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Mortgage Moratorium Applications COVID-19

Posted by Michel B. on 17/05/2020

Spanish financial institutions have received 228,322 requests for a moratorium with a mortgage guarantee and 296,924 requests for a moratorium on loans without a mortgage guarantee in the framework of the support measures approved by the Government to mitigate the impact of COVID-19. These are data at the end of April, published by the Bank of Spain.

The information only includes the moratoriums derived from the application of the measures approved by the Government. But not those that have been freely agreed by agreement between the entities and the debtors.

228,322 mortgage defaults have been filed and

Of the 228,322 mortgage moratorium requests, to date 65,559 deferrals have been granted to 96,994 petitioners. Of which 72.6% are salaried and 27.4% are self-employed. The outstanding outstanding balance of the suspended loans amounts to 6,525 million euros.

Among the self-employed petitioners, it stands out that 23% belongs to the hospitality sector and 22.2% to the wholesale trade. They are followed by transportation and storage (6.5%), construction (6.2%), professional, scientific and technical activities (5.45%) and manufacturing industry (5.3%).

As for moratoriums of loans without mortgage guarantee, of the 296,924 requests, a total of 59,163 have been granted as of April 30. And the balance pending amortization of the suspended loans stands at 585 million euros.

64,537 people have benefited from the deferment in the payment of credits, 70.1% salaried and 29.9% self-employed. Within this last group, it stands out that 22% of beneficiary debtors belong to the hospitality sector, 20.1% to the wholesale and retail trade, 5.2% to professional, scientific and technical activities, 4.6% to construction, 3.6% to artistic, recreational and entertainment activities and 3.6% to manufacturing.

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