More than one million families with financial difficulties can now take advantage of the new mortgage subsidies. Marifé Fariñas, from the 11Onze Back Office team, tells us what they are and who can benefit from them.

The Code of Good Practice approved last November modified the regulatory framework to help those households with a mortgage and in a vulnerable situation due to the rise in interest rates. The new measures, designed for families at risk of vulnerability, are valid from 1 January to 31 December 2023.

As Fariñas explains, “it is a package of measures to help families pay their mortgage loan”. Households covered by the new measures will be able to defer payment in instalments up to 5 years, only paying interest at a reduced EURIBOR rate, and with the possibility of extending the total term of the mortgage for up to 7 more years. Even so, it must be taken into account that banks are not obliged to adhere to it, the measures will only be compulsory for banks that join the Code.

Who can benefit

Families with an income lower than 25,200 euros per year and living in homes of up to 300,000 euros will be able to benefit from the aid provided for in the reform of the Code of Good Practice.

On the other hand, families with an income below 29,400 euros, who have a mortgage taken out until 31 December 2022, who have suffered a mortgage burden of more than 30% of their income and whose income has risen by at least 20%, “will be able to freeze their repayments for 12 months, applying a lower interest rate on the deferred loan, and extend the repayment period by up to seven years”, says Fariñas.

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