Are Spanish banks beginning to lend again?

[TinnatParticipant]

Looking into buying a summer home on one of the Costas and would need a mortgage. Has lending by the Spanish bank re-started? In which case, I’d love to know what the best rates are at the moment. Also, is the bank easier on mortgages for second houses, or does it make no difference to them?

[Mark StücklinKeymaster]

Tinnat,

Yes, banks are lending more than before, with new mortgages up 17pc according to the latest data from the notaries (though mortgage values fell).

You’ll have to check with banks or brokers for the latest rates, but I think you’ll find Spanish banks willing to lend around 50pc to 60pc so long as your credit score is good.

[mariosParticipant]

Here is a link to current rate, note that banks tend to lend at the current rate plus Euribor at between 1-1.5%

 

http://www.euribor-rates.eu/current-euribor-rates.asp

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