The refinancing or mortgage renegotiations already account for a quarter of the new credit granted by the entities for the acquisition of housing by individuals. According to the latest report of the Spanish Mortgage Association (AHE), the change in conditions on old loans grew 52% in the first five months of the year.
These lines of financing had a nominal amount of 4,350 million, that is, 25.6% of the total volume granted. In the same period of 2015, the renegotiations represented 22% of the money given to the families for the purchase of flats, with a value of 2,845 million.
This rise is mainly due to the increase experienced in April, where refinancing multiplied by four times and in May, when they doubled, mainly due to the strategy of a large number of entities to change the terms of mortgages with a floor clause, Own decision or after certain legal proceedings. For example, in the first half of the year the Popular withdrew the minimum interest rate to more than 100,000 clients following a Supreme Court ruling.