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Banks prepare private moratorium accessible to all

10 NOVEMBER 2023
Topics
Bancos Governo Moratórias Prestação da Casa Crédito Habitação Despesas Incumprimento Crédito
As well as fixing the amount of the instalment for two years, the private moratorium eliminates the exclusion requirements of the public moratorium.
Banks prepare private moratorium accessible to all
Source: Freepik
Author: Redaction

On 2 November, the government's new measure came into force, which allows house instalments to be fixed for two years for families having difficulty paying their mortgage. However, some banks are preparing to present a private moratorium, similar to the state moratorium, with the difference that this measure should not have exclusion criteria.

In order to join the government's support, certain criteria must be met, namely:
  • Have a contract prior to 15 March 2023 and not be in default;
  • Have taken out a home loan with a variable interest rate or mixed interest rate, if it is in a period of application of the variable rate;
  • Not having access to the Default Risk Action Plan (PARI) or the Extrajudicial Procedure for Regularising Default Situations (PERSI).
The exclusion criteria will mean that many families will not be included in the measure, hence the banks' proposal for a private moratorium. In other words, these requirements will not be taken into account for the purposes of exclusion from the private moratorium, and the decision on whether or not to allow access to this measure will be left exclusively in the hands of the financial institution.

All the other aspects of the moratorium are similar. It is expected that the private moratorium will also allow the amount of the mortgage instalment to be fixed for two years at an amount equivalent to 70% of the 6-month Euribor. In turn, the payment of the deferred capital, accumulated during this period, should also be spread over the remaining years of the contract.

Topics
Bancos Governo Moratórias Prestação da Casa Crédito Habitação Despesas Incumprimento Crédito
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