It is often said that in the world today it is harder and harder for youg people to get a foot on the property ladder. But many governments are moving to combat this issue, including in Italy. The offerings provided by the banks for first home mortgages for young people under 36 in Italy is growing as a result of the government's Sostegni-Bis Decree (Legislative Decree no. 73/2021). Although slower than the growth in demand, banks are adapting their offerings to this demand. Here are what the banks are offering as first home solutions for young people according to MutuiSupermarket.it.
Demand for young people's first home loans is growing
According to the MutuiSupermarket.it Observer, the demand for first home loans from those under 36 has grown from 38% in January to 50% in September. In particular, there has been a concentration of demand from young people for high Loan to Value (LTV) mortgages, which has risen significantly, from 44% in July to 62% since August.
However so far, few banks have taken to the field in the "homes for young people" operation: the offering of mortgages that finance over 80% of a property's purchase price is still limited and not all institutions offer or advertise a dedicated offer, which, enjoying the Consap guarantee, would offer subsidised interest rates.
Updated offers for young people's first home loan 2021
Below we provide the details of the best offers from the banks identified by MutuiSupermarket.it for a first home loan for young people. The figures provided are based on a simulation of a first home purchase at fixed and variable rates made by a 34 year old permanent employee with a monthly income of €2,400 on a property located in Milan with a value of €220,000, with a requested amount of €200,000 and the duration of the loan 30 years.
Rank
| Institution
| Spread
| Nominal Anual Rate (TAN)
| Installments
| Annual Percentage Rate (TAEG)
|
|---|---|---|---|---|---|
| 1 | Intesa Sanpaolo (with Consap guarantee) | 0.95% | 0.39% | €699.80 | 0.44% |
| 2 | BPER Banca (with Consap guarantee) | 1.15% | 0.65% | €722.48 | 0.76% |
| 3 | Crédit Agricole (with Consap guarantee) | 1.25% | 0.70% | €726.72 | 0.87% |
| 4 | Intensa Sanpaolo | 2.15% | 1.59% | €808.36 | 1.71% |
| 5 | AVVERA | 2.60% | 2.04% | €851.61 | 2.29% |
Rank
| Institution
| Nominal Anual Rate (TAN)
| Installments
| Annual Percentage Rate (TAEG)
|
|---|---|---|---|---|
| 1 | Intesa Sanpaolo (with Consap guarantee) | 1.15% | €767.40 | 1.20% |
| 2 | Crédit Agricole (with Consap guarantee) | 1.05% | €758.28 | 1.25% |
| 3 | BPER Banca (with Consap guarantee) | 1.15% | €767.40 | 1.27% |
| 4 | BNL | 1.55% | €804.58 | 1.72% |
| 5 | Intensa Sanpaolo | 2.40% | €887.19 | 2.54% |
| 6 | AVVERA | 2.50% | €897.23 | 2.76% |
First home loans for young people: Intesa Sanpaolo and Credit Agricole the most active
As we have seen, the most active institutions using the Consap guarantee are Intesa Sanpaolo and Crédit Agricole. Intesa Sanpaolo uses the Consap guarantee exclusively for young people under 36 who can demonstrate an Indicator of their Equivalent Economic Situation (ISEE in Italian) not exceeding 40,000 euros, while applicants with a higher ISEE can have access to the bank's standard offer which does not use the Consap guarantee. Crédit Agricole's high LTV offer is dedicated to all young people under 36 regardless of ISEE.
BNL does not offer benefits from the Consap guarantee. It has however, launched an offer dedicated to young people under 36 with reduced preliminary costs that finances up to 95% of the purchase price of the property. This is only the case however, provided that the appraisal certifies a value well above the purchase price, which makes it possible to keep the loan amount within 80% of the appraised value, despite being a higher percentage of the purchase price.
Avvera of the Credem group has not launched an offer dedicated to young people, but it is one of the few institutions that in its standard offer provides mortgages to finance up to 95% of the purchase price of a first home, without using any state guarantee.
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