Spanish mortgage enquires jump up a third
Enquiries from international property seekers looking to get a mortgage in Spain rose 33% during May and June, according to a new report.
Overseas mortgage specialist Conti believes that the rise is due to favourable exchange rates and buying conditions, along with the fact that mortgage lending is generally good.
Maximum loan to value loans remain high at around 65-70%.
Clare Nessling, Director at Conti, says: “Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market. In addition, despite the ongoing eurozone crisis, the growing strength of the pound, which has been rising against the euro to levels not seen for around four years, is boosting the budgets of British buyers. These factors, together with historically low interest rates, are making it more affordable to buy in Spain right now. And signs that the market is improving are starting to lift the confidence of prospective buyers.”