The BlueBBVA mortgages are specifically for customers aged 29 or less, and offer a wide range of options with maximum flexibility, in a bid to help young people purchase their first home.
Borrowers can take out a maximum of 100% of the home’s value, with a payback duration of up to 40 years. There is a repayment-free period and up to 30% of the loan can be postponed until a final ‘balloon’ payment.
The launch of the new product is part of the BlueBBVA program, which aims to provide the best terms for those under 30. It is also part of the bank’s current strategy to develop the young customer segment, through offering products in a language that is much more in tune with this group and products that are customized for their needs.
Additional features include a choice of either fixed-rate interest for up to 25 years or variable interest from the start. Furthermore, the borrower can reduce the monthly amount payable at any time by postponing the final 10% to 30% of the loan to the last repayment date, the ‘balloon’ payment.
Our goal is to offer young people the solutions they need and the BlueBBVA Mortgage is without doubt a big step in that direction, said Javier Bernal, manager of business development and innovation for Spain and Portugal. It makes it easier for them to accomplish one of their maximum priorities: the purchase of their first home.
BBVA has also stated that it will guarantee a response to any application within 48 hours of submitting the documents at a branch.
