These variable mortgage supports began today to help families in need cover mortgage costs more easily. The official journal of the Generalitat Valenciana explained that up to 600 euros can be provided to vulnerable groups with variable-rate loans. Read on to learn all the details about this new mortgage relief available in the Valencian Community.
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Variable Mortgage Assistance: Application Window
Applications for the aid open on Thursday, May 25 and run through September 15. The program targets households facing difficulties keeping up with mortgage payments.
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Who qualifies for variable mortgage assistance in the Valencian Community?
To be eligible, a household’s annual gross income must be at or below 33,600 euros, which places them in the vulnerable category. Applicants must hold a variable-rate mortgage used to acquire a primary residence, formalized before June 30, 2022, with an interest rate review after April 1, 2022, and the loan amount should not exceed 240,000 euros.
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When the mortgage burden equals or exceeds 25,200 euros, the payment must exceed 40 percent of annual gross income, and it must exceed 50 percent for families with annual gross income between 25,200 and 33,600 euros.
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How to request help with variable mortgages in the Valencian Community
Applications are submitted electronically through the Generalitat Valenciana’s electronic center. Applicants should include mortgage information and the property tax receipt for 2021 for the habitual residence. A responsible statement listing all family members, excluding the applicant, must also be provided.
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How to obtain help with variable mortgages
Two aid amounts are available based on annual gross income and the mortgage burden:
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Households with a gross annual income up to 25,200 euros and allocating at least 40 percent of their income to mortgage payments can receive 600 euros.
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Households with annual gross income between 25,200 and 33,600 euros and allocating at least 50 percent of income to mortgage payments can receive 300 euros.
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Don’t wait too long to claim these benefits. Applicants should book an appointment. The Ministry of Finance and Economic Model provides all the necessary details to access the application. This is a chance to ease the mortgage load with variable mortgage relief.