SPAIN - Mortgage Support for 1 Million Households

Arno Froese

In Spain, around three-quarters of the population are homeowners, with most opting for floating-rate mortgages which are exposed to interest rate rises.

Under the framework, banks will provide mortgage support for vulnerable households through an amended industry-wide code of good practice. 

The income threshold for allowing vulnerable households to receive support measures has been set three times the Spanish IPREM wage index, which is equivalent to 25,200 euros ($25,815), the ministry said.

The government will additionally implement a new code of good practice for middle-class families at risk of vulnerability, setting the income threshold at less than 29,400 euros., 21 November 2022

Arno's Commentary

What is not mentioned in this article by Reuters is the reason for this urgent mortgage support, which quite obviously was and is Covid-19 related. Spain, with 83.7 million visitors, is second only to France’s 90 million visitors—the most in the world based on for 2019.

Lower income employees, particularly in the tourism industry, suffered the most. We note that Spain’s labor force consists of 71.7% service (2009). But significantly, Spanish life expectancy is 82.5 years (US: 77.3 years). Religiously, Spain’s population is 58.2% Catholic, 16.2% atheist, 10.8% agnostic, and non-believers are listed at 10.5%.

“Spain” appears twice in the New Testament. In Romans 15:24a, we read: “Whensoever I take my journey into Spain, I will come to you: for I trust to see you in my journey.” Again, “Spain” is mentioned in verse 28: “When therefore I have performed this, and have sealed to them this fruit, I will come by you into Spain.”

Prayer is needed for the Church in Spain.

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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