Covid-19 Mortgage Moratorium


This is something we have published before but now we have heard of a bank actually doing this and not just doing it, as they are legally obliged to, but making the whole process so simple and easy for its customers.

Bankinter are giving their clients a mortgage repayment holiday, the scheme they are using is one of their own and outside the Government mortgage scheme. Maybe that is why their application is so very simple and easy to use.

For 4 months, repayments can be suspended and the even better news, when repayments recommence, they do not demand the repayment of the suspended amount, they simply add the amount to the remainder of the mortgage term.

The process is incredibly easy, fill in a couple of very simple forms, basically you have to insert account numbers, sign and submit. There is also a very simple phone app to download and sign. Then a day or so later, your application is approved and the mortage moratorium is in place. Simple.

Santander, using the Government scheme, send you a 12 page mind numbing form to complete, well they send it to you once you have finally been able to get through to someone. Phoning the Marbella Branch we were told to speak to the online ‘help’, phoning the online ‘help’ we were told to speak to the branch. After numerous calls, we persisted for the sake of research, we won and managed to speak to someone about the mortage relief scheme. If it were for personal use we would have given up way before. As said, eventually we won and managed to get someone to actually talk to us. Then came the mind numbing form. We surrendered.

Well done to Bank Inter, this, I am sure, will be a real help to many of their customers during these unprecedented times.

Thank you for reading, stay safe and healthy.

Spence Clarke specialises in the provision of Spanish tax, accounts, law and labour services, mainly to foreigners with interests in Spain. Our cross-border knowledge helps clients adapt to the Spanish system with the minimum of doubt and disruption. If you have any questions about this article or any other matter contact us, with no obligation, to see how we can help you.