Do you want to buy a house or flat but you can't get it with your savings? Then you need to know how to get fully financed from a mortgage.

The first thing you should keep in mind is that it is not very common for a bank to lend a customer a full mortgage.

This is due to Legal Regulation 2/1981 that prohibits banks from financing mortgages for more than 80 percent value.

How to receive a total financing of a mortgage?

Normally, banks advance a certain amount to owners who want to buy a home.

In general, this amount is usually a maximum of up to 80 percent of the total value of the home.The remaining 20 percent must be put up by the owner.

In other words, banks usually finance up to 80 percent of the value of a property, be it a house or apartment.

Or what is the same, a partial mortgage of up to 80 percent.

The problem is that many owners don't have enough savings to cover the rest of the money they have to pay.

Fortunately, there are formulas to get a bank or entity to lend us the outstanding amount of money for our house.

The first is to go to a bank that grants 100 percent of a mortgage. Taking into account that most only finance a maximum of 80 percent, we must go to those who provide the total.

What banks grant 100 percent mortgages?

Currently, there are 3 entities that allow you to fully finance a property. These banks are the following:
Liberbank.
Bankinter
Deutsche Bank.

There are only 3 entities and it is possible that one of them will finance a mortgage on favorable conditions.

In case none of these entities convince us, we have other options as long as certain conditions are met.

These are the following:

Request a personal loan and add it to the mortgage

This option is not always worth it. First you have to take into account the interest paid in each case. In addition, not all banks are willing to grant a personal loan and that we pay two monthly installments.

On the other hand, we must take several things into account: the first, the risk of delinquency is high in the case of requesting two loans.

Also, if we want the bank to grant us a personal loan that acts as 20 percent of the mortgage, we must convince the bank that we can pay.

For this, it is logical that the bank needs guarantees by consulting our bank profile.

Having a stable job, no debt, not being on any list of delinquents and being a client that does not cause problems are some of the conditions to present solvency to the bank.

Introduce a mortgage guarantor

A guarantor is a person that many banks request as a guarantee when giving a mortgage. The normal thing is that another home is used to demonstrate to the bank that we can pay the mortgage.

The problem is that many buyers don't have a second home, instead they do have someone who can act as guarantor.

This figure or person is called a guarantor and has the same value and guarantee as a property. This is someone who can cover the costs of the loan in case we cannot pay it.

The logical and recommendable thing is that a guarantor is someone trustworthy and solvent. Normally, he is usually someone in the family such as parents, grandparents, etc.

Have a property as guarantee

If before we talked about the figure of a guarantor, now we are referring to a guarantee in the form of another property.

If we are lucky enough to have a second home, we can use it as guarantee to mortgage and get full financing for the new home.

Buy and wait to reform

Bearing in mind that it is not always easy to get the full amount of a mortgage and even more so if we have to add more expenses such as: notary and paperwork that usually represent between 2 and 7 percent of the value of the mortgage.

Another important expense is the reform and arrangements of the property. We can always give up fixing the house or flat to do it later if we don't get the full mortgage.