The BBVA Board of Directors approved Wednesday the bank adhering to the measures included in the new Code of Good Practice (CBP in Spanish) to help customers at risk of vulnerability with mortgages, as well as the expansion of the Code of Good Practice, which has been in force since 2012.
BBVA has agreed to voluntarily join both codes. First, it is joining the modification of the CBP in force since 2012, which is expanding its scope to include new urgent measures to protect mortgage debtors with no resources. Second, it is joining the new CBP, which was approved on November 22nd by the Spanish Cabinet. It aims to temporarily ease the impact of higher interest rates on mortgages for primary residences for certain groups of customers at risk of vulnerability, for a two-year period.
The measures are designed to alleviate the burden of mortgages on low-income households, preserving financial stability and the soundness of the Spanish mortgage market. It is expected to enter into force in January 2023.
“We are firmly committed to supporting society, and especially families experiencing difficulties in the current situation. At BBVA, we always work hand in hand with our customers to find personalized solutions, according to their needs and points in their lives,” said BBVA Spain country manager Peio Belausteguigoitia.