{"id":742,"date":"2011-06-22T09:07:00","date_gmt":"2011-06-22T09:07:00","guid":{"rendered":"https:\/\/www.euroresidentes.com\/euroresiuk\/buying-property-spain\/spanish-mortgages-2011"},"modified":"2016-03-10T13:05:27","modified_gmt":"2016-03-10T13:05:27","slug":"spanish-mortgages-2011","status":"publish","type":"post","link":"https:\/\/www.euroresidentes.com\/euroresiuk\/buying-property-spain\/spanish-mortgages-2011\/","title":{"rendered":"Spanish mortgages 2011"},"content":{"rendered":"

Mortgages fall 38.2% in Spain <\/b><\/p>\n

The National Institute for Statistics (INE) has published a report today which shows that the number of mortgages taken out for housing fell by 38.2% in April compared to April 2010 to 31,358. This is the biggest fall since April 2009 when the number of mortgages fell by 41.6%. <\/p>\n

These figures point to a general slump in the number of mortgages being taken out for the purpose of buying a house or flat and end a year of consecutive falls despite a slight improvement during the first four months of 2010. The fall in April is much higher than in March when the number of mortgages fell by 20.2%. <\/p>\n

The average amount for a mortgage was 106,889 euros in April which is 6.1% less than in April 2010. Capital lent fell by 42% to 3,351 million euros compared to the same month a year ago.<\/p>\n

In April 50,089 mortgages were taken out for country and urban estates – houses and flats are included in these figures. This shows a fall of 37.5% compared to the same month in 2010 and 27.6% compared to the previous month. <\/p>\n

Building societies conceded more mortgages than banks accounting for 49.2% of the total followed by banks at 37.5%. Other financial entities accounted for 13.3% of mortgages. Building societies conceded 43.4% of the total amount of capital lent, banks were responsible for 44% and other financial entities 12.6%.<\/p>\n

The average interest rate in April was 4.04% which is an increase of 3.1% compared to a year ago and 2.5% compared to the previous month.
\nWith mortgages taken out with building societies the average interest rate charged was 4.04% and the average number of years for a mortgage was 22. The figures are similar for banks with the average interest rate at 4.24% and the average number of years 21. <\/p>\n

Nearly all mortgages taken out in April 2011 (94.2%) had a variable interest rate compared to 5.8% which had a fixed rate. The euribor was the most popular type of interest rate used (84.1%). <\/p>\n

During April 2011 22,827 mortgage holders changed the conditions of their mortgages \u2013 this is 40.1% less than a year ago. With regards to mortgages for housing just 13,050 changed their conditions which is 44.1% less than in April 2010. The number of mortgage holders which changed banks or building societies was 2,790 which is 34.6% less compared to a year ago. Out of the 22,827 mortgages which were altered in April this year 35.5% involved modifications to their interest rates. Finally in April 2011 40,048 mortgages were cancelled which is 13% less than in April 2010.<\/p>\n

Related to Spanish mortgages 2011:<\/b><\/p>\n