The banks you begin not to give mortgages over 60 % of the value of the apartment
30.07.2008
Like that are the things, the banking institutions prefer to minimize the risks not to meet a portfolio of real estate that cost much less than the money by which they were mortgaged.
The mortgages at the price of 120 % of the building have already gone on to better life, but also those of 80 % that the Spanish Bank fixes of maximum. Now the one who wants a mortgage they are meeting that almost no bank finances, without guarantees or insurances, more than 60 % of the appraisal of a housing, it denounces the OCU.
This supposes that, for example, to confront the buy of a housing for 300.000 euros, a family must be able to reach port to toca tiles 120.000 euros. The hardening of the conditions of the mortgage loans is strangulating to a sector to all lights in crisis, the real estate one.
the entities banncarias have modified the way of appraising real estate, makes sure in the OCU. “When they wanted to give loans it was not weighing them to appraise of more, now they are appraising much underneath of the market”, his spokesman denounces.
The proprietor of a real estate agency of Madrid goes further away and makes sure that to the banks it is already not interesting to them to give mortgage credits because they do not want to have any more property assets on having been lower the prices.
The banks were appraising superficially when they were interested in and now much underneath, it denounces the real estate sector
From the banks and the boxes he makes sure that the mortgage credit keeps on being one of major financial operations in Spain. The Spanish financial institutions are expert in the mortgage credit. If they were giving loans over 80 %, they were never doing it without guarantees, because they are the first interested”, they make sure.
While, the number of credits keeps on rising, although below the hace levels just one year. In March they raised more 14 %, according to the Confederacy of Savings banks, although in 2007 they were growing to a rhythm of 30 %.
Mortgage loans to finance the consumption
22.07.2008
The loans with mortgage guarantee that are assined to the consumption or to pay habitual expenses, they have doubled in what goes of year.
In crisis times the imagination and the skill arises. In the Spanish official statistics it is possible to appreciate a strong increase of the quantity of money with mortgage guarantee that the banking institutions put at the disposal of his clients.
The credits with mortgage guarantee are not assined, as it is habitual to the acquisition of a housing, but to finance running costs or of consumption as there can be reforms, holidays, etc.
The numbers speak if the same. The amount of the credits with mortgage guarantee not destined for the buy of a housing already promotes to 42.366 million euros, a still small number opposite to the whole, but that represents an increase of 25 % with regard to the previous year, more of the double of what is increasing the mortgage credit.
The advantage that this tipode financing supposes for the families is clear. The interest rate of the credit is very superior to the consumption, and hence it is preferable to ask for the money to the banks setting as it was guaranteeing the housing in property.
The formula is usually used when a few years are missing to amortize the loan, and normally it is used to finance running costs, what introduces a problem from the fiscal point of view.
Mortgages offer in July
21.07.2008
I have realized a simulation in Bankimia, an excellent comparador of mortgages online to obtain the best mortgages in July.
The calculation has been realized by the following conditions:
150.000 Euros have been requested
Pay-off period of 30 years.
Variable interest rate
Top 10 mortgages
1. Young mortgage (100 %, maximum requisites, with guarantee) of Box Duero. Quota 862 €
2. Castile mortgages Young Housing (100 %) of Box The Spot. Quota 872 €
3. He mortgages à la carte (minors of 30) of One And. Quota 875 €
4. Young mortgage (100 % financing) of Bilbao Biscay Kutxa. Quota 876 €
5. Mortgage Discounted (maximum requisites) Caixa Girona. Quota 876 €
6. The first Mortgage of them Illes Balears of Sa Nostra. Quota 883 €
7. Canary mortgage of The Box of Canaries. Quota 881 €
8. He mortgages Bonus Clic - And of BBVA. Quota 881 €
9. Young mortgage (100 %, minimal requisites, with guarantee) of Box Duero Box. Quota 885 €
10. Canary Young mortgage (100 %) of CajaCanarias. Quota 894 €
Important
The idea of the simulation is to be able to contribute tracks of competitive mortgages but the information exhibited here should not be sufficient to decide to select one or other one. It is necessary to bear in mind that many of the mentioned mortgages force to the hiring of additional products (that get dearer the mortgage).
Also it is fundamental to be informed about other aspects like commissions, periods of lack, promotions, etc.
The Euribor overcomes again 5,4 %
21.07.2008
The Euribor, the indicator most used for the calculation of mortgages, has increased again and has marked 5,413 %, after remaining last two weeks below 5,4 per cent.
The produced increase would raise the medium month's characteristic of July of this indicator up to 5,393 per cent, over the historical maximum reached in June, which was 5,361 per cent.
During every June the Euribor has changed between 5,3 and 5,4 per cent, reaching this way the highest levels of last years.
The valuation reached in June raised the quota of the signed mortgages one year ago in 74 euros a month, 888 euros a year. If the upward tendency is supported, at the end of July the increase in the mortgages signed in July, 2007 would be lightly a minor, of 72 monthly euros, that the one that there have endured the credits that were renewed in June.
It lowers the mortgage activity and promotes the slowness
18.07.2008
We continue with the slowness in clear ascent, the volume of defaulting loans of the banking institutions has increased 13,3 % in May, up to 25.453 million euros, according to public made information for the Spanish Bank, which coincide with the publication of the numbers of mortgage activity.
According to the report the balance of the credits of doubtful cashing has increased in May in almost 3.000 million euros, and the slowness valuation on the whole of the loans has gone on from 1,28 % of April to 1,459 %.
The increase of the slowness is not only a consequence of the indebtedness in the residential sector, but also of the insolvency of the companies, especially in the construction and real estate sector, as it demonstrates the recent suspension of payments of Martinsa Fadesa.
The slowness does not affect from the same form to all the entities that grant credits. This way, the banks, with credits granted to the value of approximately 790.000 million euros, suffer a valuation of slowness of 1,23 %, opposite to 1,11 % of April.
For his part, the savings banks, with 860.000 given millions, have a valuation of slowness of 1,66 %, while the cooperatives, with a credit portfolio of 93.000 millions, suffer a mulberry of 1.382 millions.
Information of mortgage activity
Also there has just be known the information of activity of the mortgage market in May, which confirm the deceleration of the business of the mortgages.
Any more than 120 thousand hearths will not be able to face to the payment of his mortgages
09.07.2008
The slowness level in Spain has gone on from 0,3 per cent in 2007, up to 1,5 per cent in case of the savings banks.
The number might come up to 3 % at the end of this year. In other means it is alerted that 4 % might overcome in next year.
The situation affects principally the 'mileuristas', the immigrants and the families with children of between 30 and 40 years.
The situation is especially a criticism for those who signed his mortgages years ago when the types were lower. Now with every review they have to face to the payment of every time major quotas.
In this sense, the specialists think that the Executive must reform the Mortgage Law and approve the Law of Sobreendeudamiento, to relieve the situation of the affected families.
The Euribor has closed in June with a historical maximum
01.07.2008
The principal indicator to fix the interest rate of the mortgages in Spain has closed in 5,361 % in the recent June. A number that represents a monthly historical maximum. To go mad completely after four consecutive months of deep and deep.
Last 2007 registered in the same period eight tenths less. The current upturn bears an increase of the quota so much for the signed loans one year ago as for those who are checked every six months. The above mentioned increase will be 900 euros in whole, or 76 euros a month, like the prefiramos to look.
The Euribor finally “has touched roof”. At the end of the present year there fits the possibility that it marks about 5,15 %.
This index usually experiences growths when the European Central Bank (BCE) foresees to raise the interest rates, thing that undoubtedly will take place in the meeting of this Thursday, the 3rd of July. Although the difficulties in the liquidity of the banking and the credit risk of the market also affect him.
In conclusion, this mortgage indicator has already beaten the record reached in August, 2000 when it came to 5,248 %. In the mid term it is going to continue over 5 %. But if the inflationary tensions are settled in a favorable way there will be more neither frights nor any more nonsense in the payment of the housing. At least this is what we wish to finish with the pressure of the economies of thousands of mortgaged citizens.
Route: EFE
