Mortgage rates are going down.
In the years of the recession, obtaining a mortgage for a holiday home in Marbella was a little more challenging than in the earlier years of the new millennium. Thankfully, this situation is changing rapidly and most banks have once again opened their doors for mortgage business. In addition to this good news, we can also tell anyone considering buying a property in Marbella that mortgage interest rates have reached their lowest point for many years, making your purchase less expensive now than ever. At the same time as the mortgage rate fell, we also witnessed a rise in mortgage lending. According to Spain’s National Institute of Statistics, new mortgage lending rose by 10% in September 2016, which means that Spanish property sales are healthily increasing. The banks have also been helped to agree to new applications because the amount owed by outstanding loans is declining, giving them greater financial flexibility. The resulting mortgage rates provide a truly golden opportunity for buyers in 2017. As many experts have pointed out, Spanish property prices are as low as they are likely to go and anyone who opts for a long-term fixed interest loan at the current Euribor rates will be borrowing money at its cheapest rate for a long time. In the 21st century, the Euribor’s highest rate was in 2008 and since then it has dropped year by year, with a slight rise in 2011, before almost flatlining on the graph in 2016. We urge buyers to act now and buy a property in Marbella at this best possible time for mortgages.
