MORTGAGE NEWS: Base rates sink in October

euribor spanish property mortgage october 2015

Euro mortgage base rates hit an historic low in October, reducing monthly repayments for many borrowers in Spain.

12-month Euribor – the rate used to calculate most mortgage repayments in Spain – fell to a new historic low of 0.128 in October, a percentage decline of 16.9% in a month, and 62.1% in a year, reducing monthly mortgage repayments for many borrowers in Spain.

Monthly repayments on annually resetting mortgages will fall by €8.95 a month, and €107 a year in the case of a €100,000 loan with 25 years left to run.

euribor spanish property mortgage october 2015

MORTGAGE LENDING UP

The number of new mortgages inscribed in the property register rose by 26% to 19,272 in August, according to the latest figures from the National Institute of Statistics (INE). New mortgage lending rose 58.3% in the Valencian region, but fell 2.1% in the Balearics.

The average loan value in August was €104,318, almost the same as the same month last year. 89% were variable-rate mortgages.

Year-to-date, new mortgage lending is up 21.8%, with volume up 25.6% and value up by 3.2%.

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