The bank is shaking off the bad figures that were recorded in April on the approval of mortgage moratoriums requested by customers due to the impact of the coronavirus. And, in just one month, the increase in requests that have been approved has more than doubled.
According to data from the Bank of Spain, at the end of May the financial sector had approved a total of 208,698 mortgage deferrals, which include requests from employees and the self-employed, and both for homes and other properties such as premises, small offices or warehouses. The figure far exceeds the scarce 65,559 approvals recorded at the end of the fourth month, and also improves the ratio of ongoing operations to requests received.
So, and while in April only 29% of the cases had been given the green light, in May the percentage reaches 80%. However, the sector has yet to respond to almost 50,000 procedures, plus new ones that are requested, which means that one out of every five files has not been processed.
Remember that These mortgage moratoriums are covered by the measures approved by the Government in the first weeks of confinement to try to mitigate the economic impact of Covid-19 and the effects on mobility and activity restrictions. To qualify for this temporary suspension of the mortgage loan payment, it is necessary to meet certain requirements, such as having lost a job or being in an ERTE situation in the case of a worker, or having suffered a significant loss of income in the case of employees. autonomous. In addition to housing, the self-employed They can also request a moratorium on the mortgage of the properties related to their economic activity (commercial premises, offices …).
According to the financial supervisor’s data, the mortgage moratoriums approved to date add up to a balance of 18,833 million euros, a figure that represents 4% of the total stock of loans that currently exist. Most of the beneficiaries are salaried, who represent more than 70%. Within the self-employed, the main benefits belong to sectors linked “to commerce, hospitality and other services, followed at a certain distance by professional, scientific and technical activities, transport and construction.” Together, these sectors represent more than 75% of the total moratoriums for the self-employed that have been implemented to date, “according to the document of the body led by Pablo Hernández de Cos.
The same happens with moratoriums on unsecured loans. In this case, the Bank of Spain maintains that 383,320 processes had been requested at the end of May, of which 318,751 are in progress. The outstanding balance of the suspended loans stands at 2,345 million euros, which represents a scant 1.3% of the total balance of this type of loan.
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