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Banks Offer New Deferrals of up to One Year on the Payment of Mortgage Principals

Each deferral will be implemented through a personal loan, a modification to the mortgage loan or by another financially equivalent formula.

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José María Roldán chairs the AEB.

Banks will defer the repayment of mortgage principals for clients affected by the fallout from coronavirus for up to twelve months on their first home mortgages and consumer loans, which means that they will only have to pay the interest.

The banks and savings banks associated with the AEB and CECA have communicated that they will also defer the payment of the principal on personal loan contracts linked to consumption, but in these cases for a period of up to six months. This means that clients will only pay the corresponding interest on said loans, which will significantly reduce the monthly instalments that they have been paying until now.

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