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Spanish Business News

The latest business, economic,property, stock market and financial news from Spain. Keep up to date with what is happening with the Spanish economy, stock market, the economic crisis, the euro zone debt sovereign debt crisis and the Spanish property market.

Banks offer pre-crisis loan terms in Spain
19 May 2011 @ 00:17

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.

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