Yesterday Santander announced that as of 1st August it will offer a moratorium on home loan repayments for a period of up to three years for those who have lost a minimum of 25% of the income of their household due to unemployment or salary cuts.
Existing clients who take advantage of this will still have to pay the interest on their mortgages during this period.
The term that the loan was unpaid for will then run from the date that the loan was originally set to mature.
Santander CEO Alfredo Sáenz, who made the announcement at the presentation of the bank's results, said it "will be a great relief" for those who are struggling to manage their finances.