The bank offers a two-year grace period on the payment of the principal of the mortgage loan to clients whose monthly payment increases and this represents at least 50% of the income of the family unit. It is one of the measures for the group of vulnerable clients that the sector has put on the table of the Ministry of Economy, to try to close an agreement.
Another of the changes with respect to the initial draft that circulated a few weeks ago is that the support measures would be activated in the event that the mortgage payment rises by 20% and not 40% as initially expected. The other big modification is that the increase in the loan life for the vulnerable can be more than 5 years, which was the initial proposal. Of course, the limit cannot exceed 40 years.
This afternoon a meeting is scheduled between the representatives of the financial sector and those of the Ministry of Economy. The holder of the portfolio, Nadia Calviño, is pressing to close an agreement as soon as possible, setting this week as the maximum date. The objective is to seal it as soon as possible to take it to the Council of Ministers and that it enters into force on January 1.
The entities and the Government have been battling for weeks over a solution for the increase in mortgage payments after the Euribor skyrocketed. With the latest increases in the interest rates of the European Central Bank (ECB), the reference rate for mortgages is at 2.8% so far in November, above the 2.6% average with which closed October.
The transfer to loans is assuming that families start paying hundreds of euros more per month in reviews, with an annual bill that is exceeding 2,000 euros in many cases. By way of example, in a 30-year variable mortgage of 150,000 euros and with a 0.99% Euribor differential, the payment of installments will mean 2,612 euros more per year, according to iAhorro calculations.
Given the context of high inflation and possible crisis, the room for maneuver has narrowed for families, with less money available to cover all fronts. With that in mind, Calviño yesterday urged the entities to come up with a solution by the end of this week. Among other measures, the Executive seeks for entities to facilitate the change from variable to fixed rate mortgages, as well as the extension of payment periods and deficiencies, the latter in line with what was presented today by the entities.
