Signing a mortgage with good conditions is something many Spaniards who want to access financing wish for. Not an easy feat given the context of rising mortgage interest rates in Spain for the last 8 months due to inflation suddenly increasing several points as a result of the Russo-Ukrainian war outbreak.
Tecnotramit will never cease analysing Spain’s mortgage evolution on a permanent basis to best advise our clients. Our consultancy and mortgage formalisation and management services are a reference point throughout the Peninsula, reason being we are always updated on the market’s information.
One of the matters most pressing to our clients is being able to access a good mortgage. How can it be found? And how can banks’ offered conditions not worsen between the market being analysed and making the decision to sign a particular mortgage? We must be reminded entities can modify reported prices until the property is valued, moment when a binding document is issued (ESIS).
In this respect, Carlos Solé, Tecnotramit’s Mortgage Loan Coordinator, insists financial entities can modify offered prices before signing an ESIS but explains that even if small changes to interest rates or expenses are applied on a daily basis without prior notice, big rate changes are notified throughout the entity’s branch network warning of a large rise in order to sign any ESIS already under way.
‘Either way, the best thing is to sign a mortgage as soon as possible if you find a good deal and to not wait long given the scenario can worsen,’ as emphasised by the expert. So now you know: seek counsel, ponder upon the best decision, and reach it quickly should you need a mortgage to buy property. The current mortgage scenario is changing rapidly, and the market’s evolutionary trend does not forecast a change in dynamics towards stability in the short term.