The list of the 54 banks that have signed up to the Code for Vulnerable Mortgagors

A total of 54 financial institutions, including large banks, have signed up to the Code of Good Practices for mortgagors at risk of vulnerability.

Among the main entities that support this code are:

• Caixabank
• BBVA
• Santander
• Banco de Sabadell
• Bankinter
• Unicaja
• ING Spain
• Deutsche Bank
• Kutxabank
• Ibercaja
• Evo Banco
• Abanca
• Cajasur
• Cajamar
• Open Bank
• Banco Caminos

As well as other firms, especially savings banks, according to the resolution published this Thursday in the Official State Gazette (BOE).

The Code of Good Practices was created to alleviate the rise in interest rates on mortgage loans on primary residences.

Of a transitory nature, with a duration of two years, it aims to alleviate the financial burden of households with variable interest rate mortgages.

Credit institutions and other entities or individuals who, on a professional basis, grant mortgage loans or credits could voluntarily adhere to this code.

As approved on 22 November by the Council of Ministers, these institutions had a maximum period of four weeks to communicate in writing their adherence to this code, which was an extension of the 2012 code of good practices.

It is expected that more than one million families will be able to benefit from the mortgage relief measures in a context marked by the rise in interest rates to tackle the inflationary escalation and the consequent increase in the cost of financing in the face of rises in the Euribor, the index to which most mortgages are referenced.

This new code to alleviate families with incomes of up to 29,400 euros per year will benefit those who can prove that their mortgage payments have risen by at least 20% and that they consume more than 30% of their income.

In these cases, financial institutions must offer the possibility of freezing the instalment for 12 months, as well as a lower interest rate and an extension of the term of up to 7 years.

It was also agreed to reduce costs and commissions to facilitate the change from variable to fixed rates and to eliminate commissions for early repayment and change of mortgage from variable to fixed rates throughout 2023.