The Spanish Government approves the Mortgage Moratorium

The Mortgage Moratorium has been approved for those with a mortgage loan who are financing their habitual residence and who are in a situation of "economic vulnerability" that, as a consequence of this health crisis, remain unemployed or in the case of being a businessman or self-employed person, suffers a substantial loss of sales or income, equal to or greater than 40%. Another assumption that can be accepted for the Mortgage Moratorium supposes that, in the month prior to the moratorium request, the total income of the family unit does not exceed the limit of three times the IPREM (Public Monthly Income Indicator of Multiple Effects), the ceiling would be around 537.84 euros, since the amount of interest in the general IPREM is 1,613.52 euros. This limit could be increased for each child in charge of the family unit, by 0.1 times (53.78 euros). If the family unit is single-parental, the applicable increase per child will be 0.15 times the IPREM (80.67 euros). For each person over 65 who is part of the family unit, it may be increased 0.1 times (53.78). In the event that any of the members of the family unit has a declared disability greater than 33%, is in a situation of dependency or has a disease that permanently incapacitates her or him for work, the limit will be four times the IPREM (2,151.36 euros). In the event that any of the members of the family unit has a declared disability greater than 33%, a situation of dependency or an illness that permanently incapacitates them to carry out a work activity, the limit will be four times the IPREM, it is say 2,151.36 euros. Other scales are also planned, such as for people suffering from cerebral palsy or mental illness, among others. The moratorium will also be eligible for those cases in which the mortgage fee, the expenses for basic supplies, are equal to or greater than 35% of the net income, which is received by all the members of the family unit. Or if as a consequence of this health emergency, the family unit has suffered a significant alteration in its economic circumstances. That is, when the effort that represents the mortgage burden on family income has been multiplied by 1.3.

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