The Government of the Canary Islands plans to sign the first agreements with financial entities in one or two weeks to launch the Young Mortgage-My First Home program, to which CaixaBank, Cajasiete, and Cajamar have expressed interest in joining, as announced this Thursday by the Minister of Public Works, Housing, and Mobility, Pablo Rodríguez.
Rodríguez explained in the Parliament of the Canary Islands that, after the approval of the decree regulating the program on July 20, 2026, the Executive sent a draft agreement to all financial entities with offices in the Canary Islands to ascertain their willingness to participate in this initiative.
So far, three entities have expressed their interest, although the regional government expects others to join the program.
Processing through the banks themselves
The objective is for interested citizens to be able to process their application directly through the participating banks, without needing to go to the regional Executive or other institutions, he detailed.
The minister stressed that the initiative is not limited to young people, but is aimed at individuals up to 40 years of age who wish to access their first home and includes certain circumstances where there will be no age limit.
Rodríguez pointed out that the current program presents differences compared to the Young Mortgage that existed in the Canary Islands at the beginning of the century, both in its design and in the characteristics of the financial system and the real estate market, which is why he considered that past experience constitutes only a historical reference.
Likewise, he assured that the economic allocation will not be an obstacle to the development of the initiative and that the Government is willing to increase it as many times as necessary.
A repayable fund
As he explained, the program is based on a repayable fund, so that the resources will be recovered as beneficiaries pay off their mortgages, which will allow the money allocated to facilitate access to housing to be replenished.
The minister defended that the Executive has worked to create a model with its own regulatory structure and acknowledged the difficulties involved in launching a system from scratch.
However, he has warned that the Young Mortgage will not by itself solve the housing problem in the Canary Islands, as he considers it necessary to increase supply so that people who want to buy can find available housing.
Therefore, he has framed this measure within the set of instruments deployed during the legislature to increase residential supply and facilitate access to ownership, both for young people and older people.
The minister made these statements in the Housing commission of the Parliament of the Canary Islands in response to a question from Vox about the new young mortgage.
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