The month of September often comes with many additional expenses, which adds to the already challenging life struggle for many families. cover your monthly fee mortgage. Due to the recent rise in interest rates and the difficulties faced by many households in coping with these payments, the Spanish Government has made several statements: help for mortgages for this month. Here’s a quick guide to understanding these benefits, accessing them, and easing the financial burden.
Tips before you seek help with a mortgage payment
There are strategies you can adopt before you reach the critical point that puts your home at risk:
- reduce expenses: As obvious as it may seem, reviewing and adjusting your monthly expenses can make a big difference.
- contact your bank: Before considering the issue of default, try to renegotiate your mortgage terms with your financial institution. Sometimes a simple conversation can open the door to workarounds.
Mortgage assistance: Requirements and benefits
If you are still having difficulties after trying the mentioned alternatives, there are several help available:
This law, which is aimed at those in a situation of vulnerability, offers various measures according to the income status of the applicant. To qualify, your mortgage:
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Be attached to your main residence.
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Not signed after December 21, 2022.
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Purchase value not exceeding 300,000 euros.
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It shows that there has been a significant change in the family economy in the last 4 years.
- Families whose income is less than 25,200 Euros: Depending on the increase in the effort rate, they will have access to grace periods, reduced interest rates, extension of the repayment term and in extreme cases will be able to request a partial withdrawal or date on payment.
- Families with income up to 29,400 Euros: Families who allocate more than 30 percent of their income to housing loans and increase their installments by 20 percent or more can freeze their payments for 12 months or switch to a fixed interest rate.
Young people under 35 and families with children can request ICO approvalsThe government will guarantee 20% of the mortgage, thus facilitating full financing for the housing purchase. This procedure can be administered directly with the institution from which the mortgage is claimed.
As a result, if you run into difficulties meeting your mortgage this September, mortgage assistance available, it might be the solution you’re looking for. Be sure to research and sue help pay off the mortgage the one that best suits your circumstances. You are not alone in this job!
Source: Informacion
James Sean is a writer for “Social Bites”. He covers a wide range of topics, bringing the latest news and developments to his readers. With a keen sense of what’s important and a passion for writing, James delivers unique and insightful articles that keep his readers informed and engaged.