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Date Published: 19/12/2022
ARCHIVED - Financial assistance in Spain: How to get government help if you cannot pay your mortgage
This is the Spanish government aid to help you pay your mortgage in 2023

If you have a mortgage with a variable interest rate in Spain, you will surely have noticed the rise in interest rates recently and the amount you are paying each month.
The increase in mortgage repayments, together with the sharp rise in house prices and inflation, is making it difficult for some people to make ends meet.
To make things easier for property owners in Spain with a variable-rate mortgage, the Government has recently approved a series of measures to help people make their mortgage payments on their primary residence.
These are the requirements to qualify for the aid to pay your mortgage in Spain:
- You must have a mortgage on your home and the purchase price was not more than 300,000 euros
- Your salary must be less than 3.5 times the IPREM salary rate (i.e. 29,400 euros per year for the year 2023
- The mortgage repayment amount must make up more than 30% of your salary
- Your mortgage repayment instalments must have gone up by at least 20%
If you meet all these requirements, you will be eligible to receive the following assistance for two years:
- A freeze on your mortgage repayment amounts for 12 months
- Change the variable interest rate for a fixed one
- Extend the term of the loan up to 7 years
If your salary is less than 25,200 euros a year (3 times the IPREM) and you spend more than 50% of your monthly salary on paying back your mortgage and your monthly repayment amounts have increased, you can:
- Request a grace period or payment break of 2 years
- Pay a lower interest rate during this grace period
- Extend the term of your mortgage payment up to 7 years
As for the interest rate, this will still be payable during the grace period, but it will be lowered to the Euribor amount minus 0.1%.
There are several other conditions and more mortgage aid that can be received in Spain, depending on your circumstances. To learn more, applying for this government mortgage repayment assistance, and for all help with your financial health and legal issues in Spain, contact Abad Abogados Lawyers.
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