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More Housing Programme: find out how much you can save on your mortgage

28 ФЕВРАЛЯ 2023
Темы
Compra de Imóveis Crédito Habitação Mais Habitação
See if you are eligible for this support and find out how to calculate it.
More Housing Programme: find out how much you can save on your mortgage
Source: Unsplash
Author: Redaction

One of the measures included in the document with the Government's proposals for housing - called Programa Mais Habitação (More Housing Programme) - is a support for families, in the form of a subsidy - reduction - of the value of the mortgage instalments they will pay to the bank in 2023. The SUPERCASA Notícias team analysed the document and, based on the available information, we tried to simulate your case.

What is the maximum value of the support?

First of all, the maximum value of the annual support cannot exceed 1.5 times the value of the IAS - Social Support Index, a reference for payments of State support to families, which, for 2023, was fixed at 480.43 euros. In other words, the maximum value of this reduction in benefits to be paid in 2023 is EUR 720.6 / year (EUR 480.43 x 1.5).

Who is eligible?

The document establishes a series of requirements or starting conditions, cumulative, so that families can benefit from this subsidy.
  •     The purpose of the mortgage contract must be for the Acquisition of a Proper and Permanent Residence;
  •     The credit has been contracted before 31/12/2022;
  •     The amount in debt does not exceed 200.000 euros, and it is not clear if the word "amount" refers only to the capital due (i.e., the one still to be paid) or if it also includes the capital (and interest) due and unpaid, in case there are one or more payments in arrears;
  •     The household's gross annual income is less than 38.632 euros, which is equivalent to the upper limit of the 6th IRS tax bracket. Here we refer you to the IRS declaration, but the programme does not mention whether the 2021 declaration will be considered or the 2022 declaration, which will be filed soon.

    In a simplistic way, the family effort rate must be higher than 38%. It is at this point that some doubts may be raised, as the formula for this indicator is not clearly indicated. However, in accordance with general banking practice, this value is considered to be the ratio between the sum of the amount of the instalments paid on the various loans (home + car + personal + credit card + supermarket card) and the value of the monthly net income. 


I am eligible! How much support will I receive?
The document is not totally clear about the amount of the benefit to be paid to each client, but basically we will need to obtain the following data in any simple internet search:
  • Know what the Indexer - or reference rate - of the mortgage contract is (typically 6 month Euribor or 12 month Euribor).
  •  Know what the Indexer value is on the date the credit is taken out (which we will refer to as Indexer - Initial Value, for example, 0.3%). It should be noted that the document does not make it clear whether negative values can be considered for the indexers on the date the credit is taken out, since some Euribor rates have actually shown negative values from 2016 to the end of 2022.
  • Know the value of the Indexing Rate at today's date (which we will refer to as Indexing - Current Value, for example 3,6%).
  • Finally, find out the amount of credit outstanding (which we will call, for example, Amount Outstanding, e.g. £100,000)
In a very simplified way, the value of the support will then be
  • Support = 50% x Amount Outstanding *(Current Value Indexer - Initial Value Indexer - 3%).
Where 3% is considered as the reference from which the rise in interest rates materialised, as the simulation maps in the Standardised Information Sheet of the credit contracts did not, for the most part, foresee scenarios with interest rate rises of more than 300 basis points (or 3%).
  • In the case of this family, the (estimated) value of the support will be = 50% x 100,000 * (0.036 -0.003 - 0.03) = 150
Basically, this support will be as higher as the higher the amount in debt and the higher the differential between the current Euribor and the Euribor at the starting date of the contract.

Темы
Compra de Imóveis Crédito Habitação Mais Habitação
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