Forecast for Spain real estate financing in 2021

December 22nd, 2020  It seems that the beginning of 2021 is presented with great doubts about what mortgages will be like and, the solution, which is not easy, will set the trend for a certain recovery or not in the sector, which has seen a drop in the number of sales in the last months of the year. We still in moments of uncertainty, not only in economic aspects, but the expected vaccine seems to generate more side effects than expected and this will contribute to continue with the feeling of unease that we are experiencing, helping to maintain the perfect storm that, as all, it will end up happening, but for the moment it is still here.

My forecast regarding access to mortgages is that it will be more difficult, with low rates, although not as much as up to now in the most demanded, which will continue to be fixed rate, given a price of money that will remain low for a long time. , but with a tightening in counterparts requested by the bank in the professional and economic profile of the applicant, and also in relation to more personal data and information obtained through big data, a key component for a future that is already here and to which we will have to pay more attention if we want to come out well with the analyzes that are going to be carried out on us, whether we like it or not. In my opinion, if the laws do not perfectly cover the use of big data for a more thorough analysis of our “cataloging” as payers, the same laws will evolve, with the necessary justifications and a “time that heals everything”. , so that they are normalized and we return to the eternal, “it´s ok”, which we arrived after the fatigue caused by not being able to change important decisions, which are left in the hands of reactive and not proactive governments.

Undoubtedly, my references and opinion on rates point to traditional banks for operations of acquisition of habitual residence, said which, I would never advise my clients to go to alternative financers.

In any case, 2021 is going to be a year of more changes, both in the speed in how we are going to have to face them, for which we already have a good learning experience in 2020 like turning to many online tasks, as in the amount of changes we will experience, which will force us to make our red lines more flexible.