What is a moratorium on the mortgage payment?
Between themeasures adopted in RDL 11/2020,reference is made tomoratoriums on mortgage loan installments.This consists ofthe possibility of deferring mortgage paymentsfor a period of time, and without this entailing added costs. The term, so far, is one month.
As additional information, interest may not be earned for the duration of the moratorium. Nor can you request to record with a different interest than usual during this deferment of payment.
Without a doubt, it is a very attractive headline that can lead us to write a quick email to our bank, surely for most it would be a respite. However,not all of us are eligible to do so.Who is the so-called "mortgage moratorium for?
- The home mortgages of natural person, owner and lessor of said homes, which has ceased to receive the income since the entry into force of the Alarm State, or stop receiving it until a month after the end of this.
- Mortgage loansintended for the acquisition of habitual residence,
- The real estate mortgages affected by the economic activity of self-employed entrepreneurs.
The requirements by which we can be made eligible, or not, to grant a moratorium on the mortgage payment, are restrictive to theparameters of what it calls “economic vulnerability”.They are those that, if fulfilled, the financial institution cannot refuse to grant this moratorium on the payment of the mortgage.
Another alternative to all this situation is to use the Code of Good Banking Practices, to which the vast majority of banks and credit institutions adhere or to negotiate with the bank entity a deficiency in the case of need.
What requirements make you eligible for the mortgage moratorium?
- Have lost your job or in the case of self-employed, have a substantial loss of income or sales of at least 40%
- That the family unit, understanding residents in the habitual residence and regardless of age, in the month prior to the request do not have income that exceeds:
- In general, 3 times the monthly IPREM, that is, 1,613.52 euros
- Increasing 53,78 euros, per dependent child and older family member 65 years. In the case of large families it will be 80.68 euros
- If any of the members of the family unit has a 33% disability, accredited, the limit will be 2,151.36 euros, plus the corresponding amounts for dependent children.
- Yes the mortgage debtor is a person with cerebral palsy, with mental illness, intellectual disability Equal to or greater than 33% or physical or sensory disability equal to or greater than 65%, as well as cases of serious illnesses that, accredited to the person or their caregiver, to carry out work activity, the limit will be 2,698.20 euros.
In addition to these income limits, additional requirements must be met.
- That the mortgage payment, plus basic expenses and supplies, must be equal to or greater than 35% of net income that all the members of the family unit perceive. They consider basic supplies: electricity, gas, diesel for heating, running water, fixed and mobile telecommunication services and the expenses of the community of owners corresponding to the habitual residence.
How and where should the moratorium be requested?
To request this moratorium, you must contact the entity directly. There are entities that have enabled forms to be able to send the demands, in others, it will be convenient to contact the designated advisor.
It is requested the presentation of a series of documents that certify compliance with the requirements provided by law above.
- In the case of an unemployment situation, a certificate from the entity that manages your benefits where the income is indicated (or the lack thereof)
- For own-account workers (self-employed); certificate from the State Tax Administration Agency - or the competent body in each community - indicating the cessation of the activity.
- In order to test thenumber of people living in the householdor particularities regarding the family unit: Presentation of the family book (or document that accredits the unmarried partner), registration certificate of the members and the declaration of disability, dependency or incapacity if necessary.
- To demonstrate theproperty ownership, the simple index note of the Property Registry is requested from all members of the family unit. Likewise, the deed of sale and mortgage.
- Document containing thestatement certifying compliance with the requirements imposed by law.
Once requested, the bankhas 15 to grant the moratoriumbecause of the COVID-19 crisis.
ATTENTION: It should be taken into account that all these measures will be valid until the end of the Alarm State and with a maximum of one month.
Hopefully this information will help you. to facilitate a better understanding of the legal texts of the royal decrees that have measures on the impact on the ability to pay of Spanish families during this period.
We remain available for any questions or clarification
We attach the links of:
RDL 6/2012, urgent measures to protect mortgage debtors without resources.
Second Chance Code.
Resolution of January 24, 2020, List of entities adhering to the Code of Good Practice