The BE publishes the guide and the simulator of support measures for mortgagors experiencing financial hardship.

31/03/2023

Most of us need to take out a mortgage loan when we buy a home, since our savings are usually insufficient to cover the cost. Our mortgage, due to its amount and duration, is usually the most important financial operation we undertake in our lives. Moreover, given its duration, we may encounter changing financial situations that make it difficult for us to make our monthly payments at some point.

Since 2012, mortgagors who meet the established requirements have a tool specifically designed to address this situation: the Code of Good Practices. The recent approval of Royal Decree-Law 19/2022 reinforces this protection mechanism and expands it with the creation of a new Code, applicable until the end of 2024, which seeks to alleviate the impact of rising interest rates.

To facilitate understanding of the Code and other additional, more general measures, the Banco de España website has just published the “Guideline of tools for mortgagors experiencing financial hardship”, which explains its scope in simple language with concrete examples.

Along with the Guide, the Bank Customer Portal also publishes a simulatorAbre en ventana nueva that will help mortgagors to check if they are eligible for the Code and the impact on their finances.

The Guide and the simulator supplement the general information contained in our Mortgagors Experiencing Financial Hardship section.

In any case, before requesting the application of any of the measures, your first port of call should be the financial institution with which you took out the loan, since it is responsible for carrying out a comprehensive analysis of your situation.