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Energy crisis: Homeowners in difficulty can ask for lower mortgage repayments

09:19 07/09/2022

Homeowners in Belgium who struggle to pay their energy bills this winter will be able to ask their bank to reduce their mortgage repayments, it has been confirmed.

The temporary reprieve would see borrowers only have to repay the interest on their home loan each month for an agreed period - not the capital.

This would effectively extend the duration of the mortgage. The reduced repayment scheme is not automatic - households must request it from their bank.

Officials from the major Belgian banks met on Tuesday to finalise the agreement, De Standaard and Het Nieuwsblad reported.

While the mortgage repayment break is intended to be a temporary measure, the newspapers report that banks are braced for "a difficult period of two to three years" due to the energy crisis.

Written by The Bulletin