February 27, 2021

The Government approves 9-month moratoriums for mortgages, loans and tourism and transportation


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The Council of Ministers approved this Tuesday to extend the coverage of mortgage and consumer loan defaults to nine months for vulnerable people, the self-employed and companies in the tourism and transport sectors, while it has extended until March 30 the deadline to request such postponements.

As reported by the Government spokesman, María Jesús Montero, after the meeting of the Council of Ministers, these measures complement the rest of the initiatives already approved to alleviate the effects of the coronavirus.

The moratorium on mortgage loans may be requested by those who pay fees for their habitual residence or for a place where their business is being developed, as well as for a rental home that has ceased to receive the rents of the tenant during the state of alarm.

The moratorium will also apply to vulnerable people who are facing consumer loans or any other type of financing with periodic installments.

Regarding the definition of vulnerable consumer, Montero has explained that it refers to people in unemployment situation, self-employed with a drop in sales of at least 40% and family units whose total income does not exceed three times the Iprem in the month prior to the request for the moratorium.

Likewise, vulnerable consumer will be considered those whose mortgage loan installments, plus expenses and basic supplies, exceed 35% of family income, as well as people whose effort to pay the mortgage on family income has multiplied by at least 1.3%.

“What we want is that people in vulnerable situations or those business environments that have been most affected by the mobility restriction can have enough instruments that allow them to meet their obligations and be able to rationalize payment commitments” , the Government spokeswoman explained.

The minister has communicated that until December 31, 2020 they have been granted 1,380,585 moratoriums and financial entities have granted, under their agreements, deferrals of the principal payment on a universe of 794,386 loans.

The Government has already extended from July to September 29 of last year the mortgage moratorium on the habitual residence and on consumer loans, in both cases for a duration of three months, although since then its recovery had been studied, as as demanded from United We Can.

Regarding the moratoriums in the tourism and transport sector, also extended, they were approved in early July by royal decree, although data from the Bank of Spain show that the number of applications and concessions has been much lower for these two types of moratoriums.

Specifically, the number of requests for legislative moratorium for real estate mortgage loans corresponding to a tourist activity stood at 1,570 until December, of which 1,362 have been processed, with a balance pending amortization of the suspended loans of more than 2,000 millions of euros.

On the other hand, the requests for a legislative moratorium on transport have amounted to 1,836, and 1,661 have been processed, reaching the outstanding balance of these suspended loans reaching 125 million euros.

The new moratoriums are in addition to the measures approved last week, which included the extension, until the end of the current state of alarm (May 9), of the possibility of requesting a moratorium or partial remission of rental housing income, when the landlord is a big fork or public entity, in order to address certain situations of vulnerability that may occur beyond January 31, the current end date of the referred period.

Likewise, contracts that can qualify for the extraordinary six-month extension of housing rentals were extended until that same date, May 9, 2021, under the same terms and conditions of the current contract, provided that it had not been reached to a different agreement between the parties and that the owner, a natural person, had not communicated the need for the home for himself, in compliance with the terms and conditions established in the Urban Leasing Law.

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