My son is going to buy his first home. Can he apply for an ICO loan to reduce debt?
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A person has written to inquire about obtaining an ICO loan to reduce a mortgage of 160,000 euros for their child's purchase of a 300,000-euro home. The ICO's guarantee program for first-time homebuyers does not provide direct financing but offers a public guarantee to facilitate obtaining a mortgage for up to 100% of the home's value.
In this case, since the mortgage only covers 53.3% of the home's price, the ICO guarantee would not provide a practical advantage. To access these guarantees, the buyer must be under 35, have a family with dependents, or meet certain income and asset limits, and apply through a participating bank.
Written by urgent.news from El Pais Economia's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
