Facilitate the mortgage payment to more than a million families. This was the promise that the Government launched to justify a hasty mortgage agreement with the banks in November. But not even half of the homes advertised as Star measure to protect them from the unstoppable rise of the Euriboras reported to Vozpópuli by internal sources from one of the large banks of the Ibex.
The banks resisted a deal, but the threat that the hard wing of Podemos in the Government hardened his speech precipitated that the majority of the entities took advantage of the measures. The pact was made in three ways.
A first that reinforced relief for vulnerable households covered by the Current Code of Good Practices and for incomes of less than 25,200 euros per year. In this case, the interest rate can be lowered during the 5-year grace period (up to Euribor – 0.10% from the current Euribor + 0.25), and the possibility of carrying out a second debt restructuring and the extension to two years of the term to request the dation in house payment.
In the second aspect of the agreement the scope of application of said code was extended so that those households that do not meet the prerequisite of increasing the mortgage effort of 50% can access a grace period of two years, a more favorable rate during that period and the extension of up to 7 years on their loans. In this case, the government estimated that more than 300,000 families would be welcomed.
And to comply with the demands of the second vice president, Yolanda Díaz, to reach the middle classesthe Executive forced an agreement to create a new code that would allow families with incomes of less than 29,400 euros per year to alleviate the financial burden of mortgages subscribed until December 31, 2022, by freezing the quota for 12 months and the extension up to 7 years of the credit amortization term.
This last point was the one that raised the most blisters among the banks, due to the cost that it could entail via provisions and which was finally resolved with an accounting change to avoid a direct reclassification of the loans as delinquent. Nadia Calviño, economic vice president, estimated at about 700,000 households the possible beneficiaries before the escalation of the euribor.
Only 13% of the mortgage portfolio
Well, the banks have already done the numbers and consider that the mortgaged people who could benefit from these measures will not reach the promised million. In fact, They reduce the potential universe to about 750,000 homess, less than 13% of the outstanding mortgage portfolio that entities currently have on balance.
Even, as pointed out by one of the large entities, the forecast of the internal teams is that the families that choose to take advantage will be left far behind, because They will try to continue paying their installments normally and thus prevent the interest bill from rising with the extension of the loans.
Another of the star measures was to eliminate the commission for the transfer of variable to fixed mortgages. But the banks believe that it will be decaffeinated because they have made the offer more expensive with interest for life”
From one of the big banks of this country they explain to Vozpopuli that the total number of clients that can join the mortgage agreement, in his case the figure does not even reach 3% of the total. “The fact that only three out of every hundred mortgage clients can be under the umbrella of the mortgage agreement is a failure,” says a senior bank manager.
Other of the great measures of the pact was the elimination for all those mortgaged of the commission, which is applied for the transfer of a variable rate to a fixed interest to cover itself from the fluctuations of the price of money. The banks rule out that it will cause an avalanche of requests to change the type of loansince it is not considered a very clear incentive when the offer of fixed mortgages has become more expensive to between 3% and 4% in most of the sector.