He PSOE, with the support of the PP and Vox, has rejected in the Congress of Deputies the proposal presented by Sumar to promote a regulated fixed-rate mortgage. The socialists explain that this measure could generate distortions in the market, such as a reduction in the supply of mortgages, which would make it more difficult for people to obtain financing to buy a home.
In the Economy Commission, these three groups rejected the proposal, arguing that it is essential to preserve market freedom, according to EFE. Even so, Sumar has explained that he does not give up his initiative and plans incorporate it into the negotiations of the General State Budgets of 2025as part of a broader plan for banks to give priority to fixed rate mortgages over variable rates.
Sumar’s economic spokesperson, Carlos Martín, explained that the creation of a regulated mortgage would not prevent banks from continuing to offer other financial products. According to Martín, the objective is for entities to stop passing the mortgage risk on to families, helping both those who already have a mortgage and those who want to buy a home.
Furthermore, Martín highlighted that 70% of current mortgages in Spain are at variable rateswhich, in their opinion, represents a greater expense for families in the long term. Faced with this, fixed rate mortgages would provide more economic stability, since the same installment is always paid regardless of how the Euribor goes.
For his part, the socialist Gonzalo Redondo responded that banks also take risks in mortgage operations and recalled that in September 2024 the 61% of the mortgages signed were already at a fixed rate. Furthermore, I explain that, if the Government wants to promote this type of mortgage, it would be better to opt for less restrictive measures, such as helping the most vulnerable consumers with financial education so that they understand in an easy and understandable way how mortgages and their types work. like having a code of good practices.