Diversified financial group Banco Bilbao Vizcaya Argentaria has launched its new blueBBVA mortgage, a product designed for young people.
The new mortgage is part of a wider program, known as blueBBVA, which aims to meet the financial and non-financial needs of the under-29s.
The new blueBBVA mortgage has an interest rate indexed to Euro interbank offered rate minus 0.25 basis points in the first year, and is aimed at low-income young people who wish to purchase their first home.
In addition, the Banco Bilbao Vizcaya Argentaria (BBVA) has raised the limit for its mortgage signing bonus to 1%, from E1,500 to E3,000. The combination of the two incentives represents a saving of E225 on the monthly repayments for a E150,000 mortgage.
To qualify for this loan, the value of the home must be no more than E150,000 and monthly income must be less than E1,500 in the case of a single borrower or less than E2,500 in the case of joint borrowers.
For young people who do not meet these conditions and who have higher income, the bank has boosted the 1% bonus by raising the E1,500 threshold to E3,000.