2023-10-26 05:39:38
The other effect on the mortgage market of the steep rise in interest rates is linked to the early cancellation of loans. It is a phenomenon that has only grown at a rate almost similar to that of the rise in the Euribor, which discourages the creation of mortgages at a fixed rate, today very high, and at a variable rate, today in an unbridled rise.
In this way, so far this year, until August, 1,994 mortgages had been cancelled. This represents a slight increase in the trend that already started last year. In the last 12 months, the amortization of mortgage loans on housing has risen 4%. In 2022, between January and August, 1,911 mortgage cancellations had been registered in the province of Burgos.
In the month of August, 215 mortgage cancellations were registered, more than new loans created since 184 new loans were signed. The comparison with last year’s situation is similar. There are two more cancellations, but a year ago the constitution of new loans had not been exceeded. Last year, the start of 261 mortgages was signed when the cancellation of 213 housing loans was signed.
In 2023, mortgage amortization has exceeded the creation of new loans throughout the year. The trend continues upwards. In this way, the cancellations added from January to August in 2023 are achieved to be a higher figure than the signing of new mortgages.
Today cancellations have increased by more than 36%. Between January and August 2019, 1,462 loans had been closed. The figure fell to 1,079 in the first eight months of 2020, the year of the pandemic. Then, in 2021, there was a rebound with 1,649 mortgages cancelled. Already in 2022 and 2023, around 300 more home loans have been canceled than before the interest rate increase.
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