These are extraordinary times. As the COVID-19 pandemic continues across the world, our thoughts are with those who have been infected and we wish them a full and speedy recovery.
Our teams and systems are fully prepared for such a crisis, so we would like to reassure you that we are continuing our business as usual. However, we wanted to reach out and update you on the steps that Suitaprest is taking during this time.
Voluntary Adoption of Economic Measures
Although Suitaprest is not a bank or a regulated financial credit institution, we wish to express our solidarity to those affected by the pandemic by voluntarily adopting the Economic Measures to fight against the Coronovirus Crisis and enrolling on the mortgage payment freeze scheme introduced by the Royal Decree Law 8/2020 on 17 March 2020 (the ‘Royal Decree Mortgage Freeze’).
How You Can Benefit
Although not legally required to offer the Royal Decree Mortgage Freeze scheme, we feel the need to support and help. For this reason, we are offering our Clients the benefit of the Royal Decree Mortgage Freeze if they meet the cumulative criteria prescribed by the Royal Decree Law, including:
- The purpose of the mortgage loan was to acquire the principal main residence; and
- The borrower has lost his job due to Coronavirus or, if the borrower is a freelancer [or self-employed], he or she has suffered a 40% reduction in earnings since the State of Emergency was declared in Spain on 13 March 2020; and
- The total household earnings do not exceed Eur 4.840,56, being x3 Public Income Indicator of Eur 1.613,52 per month; and
- The aggregate amount of the borrower’s monthly mortgage instalment and household utility bills equals to or exceeds 35% of total household earnings since the State of Emergency was declared in Spain on 13 March 2020; and
- The economic burden on the borrower to pay the monthly mortgage instalment has multiplied by 1.3% in comparison to the previous month.
Please note that the above list of criteria is not exhaustive. Please refer to the Boletín Oficial del Estado, which sets out the full list of requirements, which must be met by the applicant.
How We Can Assist
If you have taken out a mortgage loan with us and meet the requirements set out in the Royal Decree Law, you can benefit from the monthly mortgage instalment freeze. In line with the banking market practice, we will postpone the payment due date of your entire monthly instalment, including both capital and interest. Interest and penalties on late payments will not be charged.
How To Apply
The deadline for making the Royal Decree Mortgage Freeze applications has been set by the Government at 15 days after the State of Emergency ceases.
In these exceptional times we are experiencing a high volume of requests and calls. For this reason, we have set up an electronic mail inbox for those of our Clients who have been affected to send their applications and any questions to:
Our Commitment to You
In addition to the above and in recognition of the uncertain times we are all living through, Suitaprest has launched a Special Loans Programme with preferential terms.
We are fully committed to our customers, partners and employees, and all our efforts are currently focused on supporting our Clients in this difficult time. Please be assured that we are managing the situation with the same professionalism, responsibility and sincerity as always.
We are trying to do our part in minimising the impact of the pandemic by offering our customers and partners the best alternative solutions we can. While the situation remains in flux, our goal is, as far as possible, to reduce the economic effect of Coronavirus and to keep providing the most tailored solutions to borrowers’ circumstances in an effort to help to normalise each individual’s financial situation.
Chief Executive Officer