Canary Islands will guarantee 15% of mortgages requested by residents up to 40 years old

The Government of the Canary Islands will launch the young mortgage plan at the beginning of 2025, to help young people from the Canary Islands to access their first home, and through which the Executive will guarantee 15% of the loans requested by residents between 18 and 40 years old to buy a house that does not exceed 200,000 euros.

The Minister of Public Works, Housing and Mobility of the Government of the Canary Islands, Pablo Rodríguez, responded to a question from the Nationalist group this Tuesday in the Parliament plenary to detail what this program will consist of, which is aimed at the purchase of the first habitual residence of young people.

He specified that the Canarian Executive will guarantee the 15% that the financial entity does not finance, which generally requires people to have 20% saved in order to approve a mortgage, which does not allow many young people to access the purchase of a house.

In another question about the measures planned against speculation in housing, made by the socialist group, the Minister stressed that the Executive has modified the housing law so that public protection is permanent and thus "combat speculation".

In addition, he reported that the Canarian Housing Institute has never had so many resources and this year one thousand public homes will be built and the next one thousand more, "historical numbers, although insufficient" for the Minister.

In his opinion, "the key" to fighting speculation is to promote public and protected housing, as well as mobilize houses that are closed with tax incentives for their owners.

The deputy of the PSOE Patricia Hernández, in addition to asking for more measures to fight against speculation, recalled that 40% of the houses that are bought are from large holders.