Can young people get a mortgage to buy a house?

Property prices have risen by 20% over the past five years. In addition to the purchase price, there are other costs such as registration fees, notary fees and deeds. However, Tim Spellemans, one of our experts in housing credit products, believes that young people still have an opportunity to buy a home.

“People buying a house or flat for the first time can, in principle, borrow up to 90% of the purchase price. And in some cases, it is even possible to borrow up to 100% of the purchase price. In this case we make sure that there is a good balance between what you spend on the housing loan and what you have left for daily living.”

That said, you will still have to pay the additional costs of the purchase price out of your own pocket. “If you don’t have enough money to buy a home, I advise you to make an appointment with an advisor at your bank,” explains Tim Spellemans. “He or she will be able to explain the various ways of building up the necessary personal contribution.”

It is becoming increasingly common for parents and grandparents to financially contribute to the purchase costs. “Of course, not everyone can do this,” admits Tim Spellemans. “But if parents or grandparents can afford it, they can help their children or grandchildren achieve their dream of buying a home.”

About Ask Your Bank

At BNP Paribas Fortis, we want to help you gain a greater understanding of money matters, which is why we asked more than 1,000 Belgians what their main money-related questions and concerns are. With the Ask Your Bank series, we aim to make your life easier by addressing those matters in a fully transparent way: another example of Positive Banking.