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What it is

Lowering interest rates for mortgage holders in financial hardship

Admitted step 2 of 7 · Unfinished

It is a members’ bill. Introduced by parliamentary groups, the Senate, regional governments or citizens. It was introduced on 15 September 2022. Introduced by: Grupo Parlamentario Confederal de Unidas Podemos-En Comú Podem-Galicia en Común.

Official title: Private member's bill on the temporary reduction of the differential applicable to variable rate mortgages for habitual residence in situations of economic vulnerability.

Follow this law

Source: Congreso de los Diputados, file 122/000253· updated 11 Nov

Automatic summary, not yet reviewed

  1. The bill would temporarily reduce the interest rate on variable-rate mortgages for a primary home, setting it at Euribor plus 0.10%, for one year, for debtors in economic vulnerability.
  2. Vulnerability would mean earning up to 1.5 times the IPREM A public income indicator used in Spain to set income limits for benefits and aid. (or up to 3 times per family unit, with more room for children, people over 65, or disability), and paying a mortgage payment plus basic utilities of at least 30% of net income.
  3. To prove vulnerability, applicants would submit documents such as a municipal registration certificate, a sworn statement on income, and a property registry report. Missing documents could be replaced by a sworn statement explaining why.
  4. The bank would be required to apply the reduction within 15 calendar days of the request, and it would have to be formalized in a public deed and recorded in the Property Registry.
  5. Anyone who benefits without meeting the requirements would be liable for damages and costs, which could not be less than the benefit obtained. Notary and registry fees would be paid by the bank, with a 50% discount.
  6. Banks would have one month from the law's entry into force to inform their customers about this option. The law would take effect the day after its publication in the Official State Gazette.

Who it affects

  • People with a variable-rate mortgage on their primary home who struggle to pay it.: They could request an interest rate reduction for one year.
  • Family units with low incomes or with children, members over 65, or disabilities.: They have higher income limits to qualify.
  • Financial institutions.: They would have to apply the reduction within 15 days, inform customers within one month, and pay the formalization costs.
  • Notaries and property registrars.: Their fees would be cut by 50% for these deeds and registrations.

Words worth knowing

Diferencial (spread)
The amount added to the Euribor to calculate the interest rate on a variable-rate mortgage.
IPREM
A public income indicator used in Spain to set income limits for benefits and aid.
Declaración responsable (sworn statement)
A document where you declare that you meet certain requirements, under your own responsibility.
Nota simple (property registry report)
A document from the Property Registry showing who owns a property and any charges on it.
Euríbor (Euribor)
The reference rate used to calculate the interest on most variable-rate mortgages in Spain.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 2 of 7 steps. It reached Admitted, and today it is unfinished.

  1. Introduced15 September 2022Someone registers the text in the Congreso.
  2. Admitted20 September 2022The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsnot reachedGroups propose changes.
  4. Committeenot reachedA committee goes through the text in detail.
  5. Plenarynot reachedAll 350 deputies vote.
  6. Senatenot reachedThe Senate can pass it, amend it or veto it.
  7. BOEnot reachedIt is published in the Official State Gazette (BOE) and comes into force.
See the 6 official steps on a timeline
Sept 2022Dec 2022Mar 202311. 15 September 2022: Presentación22. 20 September 2022: Boletín Oficial de las Cortes Generales Publicación desde 20/09/2022 hasta 23/09/202233. 20 September 2022: Calificación44. 23 September 2022: Gobierno Contestación desde 23/09/2022 hasta 31/10/202255. 31 October 2022: Pleno Toma en consideración desde 31/10/2022 hasta 30/05/202366. 30 May 2023: Concluido - (Caducado) desde 30/05/2023 hasta 16/06/2023

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

The legislature ended before it finished. To go on, someone would have to introduce it again in the new Cortes.

It has not been presented again yet.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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