In short
- You qualify if you are 35 or younger with vocational secondary or higher education.
- The guarantee covers up to 20% of the loan, max 50,000 EUR.
- Your down payment can drop from around 20% to 5% of the price.
- The fee is 2.4% of the guarantee in year one and 2.4% of the balance each year after.
Who counts as a young specialist for ALTUM
According to ALTUM in October 2026, a young specialist is someone with a vocational secondary or higher education diploma who is no older than 35. Your age is checked on the day the bank submits the application to ALTUM, so you must not yet be 36 on that day.
You do not have to work in your field, and you do not need children. A diploma from abroad needs a certificate from the Academic Information Centre (AIC). At least one borrower must be a young specialist, and the home must be registered in that person's name. The guarantee is not available to citizens of Russia and Belarus.
How large the guarantee is
The guarantee covers up to 20% of the loan, but no more than 50,000 EUR. It runs for up to 10 years. You can get a new one once the previous one is no longer in force.
That brings your down payment down to the legal minimum: you always cover at least 5% of the price yourself. Unlike the family guarantee, the amount does not depend on whether you buy in Rīga or in the regions.
What the young specialist guarantee costs
This guarantee costs more than the family one, because you pay every year. Under the ALTUM price list in force since 6 September 2024:
- in the first year, a one-off 2.4% of the guarantee amount;
- from the second year, 2.4% of the remaining guarantee each year, paid quarterly;
- if you change the guarantee terms, 1% of the remaining guarantee.
Example: on a 20,000 EUR guarantee you pay 480 EUR in the first year. After that the fee shrinks along with the remaining guarantee. Add it to the total cost of the loan when you compare offers.
When it pays off
The guarantee makes sense if without it you would need to save for several more years while prices and rents rise. If you already have savings for a 20% down payment, you do not need it: you pay less for the guarantee and in interest.
Before you decide, work out how long it would take you to save the rest and compare that with the guarantee fee. More in the article on the down payment.
How to get it
- Have your diploma ready, plus an AIC certificate for a foreign diploma
- Apply for a loan at a partner bank: Swedbank, SEB, Luminor, Bigbank or Citadele
- Tell the bank you do not have savings for the full down payment and want an ALTUM guarantee
- The bank sends the application to ALTUM, which decides within 5 working days
- Once the fee is paid, ALTUM issues the guarantee and the bank pays out the loan
Common questions
Do I have to work in my field?
No. A diploma and enough income for the loan are enough.
Can I apply at 35?
Yes. What matters is that you are not yet 36 on the day the bank submits the application to ALTUM.
Does a general secondary school certificate count?
No. You need a vocational secondary or higher education diploma.
Which is cheaper: the family or the young specialist guarantee?
The family guarantee, because it has only a one-off 2.5% fee. If you qualify for both, ask the bank to compare.
Sources
This article is for information only and is not legal, financial or tax advice. It may contain mistakes or be out of date, so check it against official sources or with a specialist before you decide. m²cena accepts no liability for any loss or damage arising from the use of the information in this article.