Mortgages. Cartoon of 23/10/2022 in CTXT

Little is known about this issue at the moment. What we read is that the banks and the Ministry of Economy are studying aid for families whose mortgages rise by 30%.

What the banking bosses are proposing is to extend the period for paying mortgages to families with annual incomes that do not exceed three times the IPREM

I have to laugh at the thought of anyone believing that the banks are going to sacrifice themselves by taking the risk of losing as much as they can earn and more.

Extending the term of mortgages that become more expensive by at least 30% after their revision is not a help, it is stretching out the sentence and we will have to know what conditions this so-called “relief” will have and how much this stretch in interest will ultimately cost in the future.

Moreover, what is known for now is that this so-called Code of Good Practice (more laughter), if approved, would not be compulsory and each bank could apply it or not and would be free to add more measures, or none at all.

In short, much ado about nothing, it is nothing more than a “we’ll see”. A simple announcement of the supposed willingness of some banks to renegotiate certain mortgages, provided they feel like it, of course.

But that’s the kind of headlines that the banks tend to make, to the delight of the media who happily accept them, hollow bombast.

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