get someone mortgage This is no easy task. Less now, banks increasingly more obstacles at the time of giving mortgage loans. This increase in interest rates, coupled with problems such as inflation, job instability and economic slowdown Banks take more precautions while offering money to buy a property, it demands greater guarantees.
The ‘Finanzate’ brokerage network, in an ABC article, in the first quarter of the year, banks refused 1 in 3 mortgage loans requested by individuals. Most businesses do not accept that the monthly payment of the mortgage payment is more than 35% of the applicant’s income, and general economic conditions are pushing more and more people towards this limit.
Housing loans fall in March
According to data published by the National Institute of Statistics (INE), 36,182 mortgages were signed for home purchases in Spain last March, 15.7% less than in the same month of 2022; this is the biggest drop since January 2021.
HE fixed interest rate It continued to outperform the variable in new mortgage generation and was the preferred option in 63.9% of cases, despite a percentage drop and the lowest March since March 2021. 36.1% of housing loans were requested at variable rates.
The data added that the average interest rate on mortgages, 2.99%, was also the highest in nearly six years since April 2017.
The fixed loan rate was 3.15%, the most expensive since April 2018, while the variable rate was 2.72%.
The average amount of mortgages on houses was 142,663 euros, down 1.5% compared to the previous year, while the capital lent by institutions for this purpose was 5,161.9 million euros, which is also 17% less than the previous year.
that means In the first quarter of this year, residential mortgages fell by 5.6% and capital loaned by financial institutions to secure residential mortgages fell by 5.4%.
In another setting, the total number of mortgages on property records that changed their terms in March fell 14.7% to 14,176, of which 11,399 were innovations (remodels with the same financial institution), which also fell. 16.4% per annum.
On the other hand, the number of transactions that changed the mortgaged asset (successor to the creditor) decreased by 8.1%, while the number of mortgages in which the owner of the mortgaged asset changed (successor to the borrower) decreased by 3.1%.
Likewise, 32.1% of all these registry changes resulted from changes in interest rates, then the rate of fixed rate housing loans increased from 13% to 40.2%, while the rate of floating rate housing loans decreased from 85.6% to 58%. e has declined.
Euribor remains the rate at which the highest percentage of variable mortgages is referencedboth before (81%) and after the change (54.8%).
Following the change in terms, the average interest rate on variable rate mortgages increased by 0.1 percentage points, and the average interest on fixed rate mortgages increased by 0.1 percentage points.
Autonomous communities with the most mortgages
The communities with the most residential mortgages in February were once again revealed. Andalusia (7,280), Catalonia (6,467) and the Community of Madrid (5,515).
In the same but different order, the communities in which the largest amount of capital was lent to create these loans were: Madrid (1,200.2 million euros), Catalonia (1,050.4 million), and Andalusia (879.5 million).
Asturias was the only community to register an increase in March compared to the previous year. 0.8% in the number of residential mortgages.
By contrast, the Balearic Islands, Comunidad de Madrid (–23.7%) and Castilla – La Mancha (–22.1%) had the largest decreases with 31%.