September mortgage completions
Good news for lending in Spain was published yesterday with another month of increases in terms of both numbers of new loans constitued and capital lent.
The level of home loans between the month of the August and September was the highes for many years and overall numbers of credits granted for the same month of the previous year was up 29.83%
2013 versus 2014
Whilst the number of mortgages in Spain has increased for the last few months, due to very low levels of activity in the first quarter, 2014 remains slightly behind the levels of the same time in 2013. The current trend however if followed through in the final quarter of 2014 should mean that for the first time in over 6 years we see either a level or slight increase in total loans on a year on year basis.
Interest rates
Average interest rates fell in September due to a continuing drop in Euribor which most Spanish Banks track and an easing of margins.
Overall mortgage books
Whilst yet again the amount of mortgages redemmed outstripped new loans completed the gap has narrowed considerably. After many years of loan books reductions this will be positive news for the Banks who for the first time this year since 2007 have had lending targets. Whilst it is unlikely the lending targets will be achieved by most Banks the signs are positive for a better 2015.
Read the full article:-Spanish news. Positive signs for Spanish lending
