Scandinavian borrowers in Spain increase

 March 2022 loan data Spain

March saw an increase in completed mortgages for Spain.

Whilst the last couple of months have seen general decreased activity levels for borrowing some nationalities are on the increase.

Spanish non resident loans

Finnish, Swedish and US mortgage applicants are rising in particular.

Non residents from UK looking for a Spanish Mortgage remain very low. This may be due to poor economic outlook in Britain. Also a general nervousness about food shortages, dropping house prices and inflation.

Interest rates

Interest rate averages remain relatively stable but many Spanish Banks are talking about rate rises.

12 month Euribor is due out in next couple of days and may increase again.

Over 70% of all new credit flowing into the Spanish market are for home loans. Construction and business loans remain depressed.

Read the full article:- Mortgages in Spain activity for month of March

12 month Euribor for Mortgages in Spain rises

May 12 month Euribor

 Mays 12 month Euribor published by Bank of Spain for reviews and completions rose to 0.13%. For a number of years now the Euribor has been in negative territory.

The move suggests the ECB base rate will increase in next few weeks.

Interest rates in Spain

Either way cost of funds for Spanish Banks will rise. The knock on affect being rate increases.

Currently interest rates for new Spanish Mortgages remains around 2.65% for new loans. Fixed rates make up the majority of all new loan contracts.

Level of capital lent for homes increases

In the month numbers of loans in Spain for February rose marginally against the previous month and are significantly up on same month of last year and annually to date.

In an indication prices of property have risen capital lent has a higher percentage increase than numbers in most regions.

Read the full article:-Euribor increases for Mortgages in Spain