Over 10,000 requests to freeze mortgages

Portuguese submitted more than ten thousand requests to freeze mortgage loan payments with the four largest banks (BCP, CGD, Santander and Novobanco) in the first two weeks since the Government's measure came into force.

Over 10,000 requests to freeze mortgages

According to Jornal de Negócios, only BCP reveals the state they are in, with 1,000 requests approved and 700 under evaluation. While Santander has 6,800 requests, Novobanco has almost 1,000 requests to be evaluated, with a volume of more or less 100 per day. CGD is receiving around 80 requests per day, with around 960 requests being analysed.

The measure allows families to exchange, for two years, the variable rate for the six-month Euribor with a 30% discount. It is possible to join until the end of March 2024. The bank has 15 days to respond after customers make the request, with the deadline for the first requests expected to be Wednesday. The customer then has another 30 days to accept or reject.

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