Mortgages in Mallorca - Interest & Exchange Rates
The Mallorca Mortgage Business
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The latest RBS Interest & Exchange Rate Forecast makes gloomy reading in terms of the worldwide economic outlook but at least offers the prospect of greatly reduced interest rates in the months ahead. As previously reported the rapid decline in world economies, many moving into recession particularly in Europe, has moved the agenda away from concerns of inflation to one fully focused on stimulating flagging economies.
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In the Eurozone last months half point cut in rates came after a concerted period of near obsession over inflation pressures even though many economists had highlighted that these were always likely to weaken towards the end of 2008 and the main threat was one of recession. Whatever ones view we are now in a period when global interest rates are on a sharply declining path that should, according to the RBS, see Eurozone rates back down to 2% by mid 2009. This will offer much needed respite for property owners in Mallorca that have seen mortgage repayments rise sharply over the last 18 months.
David Novi of The Mallorca Mortgage Business, and owner of Chartered Surveyors Novi Property Mallorca. was quick to point out that with most Spanish and Mallorca mortgages on reviewed annually it will take well into 2010 for much of the benefit of falling rates to feed through to the repayments of individual mortgage holders, but at least there is light at the end of the tunnel. In the meantime it is likely that where necessary banks will work with customers most in need to renegotiate mortgage terms and stave off the threat of widespread default.
Regarding exchange rates, some of the hoped for strengthening of Sterling against the Euro, which would have helped boost some extra interest from British buyers of Mallorca property, has fallen away as fears for the UK economy increase. The RBS foresee relative stability in the Euro - Sterling exchange rates in the months ahead with some only modest improvements in the value of the UK currency.
For further information on the Mallorca Property Market, it's prospects in the months ahead, buying opportunities and best deal mortgages please contact David Novi BA MPhil MRICS on or
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