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Although there are still plenty of vendors looking to sell their properties in Spain, we have noticed that the level of panic amongst these forced sellers that was previously evident has now subsided.
One of the reasons that some people are feeling a little more relaxed about their situation is that the historically low interest rates in Spain mean that their Spanish mortgage repayments have never been so low. So instead of having to service an unwanted debt with huge monthly payments, the blow has been softened and these payments have actually come down quite dramatically in recent months.
Many vendors are also now taking the option of renting their Spanish properties to long-term tenants, safer in the knowledge that the rental income is likely to cover the mortgage repayments, thereby leaving them at least covering their costs, instead of running into negative territory each month.
Although most financial commentators expect interest rates to rise within the next 12-24 months, there doesn´t seem to be any signs that this will happen anytime soon.
This good news for mortgagees means that many who were feeling that they had no choice but to sell their Spanish properties at silly, rock-bottom prices, are now far more inclined to hold firm when considering low offers.
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