Although this Thursday the European Central Bank (BCE) has decided to keep the price of money unchanged, interest rates have not stopped rising since July 2022. And it has done so at an unprecedented rate since its creation in 1999: 4.5 percentage points.
With these figures, the ECB has decided to leave the main rate at 4.5% (the highest level since May 2001), while the deposit facility (the interest with which the money you keep in banks is remunerated, the most relevant in the current context) will remain at its all-time high of 4%.
The measure represents a momentary relief for mortgage holders, many of whom are experiencing difficulties in making their monthly loan payments.
But there are other formulas that allow relief for those mortgaged who, circumstantially, are experiencing difficulties in meeting their monthly loan payments.
Its about Code of Good Practices (CBP)and resource created by Bank of Spain for protect the mortgaged throughout the duration of a mortgage, during which time their economic circumstances may vary substantially, and contemplates a series of measures that banks must offer to those who drown the mortgage: a debt restructuring or offering the debtor a voluntary write-off. If the bank does not present any of these alternatives, the mortgagee may request a dation in payment to resolve what he owes.
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A mortgagee, after checking the official list on the Bank of Spain website that the financial institution with which you have contracted your loan adheres to the code, You must meet the following requirements to benefit of this relief measure: that the guarantee of the mortgage loan is the debtor’s habitual residence, that the price of the mortgaged home is less than 300,000 euros, that it does not exceed the so-called exclusion threshold.
The Code of Good Practices affects mortgage loans prior to December 31, 2022 and can be requested until December 31, 2024.
2023-11-18 07:24:04
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