Asufin’s complaint: mortgages with guarantee will not access the aid of the Code of Good Practices

There are more and more cases that come to Asufin that could assume the mortgage with one of the will not access measures, however, the bank tells them that it will have to be their guarantor who takes care of the situation. In summary, mortgages with guarantee would not be able to access the aid of the temporary Code of Good Practices. What is Asufin? First of all, we must clarify what Asufin is , it is the “Association of Financial Users”. This association of financial users was founded in July . Its main objective is to inform, train and defend all financial users . It is an association made up of banking consumers . They seek ways to improve financial education and protect consumers by influencing Spanish and European regulations.

Asufin’s complaint

Asufin has denounced that mortgages with collateral are automatically outside the Code of Good Practices. The objective of this aid is to reduce the impact generated by the rise in rates on mortgage debtors who are at France Phone Number List risk of vulnerability. Due to the lack of possibilities for mortgages with collateral, Asufin requests the First Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, to review the code to be able to include this type of mortgage loans . The association even indicates, through a statement, that the existence of a guarantor in a large part of the mortgage loans could be behind the low impact that the relief measures have had, which the Bank of Spain has warned about in its Report. Spring Financial Stability Report. In summary, Asufin assures that, to apply the relief measures, the code establishes that it must be a credit or loan that does not have other guarantees.

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The new temporary Code of Good Practices

To put ourselves in context it is necessary to talk about the new Code of Good Practices. Through the Code of Good Banking Practices measures. Objective is to restructure mortgage debt. If the first measures are Panama Phone Number List not sufficient, it is possible to access the offer of. A write-off of part of the debt . In the event that the latter are not sufficient either. A dación en pago can be propos through the delivery of the home on which the mortgage is. Thus, there are a series of measures prior to payment that can be appli. For example, the lack of capital or interest and the extension of the loan term. On November , , a new Code of Good Practices came into force . This is a temporary code, it has a duration of two years . The objective of this new Code of Good Practices is to reduce the negative effects by the financial situation resulting from increases in interest rates.

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