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The Pandemic Causes the Volume of Mortgage Renegotiations to Soar by 300%

Mortgage novations grew exponentially, mortgage subrogations rose by 13% and mortgage extensions were up by 12% in 2020, according to the notaries.

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The effects of the coronavirus crisis on household income last year exacerbated the need for borrowers to renegotiate their loans with the banks.

The report The effects of the pandemic in 2020 from the point of view of data from the Public Notaries, yields conclusive findings: the novation of mortgage loans during 2020, operations in which one or more conditions of a loan agreement are modified, shot up by almost 300%, or by 298%, to be specific.

Read the full article in Spanish.

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