Opportunity for Young Las Palmas Property Buyers & Families

Residents of Las Palmas de Gran Canaria will be thrilled to hear about the new ICO mortgage guarantee scheme introduced by the Spanish Government. The initiative, designed to help families with young children and individuals under 35 to purchase a home, means that the Spanish Government acts as a guarantor for those who struggle to save up for a mortgage deposit.

Several banks, including Santander, Caja de Ahorros de Ontinyent, Arquia, Unión de Créditos Inmobiliarios, Ibercaja, and EVO Banco, participate in this scheme. It offers 100% mortgage financing, with the ICO guaranteeing up to 20% of the mortgage loan (25% for homes with an energy rating of D or higher). This means that if you’re a solvent buyer who qualifies, you can secure a mortgage without needing a 20% deposit.

This guarantee is free for both home buyers and banks, which handle the study and analysis of applications. The scheme is funded with 2.5 billion euros and will run until December 31, 2025, with a possible extension until 2027. The Spanish Ministry of Housing expects up to 50,000 families to benefit from the scheme. 

Eligibility for the ICO Mortgage Guarantee

To be eligible, you must be a legal resident of Spain for at least two years. For young buyers, the upper age limit is 35, but for families with children, there is no age restriction. Single-parent families and those with dependents may receive additional support.

Additionally, applicants must not have assets exceeding 100,000 euros and must not earn more than 37,800 euros gross per year. If two people are buying a home together, their combined income must not exceed the total of the individual limits.

If you meet these eligibility criteria and are thinking about buying a home here in Las Palmas de Gran Canaria, this scheme could make home ownership a reality. It offers a unique chance to secure financing that might otherwise be unattainable. For more details and assistance, contact local banks participating in the scheme.