UP charges against the agreement between Calviño and the bank for vulnerable mortgagees
The spokesman for United We Can in Congress, Pablo Echeniquehas criticized the government initiative to alleviate the mortgage burden of vulnerable families through an agreement with the bank, pointing out that “leaves many families out” and “it’s barely going to reduce the mortgage payment.” In a message posted on his Twitter account, Echenique referred to “the measures that Vice President Calviño has leaked,” which, in his opinion, “almost do not touch the obscene benefits of the bank.”
In this same message, the deputy has assured that from his parliamentary group they will continue working “to limit the abusive increases of truth”. The ‘purple’ proposal to protect vulnerable mortgagees, included in a bill registered last September, goes through a temporary cap on the rise in variable-rate mortgages.
The measures that Vice President Calviño has leaked are voluntary, they are barely going to reduce the mortgage payment, they leave many families out and they hardly touch the obscene benefits of the bank.
We are going to continue working to limit truly abusive increases.
— Pablo Echenique (@PabloEchenique) November 22, 2022
The independentistas celebrate the agreement
On the part of ERC, Gabriel Ruffian has welcomed the initiative of the Ministry of Economic Affairs, although it has indicated that still need to see the fine print. “In principle, it seems good to us that citizens be helped around the mortgages with which they are falling,” he pointed out in the halls of Congress.
In the meantime, Ferran Bellfrom PDeCAT, has stressed that the initiative this is a “significant advance” and from his group they are predisposed to “be able to collaborate” in the processing of the decree, which will be approved today by the Council of Ministers.
More facilities for the conversion of fixed-rate mortgages
The package of measures announced by the Ministry of Economic Affairs will act in three ways: improving the treatment of vulnerable families, opening a new temporary framework of action for families at risk of vulnerability due to the rise in rates and adopting improvements to facilitate the early amortization of credits and the conversion of fixed-rate mortgages.
For vulnerable mortgage debtors (with incomes of less than 25,200 euros per year, three times the IPREM) The Code of Good Practices approved in 2012 will be expanded and reinforced, so that they can restructure the mortgage loan with a reduction in the interest rate during the 5-year grace period (up to Euribor -0.10%, from the current Euribor +0.25). Likewise, the term to request the dation in payment of the house will be extended to two years and the possibility of a second restructuring is contemplated, if necessary.
Households with income of less than 25,200 euros per year who spend more than 50% of their monthly income to pay the mortgagebut that do not meet the current criteria of a 50% increase in the mortgage effort, may avail themselves of the Code with a grace period of 2 yearsa lower interest rate during the grace period and an extension of the term of up to 7 years.
The Government trusts that all entities will join
The negotiation that the Government maintains with the bank employers’ associations (AEB, CECA and UNACC) and with the Bank of Spain still open, in the absence of closing the last details. The Vice President and Minister of Economic Affairs, Nadia Calviño, has expressed her confidence that all financial institutions apply and join the measures to alleviate the mortgage burden for the most vulnerable and middle-class families.
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