The number of mortgages granted on Spanish properties was at 20,913 in January 2015, 20% more than in January 2014, according to the National Statistics Institute (INE), whose statistics are based on real transactions.
This statistic has been increasing for eight consecutive months : from 19% in June, 28.8% in July, 24% in August, September 29%, 18% in October 14 % in November and 28.9% in December.
Furthermore, banks do not only lend money after years with the credit tap closed but competing against each other to offer more and better mortgage products. The average amount of the mortgages on homes totaled 106 K euros, 4% more than the same month of 2014, while the total borrowed capital increased by 25% year on year to over 2.212 million euros.
By region, Andalusia had the highest number with 3,793, then Catalonia (3,665) with an increase of 35% and a total amount of 429 million euros and Madrid (3148).
There are still many Spaniards who can not even raise the purchase of a home because their economic situation and job insecurity.
The average interest rate for residential mortgage loans in January reached 3.29% against 4.14% a year earlier, with an average period of 21 years. 94% of mortgages last January used a variable rate, compared with 6% fixed rate. The Euribor 1 year is the reference rate in Spain for mortgages with variable interest, appearing in 89% of new contracts.
The number of transactions that changed institutions (subrogations creditor) fell by 33.1%, while the number of mortgages in which changed the mortgaged property (subrogations debtor) decreased by 32.4%.
2015 is a key year to see if the housing market is recovering we will be able to say that we left behind the worst crisis experienced by the sector in recent years…