ROLL on 2016. The last 12 months have been unbelievable and I expect the next year to be even better.
2015 will most certainly go down in the memory as the year in which everything turned around.
Banks began lending again, mortgage rates dropped and borrowers were finally given value for their money.
On a business level, the Finance Bureau relocated to its new office in Guadalmina and added an insurance service to the business, while on a personal note I began writing for the Olive Press!
Arguably the best news to come out of the last 12 months was the removal of all clausulas suelos clauses (floor clause) from mortgage agreements in Spain. Estimated to be responsible for a whopping 90% of Spanish housing evictions, the minimum-rate interest clause had been costing mortgage holders an average of €3,000 a year for far too long.
But with that finally sorted out, I hope 2016 will see the end of the compulsory insurance clause which forces the borrower to take out insurance with their lender rather than being given the choice to shop around.
And with a stable property market and mortgage rates starting as low as 1.5% (+ Euribor), I expect an even greater boom in the property sector next term.
Banks are seemingly happier to lend to less straight-forward clients – such as self-employed investors and non European nationals – and I am sure that things will continue to get better and better for the borrowers.
That even includes high-end buyers taking out large mortgages as what was previously considered as ‘unsafe’ is now seen as being much more appealing to lenders.
Merry Christmas Olive Press readers and I’ve no doubt that it will be a happy new year.
- A recent slowdown in growth does not mean doom and gloom for Spain’s property market, writes Tancrede de Pola - 10 Jun, 2019 @ 18:24
- Want a return on your property investment? Look no further than Spain, writes the Finance Bureau’s Tancrede de Pola - 13 May, 2019 @ 11:36
- Why Spain is still an attractive property investment for 2019 - 20 Jan, 2019 @ 15:00
- Spain is not entering a new property bubble, but it can still do more to prevent another - 22 Dec, 2018 @ 13:58
- Mortgage approval numbers are soaring in Spain as property market continues its recovery - 4 Aug, 2018 @ 11:53
- Property market in Spain still a safe bet - 7 Jul, 2018 @ 15:00
- Why you’ll always need a mortgage broker in Spain’s booming property market - 9 Jun, 2018 @ 17:23
- Beware the 100%: Are mortgages that pay for your property in full a good idea? writes Tancrede de Pola - 14 Apr, 2018 @ 11:30
- The Finance Bureau answers the frequently most asked questions about getting a mortgage in Spain - 28 Oct, 2017 @ 11:40
- Must-dos before signing on your new property in Spain - 2 Sep, 2017 @ 11:41