Sector moratorium on BBVA mortgage and consumer loans

In the wake of the COVID-19 health crisis, the sector has reached an agreement with the Spanish Banking Association, of which BBVA is a member, that is in addition to the measures adopted by the Government and that makes it possible to take advantage of a Sector Moratorium that complements the Legal Mortgage Moratorium or its replacement.

What does the Sector Moratorium consist of?

This is a benefit that BBVA is offering its customers (employees and the self-employed) who have a mortgage or consumer loan with BBVA dated prior to March 2020 and who anticipate temporary problems making their monthly payments due to reduced earnings as a result of COVID-19.

It consists of deferring the repayment of the principal on the loan for the duration of the moratorium. 

The period of the sector moratorium for non-mortgage loans is 6 months. In the case of mortgage loans, the term is 9 months. In both cases, if you previously received the Legal or Sector Moratorium, or both, the sum of the two cannot exceed 6 months for non-mortgage loans or 9 months for mortgage loans.

What does the application of the moratorium entail?

  1. During the moratorium period, the principal on the loan is not paid. Only the interest on the loan is paid. 
  2. The term of your loan is extended by the period of the Moratorium (six months for non-mortgage loans and nine months for mortgage loans). 

Once the moratorium is over, the outstanding capital will have to be repaid to the Bank by way of payments that include both the capital and interest, which are recalculated based on the terms agreed in the Loan. The Bank provides a new repayment schedule for the remaining loan installments.

What documentation is needed?

The necessary documentation is:

In addition, every account holder and co-signer of the loan has to sign the following documents:

  • Moratorium application, includes a sworn statement that you are affected by COVID19.
  • In the case of mortgage loans for a primary residence, the Code of Best Practices information document.
  • Amendment contract, lack of capital and extension of term.

BBVA will give you simplified information on the terms and conditions of the loan, along with the proposed moratorium agreement. You must also sign these documents.

How can I apply?

Our BBVA customers can call their branch or adviser (the number is available in the branch locator) both to get answers to their questions and to get help sending in the necessary documentation. 

When is the deadline for requesting the Sector Moratorium?

You can request it until March 30, 2021.