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In response to the energy crisis, the Belgian financial sector has undertaken to assist individuals struggling financially as much as possible by offering a deferral of the principal payment on home loans – a unique commitment in Western Europe. Febelfin has analysed the initial figures a few days after the introduction of these support measures.

2,000 households have already been granted payment deferrals

  • By 9 October, payment deferrals within the Febelfin framework had been granted on 1,533 home loans, and
  • Payment deferrals had been granted for 453 loans outside the Febelfin framework (by providing personalised solutions).

This means that nearly 2,000 payment deferrals were granted in total in the past few days

The figures show that banks are meeting their commitment, given that payment deferrals are granted both within and outside the Febelfin framework. Around one-quarter of all payment deferrals are granted outside the Febelfin framework, and thus on an individual basis. This shows that banks are ready to assist households with a personalised solution.

We can tentatively conclude from these initial figures that households have a limited need for payment deferrals of home loans.

But the financial sector continues to monitor the figures closely, of course, as this can change rapidly in the current economic climate. For example, we expect that many more fixed energy contracts will be terminated and converted to variable contracts, and that periodic advance payments will be increased, and so on. The demand for payment deferrals could thus evolve in the coming weeks. Indeed, the scheme has only been in operation for a few days and payment deferral applications are open until the end of March 2023.  

Breathing space of more than €400 a month

Preliminary figures show that the payment break amounts to around €430 a month on average for the households concerned. So families who have requested a payment deferral now have an extra financial buffer of €430 a month for 12 months, which they can use, for instance, to pay their increased energy bills. This amount gives them necessary breathing space, which is more than welcome in these challenging times.

FAQs on mortgage loan payment deferrals for individuals

If you’re an individual with a mortgage loan, and have questions about mortgage loan payment deferrals, visit our FAQs.

Leaflets for individuals and businesses

Febelfin has also published two leaflets to familiarise individuals and businesses with the various solutions the bank can offer. See below (leaflets in Dutch).

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