The Spanish government will approve on Tuesday mortgage relief measures such as extending loan repayments for up to seven years for more than one million vulnerable households and middle-class families, the economy ministry said on Monday.
The ministry said the new measures, which would be given the go-ahead at the government's cabinet meeting, would be adopted pending final negotiations with Spanish banking associations.
Under the framework, banks will provide mortgage support for vulnerable families through an amended industry-wide code of good practice. The income threshold has been set at 25,200 euros . Grace periods allow borrowers to delay payments on the principal of the loan without being charged late fees and not resulting in default or loan cancellation.
Vulnerable families that spend more than 50% of their monthly income to repay their mortgage, but do not meet the condition set out in the previous code of a 50% rise in their mortgage payments, can take advantage of a two-year grace period.
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