Geral de Depositos FundThe last large bank to submit its accounts said it had restructured more than 40,000 credits by October.
As for the other banks that had previously submitted their results, Banco Santander Tota renegotiated more than 36,000 housing loans from the beginning of the year until September. Novo banco Conducted 17,700 renegotiations and BCP Conducted over 16,000 renegotiations.
Baby He did not reveal the total number of renegotiations, only indicating that the credits renegotiated until September amounted to a total of 950 million euros. He said that only under the government’s Decree-Law (80-A/2022), loans worth 414 million euros were renegotiated, covering 3,400 clients.
Thousands of loan renegotiations are carried out under government legislation, but most of them are carried out under a commercial agreement between the customer and the bank (commercial renegotiation).
Credit renegotiation can be done in several ways, by reducing the “spread” (the bank’s commercial profit margin), increasing the credit repayment period, or a grace period in repaying the principal (for example, the customer only pays interest for one year, which lowers the repayment monthly but capitalizes the amount lost in the future).
Rising interest rates have created problems for many families repaying mortgage loans, as they have an impact on variable rate contracts with a significant increase in monthly payments.