This is how the Young Mortgage that Canarias will approve is, designed to facilitate access to the first home

The Governing Council of the Canary Islands has approved this Monday, at the proposal of the Minister of Public Works, Housing and Mobility, Pablo Rodríguez, the draft decree regulating the Canary Islands Young Mortgage-My First Home Program, an initiative promoted by the Executive to facilitate access to housing for the young population of the archipelago.

After this approval, the next step will be the request for an opinion from the Consultative Council of the Canary Islands, a prerequisite for the final approval of the decree and the launch of the program.

The initiative will allow young people between 18 and 40 years of age to access financing of up to 95% of the acquisition value of their first home, thus exceeding the usual limit of 80% typically offered by financial institutions. The program will not establish an age limit for large or single-parent families.

The Executive will develop this measure in collaboration with the adhering financial institutions, which will assume the direct management of applications and mortgage processing.

The Canary Islands Executive has defined this program as "a decisive step to facilitate the emancipation and access to decent housing for thousands of young Canary Islanders who, despite having economic solvency, find difficulties in gathering the prior savings currently required by financial institutions".

The Canary Islands Young Mortgage responds to a "real demand" and is part of the Canary Islands Government's strategy to expand housing access opportunities and offer effective solutions to one of the main problems facing citizens.

Requirements to access the program

Among the requirements to access the program are having legal and continuous residence in the Canary Islands for the two years prior to the application, not owning another home, except for certain exceptions, and dedicating the acquired property to habitual and permanent residence for a minimum period of two years.

Likewise, the net worth limit of the applicant, or of each of them in case of joint acquisition, may not exceed 150,000 euros.

Furthermore, the income of the applicants may not exceed five times the IPREM (Public Indicator of Income for Multiple Effects). In case of acquisition by two applicants, their joint income may not exceed the sum of the limit established for each of them. This amount will be increased by 0.3 times the IPREM for each dependent minor. In the case of single-parent families, the aforementioned income limit will be increased by 70%.

Regarding the homes, they must be located in the Canary Islands and have a maximum purchase price of 250,000 euros, excluding taxes and associated expenses. The program will include both new and used homes, free or protected private developments.

A roadmap to expand access to housing in the Canary Islands

Housing has become one of the main priorities of the Government of the Canary Islands during this legislature, with the promotion of a package of reforms, urgent measures, and specific programs aimed at increasing the residential supply, reducing administrative times, and facilitating citizens' access to decent housing.

Among the main initiatives developed by the Executive are the approval of the decree-law of urgent measures in housing matters, aimed at accelerating the availability of land and the execution of residential developments; the decree for the streamlining of urban planning license processing and the promotion of housing construction, a rule of an urgent nature designed to reduce administrative delays in the granting of licenses and favor the launch of new developments; and the regulatory modification that eliminates the lottery system in the allocation of public housing, prioritizing social, economic, and real need criteria of the applicant families.

Likewise, the Government has activated different lines of aid to promote youth emancipation and facilitate access to housing, such as subsidies aimed at promoting home ownership by young Canary Islanders, the Canary Young Mortgage, and rent subsidies, both in their general modality and specifically aimed at the young population. With these actions, the Executive continues to consolidate a comprehensive housing strategy to respond to one of the main social challenges of the Canary Islands.