The average age of Canarians who apply for a mortgage to buy their first home is 34 years old, according to data collected by Hipotecagratis in the last year. The average amount of loans granted for the purchase of housing in the two provinces amounts to 145,000 euros.
The age at which Canarians acquire their first home is within the Spanish average and parallel to the rest of the provinces of the country, in which the average age of purchase exceeds 30 years in all cases. Savings banks, as Hipotecagratis has been able to verify, are the entities that grant the highest number of mortgage loans.
In the case of refinancing, the average age of Canarian applicants is 41 years and the loans that are signed have an average amount of 114,577 euros. Hipotecagratis has detected an increase in requests for this type of financial product and analyzed several of its causes.
Property prices in the Canary Islands are currently considered contained, given that for the moment they are not as exorbitant as in the large cities of the Peninsula. This means that the debt ratio calculation carried out by financial institutions results in simpler operations to approve, despite the fact that salaries are lower than in the rest of the country.
Housing in the Canary Islands revalued by 9.4 percent in the interannual period 2004-2005. This increase in the cost of their homes allows Canarians to access refinancing, since the purchase they made some time ago has generated solvency that authorizes them to reach other investments. The success of this financial product lies in the possibility of canceling all debts, with the only condition of having a house in property, despite being mortgaged. This formula allows you to benefit from a lower interest rate and, in general, a longer repayment term than the original.
The client turns to refinancing in the face of the need for credit for different purposes, but fundamentally for the payment of debts of various origins that have been accumulating over the years. That is, most of these clients require a unification of their loans. Secondly, there are clients who need financing to be able to face works or reforms or for consumer goods, among which the purchase of vehicles stands out. Finally, there are people who want to apply for a second mortgage. This case usually occurs in couples who have increased the number of family members and need a home with more space.
