A summary of the Latest Euribor and Spanish mortgage news

Euribor (12 months), the interest rate generally used to calculate mortgage repayments in Spain, rose to 1.55pc in January, from 1.507pc in December, a change of +2.9pc.

On an annualised basis, Euribor is 25.8pc higher than it was a year ago, meaning higher monthly repayments for borrowers with mortgages resetting now.

Repayments for a typical mortgage (150,000 Euros, 25 years, Euribor +0.5) will go up by around 20 Euros /month, or 240 Euros / year.

Euribor is now the highest it has been since June 2009. That said, it is still exceptionally low by historical standards, though chances are it will continue to rise gradually.

New Mortgage continues falling

According to the latest figures, new mortgage lending fell by an annualised 14.6pc in November, which does not bode well for the property market.

New mortgage lending has been falling since July, and the latest fall comes on top of an annualised collapse of 25pc in September.

The average residential loan value in November was 114,258 Euros, down 1.8pc over 12 months but up 2.6pc on October .

Total new residential mortgage lending in November was 7.84 billion Euros, down 23.2pc in a year.

The average new mortgage interest rate was 3.82pc, down 6.6% in a year but up 2.2% in a month.