From the end of April the Spanish government introduced different measures of support. Non-residents are entitled (not officially, but still it is widely used by the number of banks on practice) to pay interest only for a period of one year, postponing payment of the loan principal.
The reason for this handsome gesture of banks is quite prosaic – banks do not want to get more property “on hands”, which may happen in case of people’s failure to repay mortgage.
Some banks even propose mortgage holidays – non-residents can be discharged from all payments up to three months. Then, for the following 9 months you will have to pay only mortgage interest. Thuswise, total term of period mortgage relaxation amounts to 12 months (1 year).
Each application is reviewed on a case-by-case basis. But once again – do not hesitate to exploit the opportunity.
THANK YOU FOR YOUR INTEREST
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