New previews in interviews between Government and the bank to approve a strategy mortgage help lower income with payment problems due to the escalation of the Euribor. The Ministry of Economy he just moved into the industry through his employers AEB (banks) and ECSC (former savings banks) who wants a double action plan, as confirmed by several financial sources. Hence, the department he heads Nadia Calvino intends update and flex the 2012 Code of Good Practices for the restructuring of mortgages for vulnerable customers. And in parallel, you want to create a specific framework for action to alleviate the financial burden of mortgages it do not incur in the requirements of vulnerability of said code but which can also suffer discomfort to meet their debts.
This executive approach is the first response to the proposal that they have transferred banks three weeks ago. The institutions have proposed a single provision: extend in five years (up to a maximum of 40) i duration of mortgages variable rate on the first home signed since 2012 in cases where the shares go up at least 30% after its revision for the rise of the Euribor. So that the mortgaged could benefit from it, they proposed some only slightly more flexible requirements compared to those of the Code 2012. But Economy did not consider this approach sufficient.
The ministry wants Zoom in and make it more flexible Code of Good Practices, as it was done in 2013, 2015, 2017 and 2019. The reason is that that text was designed In a very different context, where the par I was in all-time highswhen now the problem is the increased financial effort to pay for the European Central Bank (ECB) rate hike. Current measures of that code include the debt restructuring: periods of lack in the payment of capital e rate reduction interest rate (at Euribor plus 0.25%) for five years, extension of the deadline to a maximum of 40 years and, if that were not enough, you remove in debt (generally 25%) and the dates of the property in payment of the credit.
lightening of the load
In addition, Economy has transferred to the banks it wishes to Action framework with measures of lightening of the load financing (not debt cancellation) for other families today they are not considered vulnerable but have severe difficulties to meet the payments made to them to be at risk become vulnerable. Whether it would have been done as a remains to be seen addendum to the annex to code 2012 or Independent. “We are working with entities so that, Beforelet’s take a range of tools and measures that can alleviate the plight of those families who can be seen in a situation of vulnerability due to rapidly rising rates and those families who are at risk of vulnerability, “he said. Calvin In the past week.
In the 2012 code, requirements vulnerabilities are defined as having some family income annual payments that do not exceed three times the public multiple effect income indicator (IPREM) of 14 payments (i.e., 24,318.84 euros, currently); have undergone an increase in the last four years payment weight of the mortgage on rent relative of at least 1.5 times; and have one To share mutual greater than 50% of the net income of all members of the household. The government thinks redefine these criteria given the rise in rates in a context of employment stability, it remains to be seen how the requirements that will have to be met by the beneficiaries of the framework of action for the non-vulnerable in difficulty will be defined.
denial of the problem
In the banking sector, in any case, there are visibly disturbed voices. “That could really be the risk there is no problembecause the figures of blackberry do not reflect it and the production of recent years is much more cautious and will certainly continue to perform its obligations smoothly, the reaction imminent of political class is to look at the mortgage and say: what are you going to do to solve this problem you created“, he criticized this Tuesday Javier Rodriguez Pelliterogeneral secretary of AEB.
Related news
Within days of the Evaluation Company, the employer’s executive defended the current economic problems of the citizens They do not derive mainly from the increase in rates, but from the increase in energy, fuel and trolley. “We are on a rate hike that has been rapid, but we continue types of 2 and a certain percentagethat these are not tall guys, this it’s a joke. However, almost all of them average opens every day with the news on dramatic rate hike of interest and mortgage payments, “he said.
Rodriguez Pellitero, on the other hand, stressed that the mortgage market does facilitated access to housing broad strata of society for 40 years, but that the “excesses by all “of the bubble means that in recent years it has “bad press”. “The mortgage in Spain mainly due to the perception of some media and political groups, in particular of certain political groupshe is guilty and his existence must be forgiven, “he lamented.
