Spain Raises Mortgage Age to 50
Spanish banks are raising mortgage rates to at least 2%. This will likely lead to fewer homes being sold. The government is also changing rules about mortgages and building new homes.
Spanish banks are changing their mortgage policies. They now require a minimum interest rate of 2% for loans. The Madrid regional government has increased the age limit for mortgage guarantees to 50 years. This change is part of a new housing law. The Spanish government has approved a plan to build 18,000 homes over four years.
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Highlights
Banks Raise Mortgage Costs
Spanish banks are now requiring at least 2% interest on mortgages.
Fewer Homes Will Sell
Higher mortgage costs will likely reduce home sales this spring.
Madrid Raises Mortgage Age
Madrid increased the age limit for mortgage guarantees to 50 years.
New Housing Law Approved
A new housing law was approved by the Spanish government.
Protected Homes Promised
The government plans to build 18,000 protected homes in four years.