Financial institutions 244,827 grant new loans for buying a home, far from the 1.3 million subscribers in 2006
Hiring mortgages to purchase homes in Spain recorded the second increase after six years of consecutive annual declines during 2015. Financial institutions granted 244,827 new mortgages, representing 19.8% more than those signed in 2014 (204,302 contracts were a timid increase of 2.3), according to provisional data released today by the National Statistics Institute (INE ). Only in December 2015 19.362 new loans were set up to buy a home, 21.1% more than in the same month of 2014.
Mortgage faucet looks loose, while increasing the purchases and prices start to rise timidly. Still, the loans taken are light years away from those granted in 2006, when 1.3 million mortgage was reached, ie daily were signed more than 3,600.
It was also higher than the average amount requested for financial institutions in the whole of 2015. The contracted average was 105,931 euros, 3.6% more than the previous year. Total borrowed capital reached 25.934 million euros, 24.1% more yoy, of which 2,088,000 were granted only in December.
Contracted mortgages added his second year and in 2015 upward grow nearly 20%
“The data confirm the end of the second year of recovery of the mortgage market, where we have witnessed four major trends: the increasing number of formalized operations, increase the average amount, the fall in the interest rate – in part by the fall in the Euribor and partly by pressure on spreads increased competition from banks – and the increase in mortgages formalized at a fixed rate, but the variables still represent the majority of new mortgages, “says Fernando Encinar, head of research idealist. In fact, 90.2% of mortgages last December used a variable rate, compared to 9.8% fixed rate. Euribor is the reference rate most used in constituting mortgages to variable interest, specifically set out in 89.8% of new contracts. Of the 11,460 mortgages with changes in conditions, 42.9% were due to changes in interest rates. After the change of conditions, the percentage of fixed-rate mortgages increased from 4.7% to 5.6%, while the variable rate mortgages decreased from 94.3% to 93.3%.
More and yet fewer individuals requesting changes in their mortgages due to unprecedented cheapening the same through a euribor negative. The average interest rate at the beginning, for the mortgages on residential property is 3.37%, 3.5% lower than in December 2014.
The total number of mortgages with changes in conditions registered in the records of the property in 2015 was 180,007, representing an annual decline of 16.5%. They attending class 143,237 conditions change novations (or modifications produced with the same financial institution) were recorded, down 16.9%. The number of operations that changed entity (subrogation to the creditor) decreased by 11.6% and the number of mortgages in which changed the owner of the mortgaged property (subrogation the debtor) fell 25.9%.
The communities with the highest number of mortgages granted on homes during 2015 were Andalusia (45,971), Madrid (42,382) and Catalonia (38,583). The regions where more capital was provided were Madrid (6,233 million euros), Catalonia (4,640 million) and Andalusia (4,159,000). The communities with the highest rates of annual variation in the number of home mortgages were the Balearic Islands (41.4%), Catalonia (25.9%) and Cantabria (24.9%). Meanwhile, those who had the lowest rates were Navarra (2.5%), Castilla y León (8.9%) and Asturias (11.8%).
To total mortgaged properties, according to INE data in 2015 the number of mortgages on rustic and urban properties (houses are also included) by 17.1% compared to 2014 increased to a total of 369,588, its first rise since 2006. the capital of the granted mortgage loans increased by 16.2% in the whole of last year to over 47,756 million euros, while the average amount of mortgages on the total number of farms He decreased by 0.8% and amounted to 129,214 euros.