Data on Mortgages in Spain for May
Mays Spanish mortgage information from the INE showed an increase inn May. Both numbers of and average loan sizes increased in the month over April.
This produced a net inflow of business for the Spanish Banks.
Anticipated pressures for loans in Spain
Whilst Mays figures were good pressures are now coming into play. The recent increase in the ECB base rate has meant loan rates are starting to increase.
Spanish lenders are nervous of both inflationary and interest rate impacts.
This means that we have started to see fixed rates increase or be pulled by lenders and tightening of criteria.
Interest rates Spain
The 12 month Euribor reached 0.85% in July and will probably increase to 1% or more in August.
June and Julys loan figures may start to reflect the market conditions and for sure average interest rates will increase.
UK buyers and borrowers in Spain are already thin on the ground and the economic situation in Europe could see other nationalities reduce in numbers.
Read the full article:-Spanish lending data May 2022
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