Santander raises mortgage rates in Spain

Santander 1

Banks here in Spain have been offering very competitive interest rates on mortgages, but one of the largest, Santander, has announced that it is dropping out of the price war.

It is planning to put up its rates on variable mortgages as it tries to protect its profitability which has been dropping during 2019.

Mortgages attached to the Euribor rate are still low when compared to many other countries but the bank is determined to make more money from its current lending estimated at more than €50 billion.