Impact of Cataluna Independence
Whilst pre the referendum held in Cataluna August Spanish mortgage data showed the region falling behind the upturn seen in other regions of Spain.
Mortgages in Spain rose month on month above July figures except for Cataluna who saw a fall.
Whilst the region remains up year on year and August 2017 figures were still above those of august 2016 there was a marked difference in the performance when compared to the rest of Spain.
Interest rates fall
Interest rates as an average continued to fall for both variable rate products and fixed rates. Fixed rates are down significantly on last year and the percentage of Spanish loan applications opting for a fixed rate has increased by over 50% in the last 12 months.
The data includes changes to existing contracts and the Spanish Banks have been moving clients with floor rates to fixed rates so this has also had an impact.
Numbers of new loans
Numbers of new loans increased both year on year and month on month but the average loan size whilst above last years dropped against July to the point where slightly less capital was lent in the month.
Whilst not yet a trend August saw another month where outflows were exceeded by new business added which is good news for the Spanish Banks.
Read the full article:- Lending up nationally Cataluna sees a drop
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