It will Affect Over 1 Million Vulnerable Households

Spain Government, Banking Sector Agree Package Of Measures To Ease Mortgage Burden

Spanish mortgages.
Spanish mortgages.

Norbolsa | The Spanish Cabinet ap­proved November 22th a pac­kage of mea­sures aimed at ea­sing the fi­nan­cial burden of one mi­llion fa­mi­lies who have been af­fected by the hike in in­terest ra­tes.

Households with an annual income of less than 29.400 euros, with mortgages registered up to December 2022, will be able to benefit from these measures, when the mortgage payment accounts for 30% of income and has seen a rise of 20% due to the increase in interest rates.

In these cases, the banks will have to offer the possibility of freezing the quota for 12 months, a lower interest rate on the deferred principal and an extension of the loan period of up to 7 years.

And, finally, facilitate the change from a variable rate to a fixed rate, eliminating the commissions on this change during 2023.

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