Spanish mortgages among europe's cheapest

Photo: Aparejador

Spanish mortgages are now among the cheapest in Europe, according to figures from the European Central Bank.

The ECB data, published by El Mundo, shows that the industry has transformed completely in the past two years, moving from high differentials (over 4 per cent) to some of the lowest rates in the cotinent. The average interest rate on new loans in July was 2.12 per cent, below the European average of 2.22 per cent.

Only Germany, Luxembourg, Austria, Lithuania and Finland offer cheaper mortgages, with Spain even ranking as more affordable than France (2.15 per cent), which has enjoyed record low rates in the past year.