Three interest rates were excluded from the list of official rates in article 27 of Ministerial Order EHA/2899/2011 (in Spanish), and, consequently, are no longer deemed official reference rates for loans arranged after the Order came into force on 29 April 2012. However, they remain valid for those variable-rate loans that were arranged before that date for which they are the reference rates.
These three rates are:
- The rate for bank mortgage loans of over three years
- The rate for savings bank mortgage loans of over three years
- The savings bank lending reference rate (CECA indicator, lending rate).
The Banco de España stopped publishing these benchmark rates on 1 November 2013 and they were replaced by the rate stated in the loan agreement.
If there is no replacement rate or the replacement rate is one of those that has ceased to exist, the applicable rate will be the “average interest rate of mortgage loans over three years for purchasing unsubsidised housing, granted by Spanish credit institutions” (the bank mortgage loan benchmark index) plus a spread.
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