A mortgage for Spain to enjoy the low Euribor rates
Now is the time to invest in a mortgage for Spain. The Euribor (Euro Interbank Offered Rate), which is the interest rate normally used to calculate mortgage payments in Spain, fell to a record low of 1.334 % in August, down from 1.41% in July.
This makes the Euribor 75% lower than it was this time last year, when it stood at 5.323%. This means that significant savings can be made for mortgage borrowers on annually resetting mortgages.
Fall in Euribor rate sparks interest in mortgages for Spain
The fall in August makes it a record breaking 11 consecutive months that the Euribor has fallen. However financial experts believe that this continual drop will end soon and certainly will not fall below 1%.
This means that now is the time to take advantage of the low interest rates and find a property in Spain before the Euribor begins to increase.
The average borrower can expect to save around 316 Euros per month, or more than 3,800 Euros per year on mortgages that reset around now. The Spanish consumer group CECU has urged borrowers to use the fall to re-mortgage their properties to take advantage of the better rate. The amount of borrowers that have already re-mortgaged their properties is up by 65% compared to last year.
The time is right for investing in mortgages for Spain or Spanish re-mortgage
For British expats looking for a second property in Spain, re-mortgage may be a brilliant way of not only saving on your interest rate by taking advantage of the lower interest rates available, but also to relinquish some equity to pay for your new property.
Looking at mortgages for Spain? Give Conti a call
Whether you are thinking of getting a Spanish re-mortgage or a Spanish mortgage for a new property, the overseas mortgage experts at Conti can help you. Their friendly advisors will find a Spanish mortgage or re-mortgage for Spain to suit your financial needs and requirements.
Why not give them a call today and see if they can help you find a mortgage for Spain for your ideal Spanish property on +44 (0)1273 772811.
0800 970 0985