November Mortgages in Spain figures.
Whilst year on year loan levels are up in Spain in terms of all areas including numbers of, capital lent and average loan size, November figures dipped against Octobers by more than is normal.
Spanish Banks delayed completions.
Many Spanish Banks held off mortgage applications in November until their was clarity on whether they would pick up mortgage deed tax or not and this will have affected levels of completions.
Fixed rate product types now more readily available
Interest rates remain low and fixed rates as a mortgage type now make up around 39% of all completions. This is a year on year increase of 18%.
New loan regulation due out 2019.
Mortgages in Spain due to new loan regulation due out which will put further pressure on margins are now really offered on a standard basis with lenders assessing the total risk and profitability based on client fiscal strength, loan to values and contracted products.
For borrowers going forward many of the set up costs will be picked up the Banks in Spain and for now some are making changes already whilst others prefer to wait until it is obligatory.
Positive addition to mortgage books.
For a few months now the net outflow from loan books has been stemmed with November despite its slightly lower figures still providing a new inflow.
Annually all regions except Murcia are seeing a much better year than 2018 which in turn saw big increases over 2017.
Read the full article :- Mortgage deed tax affects loan completions.
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