Mortgages in Spain rise in March
The level of new capital lent for the purpose of buying a home rose in March.
The average loan size of Mortgages in Spain dropped slightly over February but increased numbers of new home loan credits meant overall the amount of capital grew.
Coastal areas increase
Coastal areas and major Cities like Madrid in general are showing good increases in mortgages both for the Month and across the year. The Canary Islands and Murcia are exceptions to this both are struggling to match last years activity levels.
Spanish Banks news
BBVA who have a UK Division announced they will remove themselves from any new lending in both the UK and Spain. Regulated by the UK for the activity undertaken there this may be a response to their concerns over the impact of Brexit on financial service activity. It may equally be that the division struggled to meet the volumes necessary to make the offerings worthwhile.
Other Spanish Banks have this month started to offer IMS clients special deals for a limited period in an effort to pull back some market share.
Banco Popular has come under severe scrutiny in May and is actively looking for a buyer due to the pressure on its balance sheet due to toxic debts and its large property portfolio.
Net mortgage book outflows
Other news includes a reverse of the past couple of months where Banks in Spain have seen their loan books grow slightly. May was a month of net outflows with more loans cancelling than new loans being constituted.
Read the full article:- March mortgage data in Spain
