Mortgage payments in Spain increase

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Owners of Spanish property have enjoyed a reduction in their mortgage payments since 2008 as the credit crunch reduced interest rates and brought down monthly payments.

However, Spain’s Euribor interest rate has now risen for five months in a row to reach its highest level in more than a year and this will bring increases to mortgage payments for those with annually resetting mortgages. Spanish property expert Mark Stucklin writes “repayments on a typical annually resetting mortgage (150,000 Euros, 25 years) will rise by around 6 Euros/month, or 70 Euros/year, to around 594 Euros/month.” Click here to read the full article.

Problems with selling property and increases in costs such as this has encouraged many owners of second homes in Spain to rent out their properties either for holiday lets or for long-term tenants. This is a great way to generate income from your property so you can afford to wait until values increase. HomeCareontheWeb and Novasol can help you generate rental income. Please email us if you would like to find out more

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