Regional loan changes
The region of Andalusia brought into force in October new legislation relating to information documents that must be given to a new applicants for a mortgage in Spain, and a calling off period.
After many years of Banks in Spain hiding clauses like floor rates it is good to see new rules being enforced but in typical Spanish style the new rules do little other than add to the time it will take to complete on a loan and the level of paperwork that will need to be signed.
All the new documents could have been rolled into two rather than the five we now have.
Up to five days cooling off
A cooling off period is not a problem except that technically of a completion must be delayed all the documents will need signing again rather than those presented for the signing that did not happen being able to be used for the new date.
Mortgage completions in August
August completions both signings at Notary and registered loans at Land registry rose in August from July. It would seem that a number of July completions slipped into August as it is unusual for August mortgage levels to be higher than Julys.
Year on year August also saw an increase on the same month of the previous year.
Interest rates remained stable for the month at 3.26% and fixed rate product types continued to grow as a percentage of all new lending.
Spanish banks continue to see a reduction in their lending books as redemptions outstrip new loans for yet another month.
Read the full article:-Spanish loans monthly update
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