institutions will be set to know if you are a good candidate.

1- Job Stability

Job stability is essential to be able to access mortgage 100, in employed workers the bank as a whole considers that a buyer is stable when it is indefinite and has two minimum years of seniority in the last company. For self-employed workers (self-employed) seniority stands at 3 years.

2- Stable income

Economic stability is demonstrated when salary remuneration is maintained over time and even increased. It is also necessary that the declaration of income and income received by payroll are coincident. In general, for there to be economic stability, there must be professional stability behind it.
This is the case of young profiles with good jobs that despite not having savings for their youth and the periodic payment of rent, do predict a great professional career.

3- Effort ratio less than 35%

According to the recommendation of the Bank of Spain, a mortgage loan should not be granted that involves allocating more than 35% of your monthly income to mortgage loans and other debts.
In 100% mortgages this percentage should be even more comfortable. The bank that grants the mortgage has to have tools for its defense in the face of its risk department as well as sum in this type of mortgages, demonstrate that we are already accustomed to the payment of a periodic fee for housing (rent).

So far the requirements, but, if I meet them and approach my bank office will I be granted a 100 mortgage? Surely not…

One of the keys to the granting of these mortgages is to know which entities at all times are granting these mortgages, which interlocutors are appropriate and what credit conditions are offering … We should not say yes to everything when it comes to a 100 mortgage, the buyer and his advisor has a lot to say.

In Creditoh we have accompanied many people like you in their process of finding financing getting the best alternative. As mortgage experts we know the gateways to the Mortgage 100.

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By Catharine Bwana