Mortgages on property in Spain 'falling in price'
10.06.2009
The cost of a mortgage in Spain has fallen and costs far less than it did a year ago, sector expert states.
Mark O'Sullivan, director of trading at payment technology company Currencies Direct, says getting a mortgage on a property in Spain now costs far less than it did a year ago.
In addition, he states that the fall in mortgage costs can be attributed to Spanish banks trying to "reign in their lending".
"What you are going to see in Spain is a lot of consolidation among the smaller banks that used to lend a lot to the expat community," Mr O'Sullivan explains.
The specialist states that rates will probably go back down to traditional levels, with 40 and 60 per cent loans from the bank coming through within the next two years.
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