A loan for young couples is often the only solution that allows you to buy an apartment. Popular in recent years, government support programs for people wishing to buy their first apartment have already ended. Very few people can benefit from the current National Housing Program, if only because of the limited number of flats available only in specific locations. The only option for young spouses to buy an apartment if they do not have enough money to buy it is cash, mortgage or family support. stratiawire.com for further explanation
If you want to get a loan for an apartment for young married couples, you must prove your creditworthiness and impeccable debt history to both spouses. In this respect, banks treat young marriages in the same way as informal couples who want to apply for funding.
Credit for young marriages – what conditions must be met?
Customer credibility and creditworthiness is the most important issue for the bank.
Creditworthiness is a prerequisite that must be met in order to receive a loan. It depends on creditworthiness, among other amounts of credit granted and all conditions related to it. In the case of young marriages constituting a joint household, creditworthiness is calculated on the basis of the combined income of both spouses (unless they have previously signed an interpreter and only one of them is the borrower).
The costs of repayment of other liabilities (e.g. cash loans, credit cards) are deducted from this sum. As a rule, banks require that all our credit obligations do not exceed 50% of our income. However, it should be remembered that each bank has its own methodology for calculating creditworthiness and the amount of our future liabilities can vary significantly in many banks.
Credit credibility is related to the credit history appearing in the Credit Checker database. Preferably, your credit history should be impeccable (no delay of more than 30 days in repayment of previous obligations, overall repayments of previous installments or loans).
To check that our history is impeccable
We can download a Credit Checker report – the only condition is to set up an account at the Credit Information Bureau. From the content of the report, we will find out what our score is. The higher the rating, the greater the chance of getting a loan.
When we have not taken any loans so far, this situation, unfortunately, works to our disadvantage, because we become a potential debtor a great unknown for the bank.
It is worth thinking about it before you apply for a loan. Purchases of small home appliances in installments or short-term cash loans repaid on time will certainly increase our financial credibility in the bank’s assessment. A better short and unquestionable credit history than its complete absence.
What to look for when choosing a home loan for young couples?
The choice of a bank offer should not be taken lightly, because we are committed to repayment for many years and this decision must be well thought out. The most important loan parameters to consider are:
- checking the total amount to be repaid (including interest, commissions, margins, etc.)
- installment amount and own contribution
- loan period
- installments equal or decreasing
- early loan repayment option
It should be remembered that choosing housing loans for young married couples is not always the best offer. Analyzing all the provisions of the agreement, it may turn out that taking a loan will involve launching additional banking products or extending the process of obtaining a loan by the need to provide additional documents not required by another bank.
To protect yourself from making a too hasty and often very expensive decision on choosing a mortgage, it is worth turning to an experienced financial expert in advance. The expert will analyze our creditworthiness free of charge, determine the amount of credit we can apply for, propose the most optimal solution for us and provide us with support throughout the entire loan application process.