The entry into force of the new Mortgage Law was felt with full power last August in the signing of housing loans. Loans of this type collapsed by 29.9% compared to the previous year, just a month and a half after the changes in the conditions and procedures for obtaining them.
In total, 20,385 contracts were signed, according to data published Tuesday by the National Institute of Statistics (INE), a figure that is also the lowest in the last three years. To find a lower figure, we have to go back to the month of July 2016, when 18,707 mortgage loans were totaled.
INE itself acknowledges in its note that "the entry into force of the Real Estate Credit Law in the month of June could have affected the data published this month as these are mortgages registered in the Property Registries during the month of August, from public deeds made in the previous months. "
At the inter-monthly level , the fall is even greater, of 38.9% compared to the month of July, the largest in the series of the last five years collected by the body.
From Fotocasa they consider that "this fall is characteristic of the seasonal effect of the summer months and the normalization that the real estate market is experiencing . In addition, the effects of the new mortgage law that came into force last June are joined and that, without a doubt, has meant a delay in sales and in the granting of mortgages ".
The average amount of these mortgages increases by 5% and stands at 128,501 euros. Variable rate loans represent 58.2% of the total of those signed, compared to 41.8% of the fixed ones in a context marked by the historical minimums recorded by the Euribor. The average interest rate at the beginning is 2.29% for mortgages on variable-rate housing (with a decrease of 5.4%) and 3.01% for fixed-rate mortgages (0.1% lower) .
The total number of mortgages with changes in their conditions registered in the property records is 5,056, 16.9% less than in August 2018.
Based on the kind of change in conditions, in August there were 3,829 novations (or modifications produced with the same financial entity), with an annual decrease of 11.1%. On the other hand, the number of operations that change entities (subrogations to the creditor) decreased by 27.6% and the number of mortgages in which the owner of the mortgaged property (subrogations to the debtor) changes by 47.4%.
Regions
By communities, those with the highest number of mortgages constituted on dwellings in August were Andalusia (3,924), Catalonia (3,607) and Comunidad de Madrid (3,208).
On the other hand, the regions in which more capital is lent for the constitution of mortgages on houses were Madrid (589.1 million euros), Catalonia (507.4 million) and Andalusia (438.5 million).
All communities have negative annual rates on the number of home mortgages , both in annual and monthly comparative.
According to the criteria of The Trust Project
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