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Spanish mortgage payments expected to increase

Mon 24th Jan 2011

Increasing numbers of Spanish homeowners are expected to fall victim to having their mortgage payments rise, according to a number of sources.

The latest summary of Euribor and Spanish mortgages by one industry expert, Mark Stucklin of Spanish Property Insight, says how this looks likely to place further strain on the country's already struggling property market.

Furthermore, those looking to buy Spanish property could find that the increased mortgage costs lead to further bargain homes coming onto the market, A Place in the Sun reported.

Mr Stucklin commented: "This is the sixth month in a row that new mortgage lending has fallen, a clear sign of trouble for the market. New mortgage lending has been falling since July and the latest fall comes on top of a slump of 16 % in September.

"Significantly fewer, smaller loans means a lot less money chasing property, putting further pressure on prices."

New mortgage approvals in October fell by 24 % year on year to 39,542 home loans, and by 25 % compared to September, according to data supplied by Spain's Office of National Statistics (INE).

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