Kirsty Mckenzie
THE Construction Confederation has unveiled proposals to use European funds to help youngsters in Spain buy their first homes.
The employers association has urged the government to take advantage of the pool of the European funds to activate a guarantee system to cover the 20% of the price of the property.
Banks would also collaborate, with Santander Bank launching a pilot programme to grant mortgages of up to 95% of the price of the house.
A similar initiative to the one implemented the UK’s ‘Help to Buy’ scheme that helps first-time buyers climb onto the property ladder.
Introduced in 2013, the scheme from the UK Government has enabled people to buy new-build homes with a 5% deposit with up to 20% of the property’s sale price covered by a government loan.
These loans are aimed at young people who have the capacity to pay, but have no savings, and who will have to provide a personal guarantee for the first five years.
The organization believes the best way to extend the proposal is through the draft of the new Housing Law that is being prepared by the Spanish Government.
It intends to launch during the second quarter of this year.
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