Now the Government is going to offer help to try to alleviate those people who cannot afford these expenses at this time to pay for their home. With this, what is intended is to counteract the sharp increase in the price of variable-rate mortgages. All of this is due to the rate hikes of the European Central Bank. For all this, a plan has now been agreed that includes some relief measures for mortgaged citizens. This includes the possible adoption of a grace period, for example.
In this way, the beneficiaries only pay interest of the mortgage, saving the rest of the installment, all this throughout the next 5 years. Another measure that may be of interest to many in order to lower the monthly fee is the possibility of extending the mortgage up to a duration of 40 years.
So you know if you can access this mortgage helpThe important thing here is that to access these aids we must first meet a series of requirements. To begin with, households with a few income less than 29,400 euros per year. To this is added that more than 30% of your income will go to pay the mortgage. In addition, another requirement that we must meet is that, to benefit from this aid, said quota must have recently increased by at least 20%.
Although it may not seem like it at first, more than a million families in our country are expected to be in a position to benefit from all of this. Of course, we must take into account that this economic relief For the families that can benefit from all this, it is temporary. In the long term we will end up paying a greater total amount of the mortgage due to the aforementioned 5-year grace period. First of all, we must know that this aid will come into effect from the next January 1, 2023.
And it is clear that, as the years to be paid increase, the long-term interest will also increase, which negatively affects the total amount that we will finally pay for our mortgage. On the contrary, if we see it in the short term, for many it will be a relief until better times come, or so we hope.
Likewise, we will tell you that there are still certain Bank entities they are pending to sign the agreement, since the last fringes are still being negotiated. This includes banks as important as Santander, BBVA and CaixaBank.