Spanish loan levels dip in August
A number of factors have culminated in a large drop of loan completions in Spain.
Much of this is down to the changes in legislation and new regulation which neither Banks in Spain or Notary offices were prepared for.
Confusion over what the new legislation required, technical issues with lenders and differences of opinions over cooling off periods all played their part.
Brexit reduces non resident Spanish Mortgage applicants
On top of delays to booked completions Brexit has also played a part in the reduction of new loan deeds for Mortgages in Spain as the non resident lending levels have been affected by a lack of UK borrowers.
Interest rates in the month fell which was one good sign.
Numbers were down over 29% on Julys figures and over 35% on same month of last year. only now coming into November are we starting to see delayed mortgage applications and offers coming through.
2019 will be a struggle
This will all be too late to save 2019 which whilst still showing growth over 2018 has seen in the last two months this growth reduce considerably.
Read the full article:-New mortgages take a hit in Spain
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