“A mortgage system that works”

Spain is a country of homeowners due to the existence of a mortgage market that allows the majority of Spaniards to access property ownership. The volume of mortgage lending currently represents 60.4% of GDP (compared to 45% in Germany). At present, 24% of homes have been financed with mortgages.

The four arguments from the European Commission in 2013* to explain the limited increase in mortgage delinquency in Spain during the crisis:

1. The active policy of financial institutions in renegotiating and facilitating payments for families.

2. The sharp decline in mortgage installments, over 40% in four years.

3. A low level of unemployment among mortgage debtors.

4. The low average loan-to-value ratio of the properties.

Figures we cannot forget:

• More than 22,850 families have benefited from the mortgage moratorium.
• More than 6,800 families have benefited from the creation of the Social Housing Fund.
• The application of the Code of Good Practice has affected more than 40,446 families.

According to our estimates, Spanish banks have renegotiated mortgage loan conditions for more than 400,000 families.

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