The Youth Guarantee Law has just been published. It is already in force. With this support, young people up to the age of 35 will be able to ask the bank for 100% of the value of their home. Until now, they had to have at least 10% as a down payment on the house, because banks were prohibited from lending more than 100% of the sale or appraisal value.
But in my opinion, this support will “give birth to a rat”, because there are more criteria that young people will have to fulfill.
The only advantage is being able to buy the house now, but you will pay a very high price.
From December onwards it should be working in banks.
Pedro Andersson explains why in this episode.
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How Ovem guarantee support will work in housing credit
Savings Accounts is a podcast by Pedro Andersson, a journalist specializing in Personal Finance, who takes advantage of his car trips to talk about money. Every Monday at 7am, a new ride to start your financial week off right. Available on all podcast applications and on the SIC NotÃcias and Expresso websites.
Source: expresso.pt
