Banks reduce mortgage prices to boost their sale

The Spanish banking has started this year 2021 with a remarkable descent of prices with regard to mortgages, especially at a fixed rate, to encourage the granting of this type of loan. We recall that the appearance of the pandemic caused by the coronavirus it was devastating for all banks.

So banks like BBVA, Banco Sabadell, Santander, Bankinter, Kutxabank, Openbank and Myinvestor have decided to break into the new fiscal year with the biggest price drops, thus giving rise to a new mortgage war.

The health crisis, which caused the lockdown
domiciliary Last spring, it brought down the new granting of loans for the acquisition of housing, falling in April to 50.7% compared to the same month of the previous year, after lending the banks a total of 1.9 billion euros in mortgages.

Mortgage prices are lowered to encourage sales

The banking sector already assumes that in the last months of the year the granting of loans
mortgage, in the absence of knowing the figures for November and December. These last few months have also been marked by restrictions on mobility caused by the second wave of the coronavirus.

From last January 2020 to October, Spanish banks have granted 34,019 million euros to finance new mortgages. This figure, despite the Recovery in the concession this fall, it is 3.3% lower than the 35,175 million euros in credit that the sector gave for the acquisition of a property between January and October 2019.

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