Spain to offer aid to homeowners amid interest rate shock via IrishTimesBiz
The measures, which are included in a banking industry code of good practice, are expected to come into effect in January. Although the banking sector has broadly supported the plan, it was yet to sign off on the measures on Tuesday, as the Association of Spanish Banks analysed the details.
A total of 3.7 million Spanish homeowners have variable-rate mortgages, which until recently had dominated the market. However, the economy minister said that around three-quarters of new mortgages being taken out are at fixed rates, because of the sharp rise in interest. The annual income threshold to be eligible for the measures was set at €25,200.
Meanwhile, an income threshold of €29,400 has been set for potentially vulnerable middle-class families wishing to benefit from new softer rules regulating their mortgages, including the possibility of a one-year freeze on repayments and an extension of loans if they become overly burdensome.
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