The Director General of the Canary Housing Institute, an autonomous body attached to the Ministry of Housing of the Government of the Canary Islands, Pino de León, intervened this week on Radio Lanzarote-Onda Cero to explain what the future Young Mortgage My First Home of the Canary Islands consists of.
De León reported that the recipients to participate in this program are people between eighteen and forty years old, although in the case of large or single-parent families the age limit is eliminated. Among the requirements, the price of the home cannot exceed 250,000 euros, while the economic income of the family unit or the applicant cannot exceed 5.5 times the IPREM.
"When we are going to acquire our first home, most citizens acquire it through mortgage loans and financial institutions have only been able to grant 80% of the financing with respect to the price of the home for some time," began the head of ICAVI, who added that the remaining 20% must come "from the savings of families and individuals," representing "a very important barrier."
The ability to save 20% to access a mortgage is increasingly complicated due to the constant increase in housing prices. Therefore, the Canary Executive proposes to cover up to 95% of that financing through banks.
Currently, the draft of this decree was approved in the Government Council of the Canary Islands and the opinion of the Consultative Council was requested, which is mandatory for the program to move forward. De León explained that the Consultative Council now has a period of 30 days to issue its opinion and if there are any objections, they must be applied afterwards.
The head of ICAVI has indicated that the objective is for this program to be approved again in the Government Council from July onwards and can move forward.
For the moment, financial entities must adhere to the program through an agreement. "We are leading this issue from the Government to talk with all financial entities so that all, if possible, all those present in the Canary Islands, adhere to it and therefore there is availability," she added.
Listen to her intervention on Radio Lanzarote-Onda Cero
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