Spanish lending first month of 2023

 Mortgages in Spain for January 2023

Lending in Spain was up against December and January 2022. The increases were high against last month. However marginal against last year.

Interest rates Spain

Interest rate information issued by INE dont appear credible. Published data on average rates does not seem to reflect the rises in Euribor. 

If accurate, it is hard to see how Spanish Banks are making a margin.

Interest rates may continue to be under pressure. Due to external and internal pressures.

Spanish Banks

2023 may see relatively static lending figures. Spanish lenders will be setting targets before end of quarter one.

Read the full article:- January 2023 mortgage in Spain

Spanish loans for 2022

 Mortgages in Spain December and full year results

Spanish loans increased in numbers for the full year of 2023.

Spanish Banks saw a net increase in their loan books. This was despite the years increase not being as high as anticipate. Redemptions were also lower.

Decembers loans

December Spanish loans were down on Novembers but against same month of last year.

Interest rates rose slightly due to increasing euribors.

Spanish mortgages for non residents

In the data was included Spanish mortgages for non residents

One lender launched a new product in tye month. Providing fixed rates for certain currency earners. Alos the option to take a currency loan.

Read the full article:- Spanish Loans

Mortgages in Spain November

 Spanish Mortgage

Mortgages in Spain saw reduced levels in November. There is some suggestion the market might be cooling off.

Spanish lenders may miss yearly budgets

Spanish Banks will struggle to make lending targets. Whilst annually there is an increase in loans it is not as high as anticipated.

Interest rate information questions of validity

Interest rate information suggests either lenders in Spain are narrowing margins significantly. Or the data is not correct. An average rate of 2.55% was recorded in the month.

As a mortgage product type Fixed rates remain the choice of borrowers. This may change because of higher redemption penalties.

Loan books in Spain increase in month

For the month Spanish lenders saw a large increase to loan books. Because cancellations and redemptions were low.

Read the full article:- Home loans Spain November

Spanish lending in October 2023

 Economy not impacting on Mortgages in Spain

Despite some of the economic pressures Mortgages in Spain remain stable.

Interest rates remain low

Interest rates have barely climbed even though the euribor has risen. This may be because Spanish Banks are taking lower margins.

Fixed rate products remain the chosen mortgage product type. Variable rates however came in at 2.10% suggesting margins above euribor as an average are between 0.50% to 0.75%.

Spanish Banks

Spanish Banks also saw a healthy inflow of loans. New mortgages constituted were well above those cancelled.

Madrid, Canary Islands and Balearics saw big increases in the month.

Mortgages in Spain for non residents remain under pressure. Mainly due to Brexit and regulations surrounding currency fluctuation.

Read the full article:-Spanish lending beginning of last quarter

September Mortgages in Spain

Interest rates in Spain

 Interest rates for Mortgages in Spain appeared to be static in September. This is a little strange given The Euribor had increased to over 1% for that month.

Either there is inaccurate figures or the average rate relates to offers made in previous months where the Spanish Banks chose to hold rate.

The average interest rate fell against August.

12 month Euribor up again

Current 12 month Euribor for December is now 2.828% so we may see rates topping 3% before the end of the year.

Spanish lenders have been steadily increasing their fixed rate best buy loan products. This is also true of the Mixed/ Fixed product types.

September loan activity high

In September numbers of new loans remained high although and redemptions remained low. This meant Spanish lenders saw a net inflow of balances to their loan books.

Read the full article:-Spanish Mortgage completions

August 2022 Mortgages in Spain

August data

 Mortgages in Spain remained stable in August. This was both in terms of interest rates and numbers.

Because the information relates to registered loans in Spain, this will reflect completions for June and July.

Future months

Over the next few months we will see rates rise on completed Home loans and possibly numbers fall.

Spanish Banks remain cautious in current environment. Loans for construction are already under pressure.

Lenders have also started to adjust their mortgage product type offerings. Fixed rates have increased with all lenders.

Spanish Mortgage product offerings

Fixed rate mortgages in Spain for non residents going through the application process may no longer provide the best alternative.

Mixed fixed rate loans whereby they are fixed for a period and then revert to a favourable Variable rate margin may provide the most flexibility moving forward.  

Fixing in periods of rate increases and taking advantage as of rate decreases a few years down the line.

Read the full article:-Spanish mortgage market for August 2022

Average Spanish Mortgage size drop

July Spanish lending data

 In July the average size of a Mortgage in Spain dropped.

Against June this was also true of number of new loans and capital lent.

Over July of last year all data remained as an increase as does year to date.

House sales in Spain slow

However house sales have slowed a little and there are some signs the lending marketing is slowing down. Madrid was most heavily hit by this downturn.

Interest rates

Interest rate increases have still not flowed through to the average rate achieved for recent completions. Next month we will probably start to see the impact.

Spanish Banks change affordability criteria

Spanish lenders have started to tighten criteria. Using new affordability ratios with built in rate increases.

We remain in an environment flux. 

The 12 month Euribor will increase in October from the 1.249% of September as the base rate is now 1.25%.

Read the full article:-Spanish Mortgage sizes drop