Mortgage holidays
 

Hi, I am wondering if anyone has been successful in obtaining a mortgage holiday on their holiday home, in light of the current climate with coronavirus?

Re: Mortgage holidays
 

The key word is holiday home.

Personal liability

Under the provisions of Spanish law, mortgage debt is personal and unlimited. This means that if you default on your payments, the bank can claim on all your assets worldwide, not just on the property in Spain. So, for example, if the repossession of your Spanish property does not cover your mortgage debt, the bank has the right to come after your assets outside of Spain.

Recent news:
The source told Reuters that many of the people that had made contact did not meet the “the most basic conditions” for mortgage relief set by the government.
Under the rules to get a break, the mortgage payments have to be more than 30 per cent of household income and there is an income ceiling as well.
In addition, anybody who is out of work due to the State of Alarm, has to produce a document proving that they were unemployed.

Re: Mortgage holidays
 

Hi
Thank you for answering my question, much appreciated, however, I will also wait and see if anyone else has information/opinion.
I do know of someone who has secured a mortgage holiday, with a Spanish bank, but have their property in Portugal.