Spanish Business News

Spanish banks have resumed offering mortgages on pre-crisis terms as they struggle to offload billions of euros of residential real estate repossessed during Spain’s property crash.

The rush to get rid of repossessed homes in a housing market that has officially fallen 17 per cent from its peak comes at a time when Spanish banks have tightened lending for regular mortgages sharply while offering looser terms for distressed property.

Banco Santander, BBVA and Caja Madrid (now part of Bankia), Spain’s three largest banks by assets, are all offering mortgages for repossessed residential property with loan to value ratios of up to 100 per cent, for up to 40 years.

Read the full article at ft.com