Youth housing
What do young people look for when buying a property? What do they take into account?
For a young person, buying a property represents a step towards stability and commitment. It means taking a new step in life: investing in yourself instead of renting. It means having your own space and living with your own foibles, instead of sharing a flat with friends.
It might also be a question of independence: leaving the parental home to start the journey of life on your own or with a partner, and taking on certain responsibilities that you will have to fulfil come what may.
At Bankinter we tell you everything you need to know about buying a property and taking out a mortgage. We give you the benefit of our knowledge and expertise, accompanying you every step of the way. Welcome!
What should you take into account when choosing a home?
"Youth" is a broad term but when looking to buy a property, there are certain preferences that everyone has:
- Location. This is quite personal because some will be willing to sacrifice a few metres to live in the centre, while others will opt for more space and additional features on the outskirts.
- Must-have attributes: terrace, extra space, garden, pool, good light, etc.
- Sustainability and efficiency. Some people will be more conscious of environmental issues, others will focus on efficiency and the impact on utility bills.
- Technology and home automation. This generation has grown up with technology, so it's hard to imagine life without it...
- Last but not least, the financing conditions. This is arguably the main limitation. The importance of saving to make sure you have sufficient funds when the day of purchase arrives is a crucial factor to bear in mind. Remember, the bank will not cover 100% of the valuation cost and there will be many related expenses that you will have to pay.
What about the mortgage?
"Mortgage" is a blanket term for products with different terms and conditions. For example, a fixed-rate mortgage is ideal if you want the peace of mind of knowing that your monthly payments will never change. If you prefer a mortgage that is reviewed in line with market trends, then you will be more inclined to choose the variable-rate type. And if you want a combination of both types (fixed interest the first few years and then a variable rate), the mixed-rate mortgage is the one for you.
Discover our wide range of mortgages and find the one that best suits your needs and savings profile. You can also calculate the instalments you would be paying.
Fixed? Variable? Mixed? We explain the difference in the blink of an eye!
Variable-rate mortgage
- How it works: varies and is revised depending on the market
- Interest rate: Euribor + spread
- Monthly instalment: variable
- Payment review: every 12 months
Fixed-rate mortgage
- How it works: your monthly payments are the same throughout the whole of your mortgage.
- Interest rate: fixed
- Monthly instalment: fixed
- No payment reviews
Mixed mortgage
- How it works: it is fixed during the initial years and then variable
- Interest rate: fixed at the start and then variable
- Monthly instalment: fixed and variable
- Payment review: for the variable part every 12 months