2023-06-11 00:20:34
Sunday, June 11, 2023, 00:18
The rise in interest rates has sunk the mortgage firm, while the number of debtors with serious difficulties in paying their installments has increased. That is why more and more – especially those who signed one at a variable rate – are taking advantage of the possibility of renegotiating their loans.
Restructuring the mortgage debt implies establishing a new payment plan with more advantageous conditions for the debtor. And it is a commitment acquired by financial institutions that, voluntarily, have adhered to the code of good banking practices.
It is an aid package that people with problems paying their mortgage can take advantage of. Created in 2012, its objective is the viable restructuring of debts with a mortgage guarantee on the habitual residence, and it is aimed at vulnerable families.
Since then the code has undergone several modifications. The last one, in November 2022. This new version broadens the spectrum of potential beneficiaries, who can now also be “middle-class mortgage debtors at risk of vulnerability”.
The requirements
In order to benefit from the measures contemplated in the new code -among them, the restructuring of mortgage debt-, a series of requirements must be met:
1. That the total income of the members of the family unit does not exceed the limit of 3.5 times the annual IPREM of 14 payments (29,400 euros by 2023). If any of these members has a disability greater than 33%, a situation of dependency or permanent work incapacity, the income limit rises to 4.5 times the IPREM (37,800 euros).
And it will be 5.5 times the IPREM (46,200 euros) if the debtor has cerebral palsy, mental illness or intellectual disability with a degree equal to or greater than 33%, or with a physical or sensory disability equal to or greater than 65%. Also in cases of serious illness that accreditedly incapacitates the person or their caregiver to work.
2. That the mortgage payment exceeds 30% of the net income of all the members of the family unit (gross income minus taxes and contributions).
3. That one of these premises is fulfilled:
-That the percentage of income of the family unit used to pay the mortgage (effort rate) has multiplied by at least 1.2 between the time of submitting the application and the previous four years.
-That there has been some family circumstance that causes a special vulnerability, among those contemplated by the regulations. One of them is that one of the members has a disability of more than 33%, a situation of dependency or illness that makes them permanently unable to work.
A second circumstance is that one of the cohabitants of the debtor with up to a third degree of kinship or affinity (spouse, uncles, nephews or great-grandparents) is in a situation of temporary or permanent disability, dependency or incapacity due to serious illness.
Finally, that one of the people that make up the family unit is a victim of sexual or gender violence.
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