The small print of the government-approved mortgage moratorium It is a stumbling block for many candidates who, being affected by the economic crisis caused by the coronavirus pandemic do not meet the demanding requirements collected in the royal decree-law.
Firstly, the moratorium is limited to the mortgage for the acquisition of the habitual residence, which leaves out self-employed people or small businessmen who face a mortgage with which they bought, for example, the place where they carry out their activity. .
And as the measure is collected in the royal decree, the moratorium would only be for a period of one month, a period that is taken for granted that will have to expand due to the intensity of this crisis and the duration of the alarm state.
The bank is more than willing to collaborate and advocates freeing families with the most troubles in these times from paying mortgages, although it warns that with current regulations after three months they would have to consider the delinquent loan and make provisions.
In addition, the royal decree-law that came into force last week establishes that four vulnerability assumptions must be met to access the moratorium, one of them is not enough, so the measure is more restrictive than other initiatives From the past. To access the moratorium, the first requirement is that the mortgaged is unemployed or has lost more than 40% of his sales if he is a self-employed or professional, but it will also require three more conditions.
The family income set should not have exceeded 1,600 euros in the previous monthAlthough this amount may be slightly exceeded depending on the number of children you have or if there is any member over 65 years of age or with a disability.
Even having fulfilled the two previous requirements, following the fine print of the moratorium, banks could not grant this measure of grace to their clients if the mortgage installment, plus basic expenses and supplies do not reach 35% of the net income of the family.
And last but not least, the economic situation must have made the effort represented by the mortgage burden on family income multiplied by at least 1.3. The entities offer the maximum collaboration to study each case and find a solution for the families hit hard by this new crisis.
Banks have offices that are still open to the public, but to avoid displacement during these days, they offer customers remote assistance to resolve doubts about the moratorium and even collect forms on their websites to ask for it. The problem appears when compiling the documentation that accredits the vulnerability assumptions at a time when the Administration is practically paralyzed and electronic management does not work in all cases.
The list of documents is overwhelming, starting with a certificate issued by the benefits management entity, which shows the monthly amount received as unemployment benefits or subsidies. In case of cessation of activity of a self-employed worker, a certificate issued by the Treasury or the corresponding autonomous body is required, based on the declaration of cessation of activity declared by the interested party.
It is also necessary to prove the number of people living in the house, with the family book or a document proving a domestic partnership; a registration certificate for people registered in the home, a process that many corporations cannot do electronically. And if applicable, a declaration of disability, dependency or permanent incapacity to carry out a work activity.
Likewise, to demonstrate ownership of the assets, you must provide a simple note from the Registry index service of the Property of all the members of the family unit, as well as the deeds of sale of the house and granting of the mortgage loan.
Once the moratorium has been requested and approved by the entity, as long as all the requirements have been met and all the documentation is available, the intervention of a notary remains.
It is true that most of these professionals have electronic means to record their work, but it cannot be overlooked that since the approval of the mortgage law in 2019 for issues related to this type of loan, a minimum of two visits.
Overcome all this, banks have 15 days to apply the moratorium and inform the Bank of Spain. And from that moment, they will no longer be able to execute the early maturity clause, or demand payment of the fee or any of the concepts that comprise it, and they will not earn interest.