Mortgage news in Spain for April 2014

With Spanish Banks activley promoting mortgage lending in 2014 this desire to lend is yet to filter through to completed loans.

April mortgage figures

The April figures published today will make unhappy reading for the Banks in Spain, who continue the trend of large outflow of loans with more mortgages being redeemed than constitued in the Month.

Unlike last year when there was an increase in completions between the March and the April 2014 has a drop of 7.8% in number of loans granted between the two months and the accumulated yearly figures are now down by over 20%.

Are any areas showing a year on year increase

Of the regions in Spain outside those with very small numbers like Mellia only the Canary Islands is showing a year on year increase in numbers of Spanish loans completed. Month on month Balearcis and Cataluna were up in April.

Andalucia completed on the highets number of loans but remains down both month on month and year on year.

Average interest rates

Average interest rates dropped in the month reflecting a continuing pressure on margins as Banks vie with each other to grab what activity is in the market. New product has been launched in the last few weeks to capture business.

Prognosis for 2014

Enquiry levels are increasing and all the data coming out of Spain suggests property sales are increasing so through the year when this filters through to the data the numbers should improve.

Read the full article: April mortgage completions in Spain