According to the data published today by the National Institute of Statistics
The average amount of mortgages contracted to buy a house exceeded for the first time the 145,000 euros in September, which causes families who signed a loan in that month to pay an average of 178.7 euros more than the quota monthly than those that constituted it a year ago.
According to the data published today by the National Institute of Statistics (INE), the average amount of housing mortgages reached in September the record of 145,313 euros, 11.7 percent more than those constituted in the same month of 2005 (130,138 euros) and 1.2 percent more than in August (143,604 euros).
In this way, the monthly payment of the average mortgage, calculated with a repayment term of 25 years and according to the evolution of the September Euribor, now amounts to 744.33 euros, compared to 565.58 euros that were paid a year ago.
The payment effort is greater in the case of total mortgages, which include not only those intended for the purchase of a home but any type of rural or urban land (offices, homes and commercial premises), which reached an average amount of 166,089 euros in September, with an increase of 14.4 percent with respect to the same month of 2005 and 3 percent with respect to August.
In fact, the share of these mortgages has risen in the last year by almost 220 euros, going from a monthly fee of 630.8 euros to 850.75 euros.
The increase in the number of new mortgages has favored the debt of families, companies and public administrations in September, for the first time in history, exceeded two trillion euros of debt, double that five years ago, according to data from the Bank of Spain.
In the short term, the effort to pay a mortgage will continue to increase, especially due to the rise in the Euribor, the most used indicator to calculate the interest rates of these loans, which in September stood at 3.715 percent, compared to 2,219 percent of a year earlier, and that has chained new hikes in October and November.
A proportion that largely reflects
The evolution of the Euribor has a large impact on the mortgage loans of Spaniards, since of the 161,252 mortgages constituted in the ninth month of the year, 98.3 percent opted for a variable interest rate, compared to 1.7 percent. percent who preferred the fixed rate, a proportion that largely reflects the general trend.
In addition, within the variable loans, the Euribor was the most used indicator, since it applies to 84.5 percent of the new loans- Ebook Blog.
However, the Association of Users of Financial Services (Ausbanc) considered today that the rise in mortgages “is not alarming”, but advised clients to be well informed of the spreads that apply to mortgages and try to negotiate with the banks both the differential and the commissions.
In total, the capital lent for all the mortgages constituted in September reached 26,782 million euros, of which the greater part, 25,179.8 million, corresponded to mortgages on urban farms.
In September, 156,789 loans were formalized on urban farms, 0.04 percent less than in September 2005, of which 115,695 were mortgages on homes, with an increase of 2.25 percent year-on-year, and a total amount of 16,812 million.
On the other hand, mortgages on rural properties (which rose to 4,463 in September, with an interannual increase of 5.46 percent), had a total amount of 1,602 million.
By entities, savings banks were the ones that granted the highest number of mortgage loans in September (58.3 percent of the total), followed by banks, which accounted for 33.2 percent of total loans, and other financial entities, with 8.5 percent.
More than half of the mortgages that modified their conditions in September (23,340) did so because of variations in the interest rates applied to them.
By Autonomous Communities, Catalonia and Andalusia accounted for the largest number of mortgaged homes, which amounted to 20,926 in each region, with a borrowed capital of 3,749 million in the case of Catalonia and 2,693.79 million in Andalusia.