Face the payment of the mortgage It has become complicated for many families in Spain. He Euribor and the continuous rise in interest, has had the consequence that many people see the amount of their monthly loan payments increase uncontrollably. As if this were not enough, in this situation, the Bank entities It is creating more obstacles to access these products, so access to housing is even more complicated.
To alleviate this situation and help to the people who are having a hard time making this payment, the Government of Spain implemented relief measures last year. As the problem of mortgage payments continues to persist, the Executive has decided to expand the criteria to access these measures. The goal is to reach more families and help everyone who needs it.
So you know, by expanding these established criteria to access help for pay the mortgate, maybe you will have the opportunity to access it. But what does this help consist of? If you meet the requirements to benefit from this goverment helpyou should know that if they grant it to you, they can offer you three options:
- Temporary suspension of mortgage payments.
- Extension of the amortization period.
- Granting waiting periods.
NEW CRITERIA FOR MORTGAGE HELP
As explained by the economic vice president, Nadia Calviño, the objective of expand the criteria for access to aid is to improve the effectiveness and reach of these measures. It should be remembered that until now, only households with incomes of up to 25,200 euros. However, now households with annual income of up to 38,000 euros. A welcome expansion due to the few signs of improvement in the situation that are expected by experts.
Mortgage payment has become a problem for many people
Calviño has also stated that these mortgage aid measures are not the only ones that the Government of Spain has implemented to alleviate the economic situation of the Spanish people. In this way, he recalled that mortgage relief is framed within a safety net. This contains other protection measures for the most vulnerable such as Minimum Vital Income (IMV), ERTE or rental moratoriums.
But there is even more, Calviño has also announced that there will be changes in the mortgage law. This change in regulations will aim to make the change in mortgage interest rates cheaper. But when will it materialize? According to the economic vice president, the change from a variable rate mortgage to a fixed rate mortgage It will have no cost from 2024.
THE CURRENT CRITERIA DID NOT COVER THE OBJECTIVES
But it will not be the only change that will undergo a beneficial measure for mortgage holders. Well, those who have contracted a mixed-type mortgage, that is, one that combines variable interest with fixed interest, will lower their cost from the current 0.15 percent, up to 0.05 percent. These types of changes cover two consumer complaints:
- On the one hand, they try to promote competition and transparency in the mortgage market.
- In addition to adapting to the preferences of consumers, who increasingly opt for fixed or mixed rate mortgages.
If the objective was to help those people who could not afford the mortgage payment, the criteria established until now were not sufficient. According to data published by the Bank of Spain, only 10 percent of the almost 55,000 applications received by banks from clients who wanted to take advantage of the mortgage relief measures have been approved. So if you meet the new annual income requirements, you can Go to your bank and request help.
2023-12-26 12:05:24
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