Unemployed to have their mortgage payments reduced by 50% for 2 years

“El Presidente”, D. José Luis Rodríguez Zapatero, has just announced a moratorium on up to 50% on the monthly mortgage repayments for unemployed or self- employed (autonomos) but with no income people who have paid off more than 4 years of their mortgage.

As I understand it, it means unemployed heads of families who have paid off more than 4 years of their mortgage can apply to have their monthly repayments cut by up to half with no penalty.

The measure will last for 2 years and is expected to help some 500,000 people. What the banks say about this has not yet been revealed.

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