2015 is expected to be a bumper year for Spanish mortgages as interest rates in Spain continue to fall as the Euribor rate falls closer to zero and banks offer better terms than ever before on property purchase loans.
There has already been good news for the Spanish property market and a renewed optimism following a sharp increase in value of Sterling against the Euro in recent months prompting more interest from British buyers. Sterling is currently trading at an 7 year high, with the GBPEUR mid-market rate hitting 1.3521 at the close of business on 13 February 2015.
During January 2015 the Euribor rate, used by most Spanish banks to calculate the rate offered, fell from 0.323% to 0.270% resulting in a reduction of 0.264% since January 2014. Average repayments on a 25-year 120,000€ mortgage will reduce by 14,80€ per month, which equates to 177,60€ every year.
Quantitative easing in the Eurozone is expected to keep interest rates low for the foreseeable future and banks are expected to return to their traditional business of lending. An increase in demand for lending is expected to result in banks reducing margins in order to attract clients away from their competitors.
Filed under: http://www.theleader.info/article/46394/
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