The banking sector welcomes the proposal announced this Wednesday by Caixabank to freeze mortgages for a year to cushion the rise in interest rates, to which must be added the increase in prices, within the framework of talks with the Ministry of Economic Affairs to support mortgage debtors with greater difficulty in making payments.
According to sources confirmed to Europa Press, the proposal has been received positively by the rest of the entities, but there is no final decision on it, as there are also other proposals and talks are continuing. In any case, these sources assure that it is the most widely accepted measure.
It has not yet been specified since when the freeze would be applied and at what interest, if part or all of the increase in installments is reversed after the rise in Euribor, for which debtor or from what situations could it be requested. These sources specify that, rather than address the rise in rates, the proposal would come to anticipate a possible situation of difficulty for mortgage consumers who may be affected in the future by more expensive energy bills and basic products.
In this sense, they assure that the proposal put forward by CaixaBank is developed outside the Code of Good Practices, recalling that during the pandemic moratoriums were proposed on the payment of mortgages that were also outside these recommendations. This code, they point out, adheres to the definition of vulnerable personand yet in this crisis there is a risk, not yet materialized, they stress, that people with more resources may find themselves in difficulty because their bills skyrocket.
Risk of increasing future installments
From Asufin (Association of Financial Users) they value positively freezing the interest rate of variable mortgages to cushion the escalation of the Euribor, but they warn that mortgage moratoriums could lengthen the term of mortgages and fatten the remaining installments.
«Es bread for today and hunger for tomorrowgiven that the interest that is not charged during the stipulated period of time (6, 12 or 24 months) will be deferred in the rest of it and will end up fattening the remaining installments“, they have indicated from the association.
Therefore, Asufin’s proposal is that next year the bank does not apply a new increase to these mortgages corresponding to future increases in the index. “We understand that it is a reasonable offer given that it is not that the bank is going to lose but it is not going to earn as much, for the benefit of the relief of the families“, he pointed out.