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Mar Menor Property for Sale

The Signing of home mortgages rises at 34% in May 2016

Hiring reaches 26,579 loans and the market serves two consecutive years upwards. 19.6% of the loans are already fixed rate.

The signing of mortgages for buying a home in Spain is triggered. Last May, 26,579 loans were contracted, which translates into an increase of 34.1% over the same month last year and an increase of 12.6% compared to April, according to data released Thursday by the National Statistics Institute (INE). Since January 2012 not as high rates were recorded in the procurement of these products becoming cheaper and attractive for the customer who intends to buy a home.

The main difference from last year is that the mortgaged no longer go without thinking of the variable credit subject to the Euribor, despite having five months in negative and close June at -0.028%. The entities have redoubled efforts to market fixed rate mortgages and deal with the drop in income.

More variable-rate loans.

The result is that in May 19.6% of the mortgages on all types of properties used a fixed rate-a month before was 14.8% - compared to 80.4% of the variables. For now, the bulk of loans is still variable, although if one considers that in 2006 only 2.4% of signed were fixed, the trend is clear. The average interest rate at the beginning, for the mortgages on residential property is 3.19%, 6.1% lower than in May 2015.

Financing completed in May two consecutive years upwards, proving that mortgage lending is being consolidated in Spain. However, the average amount of mortgage loans has declined up to 104,480 euros, which means that 0.8% compared to May 2015 and 3.6% from the previous month was reduced. Still, the value of those mortgages on housing totaled 2,776.9 million euros, 33.1% higher than a year earlier and 8.6% more than in April.

Less mortgages to buy rural and urban properties.

They have followed different evolution total (rural and urban) farms. The average amount of mortgages registered in the records of the property in May (from public documents made above) is 126,394 euros, 2.6% lower than the same month of 2015. The decrease is due to the collapse of farms mortgaged rustic, which are down 0.7%. Instead, urban are up 27.8% and its value totaled 4,465.8 million euros, 22.2% more than in May 2015.

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