Youth mortgage scheme extended to all families with children, with no age limit
The Canary Islands’ Hipoteca Joven (Youth Mortgage) scheme has been expanded to cover all families with children, regardless of the parents’ age, as part of new measures aimed at helping residents buy their first home.
Under the changes approved by the Gobierno de Canarias, the scheme will no longer be limited solely to applicants aged up to 40. Families with dependent children will now also be eligible, even if they are over that age threshold.
The reform is set out in a new decree that introduces a public guarantee line known as Mi Primera Vivienda (“My First Home”). The programme is specifically designed to support families with children, with particular focus on large families and single-parent households, who are among those facing the greatest barriers to entering the property market.
According to the regional government, these families are increasingly affected by rising house prices, a lack of available homes, and difficulties saving enough for a deposit, despite having stable incomes.
The changes follow a public consultation on the decree held last April, during which authorities identified the need to extend the original age limit from 35 to 40, and to widen eligibility to families with minors in their care.
In addition, the maximum purchase price of a property eligible for the government guarantee has been increased to €250,000. This figure applies to the price of the home itself and does not include associated costs or taxes, such as notary fees or property transfer tax.
The updated scheme is intended to make it easier for both younger buyers and families with children to secure mortgage financing in the Canary Islands’ increasingly competitive housing market.
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