Mortgage relief for ‘vulnerable’ homeowners available from tomorrow as part of Spain’s COVID19 emergency package


ELIGIBLE homeowners in ‘a state of vulnerability’ due to coronavirus can request a moratorium on their mortgage from tomorrow (Thursday, March 19) and up until 15 days after the official end of the decreed COVID19 extraordinary measures.

Requests for a postponement of payment should be actioned within 15 days of receipt.
Mortgage-holders can currently request a moratorium until May 3, which will last between one and three months.

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The move is detailed in the royal decree-law of extraordinary measures, published today (Wednesday) in the Official State Bulletin (BOE), following Spanish Prime Minister, Pedro Sánchez’s announcement yesterday that a €200 billion relief package has been put in place to fight the economic fallout of the coronavirus.

The measures include delaying mortgage payments, easing social security contributions and allowing employees who need to care for dependent relatives to reduce their workday by as much as 100 per cent.

With regards to a moratorium, there are a number of conditions and requirements, for example, the mortgage holder must be able to prove their “vulnerable circumstances” to the lender, together with proof of income and outgoings, ownership of property, number of occupants and any dependants.

Just last week, the Spanish Banking Association (AEB) said the Government should not impose a moratorium on the payment of interest by businesses affected by the coronavirus.

It said there is a code of good conduct which Spanish banks follow and many are restructuring debts with mortgage guarantees on housing while also looking at other sectors that are suffering.

The association added that the financial institutions are demonstrating their support for the self-employed and small businesses by introducing new credit lines worth hundreds of millions of euros.

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