Difficulties paying your mortgage? Do you know what the Code of Good Practice is?


The measures contained in the Code of Good Practice, in force since 2012, are intended to alleviate the financial and social situation of households having difficulty paying their mortgage instalments. Financial institutions sign up to the code voluntarily, but the application of its measures is mandatory for those that sign up.

These protective measures are aimed at those mortgage borrowers:

The measures of the code will also apply to guarantors of the principal debtor or non-debtor mortgagors with respect to their primary residence.

If you meet the requirements, the bank will propose, as a first step, a plan to facilitate your payment of the mortgage through debt restructuring. If this plan is not viable, you can request a debt reduction (voluntary on the part of the institutions) and, lastly, a deed in lieu of foreclosure.

And remember, in any case, that given the current pandemic you may be entitled to the legal moratorium on the payment of your mortgage that we have informed you of previously.

You can find all the information relating to the Code of Good Practice in the Mortgage debtors without means section, and the answers to the most common doubts in the Frequently asked questions section.

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