Mortgage Rates in Spain 2026: Bank-by-Bank Comparison

Where Rates Stand in 2026: The Euribor Story

If you are buying property in Spain in 2026, you are entering the market at a pivotal moment for mortgage rates. The 12-month Euribor — the benchmark that underpins virtually every variable-rate mortgage in Spain — peaked at roughly 4.16% in October 2023, following the European Central Bank's aggressive rate-hiking cycle. Since then, it has been on a steady downward path.

As of early 2026, the 12-month Euribor sits in the 2.5–3.0% range. The ECB has implemented several rate cuts through 2024 and 2025, bringing the main refinancing rate down from its 2023 peak. Markets are pricing in further modest cuts through 2026, which suggests Euribor may drift toward 2.0–2.5% by the end of the year — though nobody should treat forward rates as a guarantee.

What does this mean in practice? For existing variable-rate mortgage holders in Spain, their annual review (revisión anual) in 2026 is bringing welcome relief — monthly payments are falling by €50–150 compared to 2024 peaks. For new borrowers, it creates a genuine strategic question: lock in a fixed rate now, or take a variable rate and bet on further Euribor declines?

To put Spain's rates in international context: UK mortgage rates currently sit around 4.0–5.0% for a five-year fix, US 30-year fixed rates hover around 6.0–6.5%, and Scandinavian variable rates are in the 4.0–5.0% range. By comparison, Spanish fixed rates of 2.5–3.5% and variable rates of 3.0–4.5% represent genuinely competitive financing — one of the reasons Spain continues to attract foreign property buyers.

How Spanish Mortgage Rates Work: A Quick Primer

Before comparing banks, you need to understand the three mortgage types offered in Spain and how they are structured.

Fixed rate (tipo fijo). Your interest rate stays the same for the entire mortgage term — typically 15–30 years. Monthly payments never change. In 2026, fixed rates for residents range from 2.5% to 3.5%; for non-residents, expect 3.0–4.0%. The advantage is certainty. The disadvantage is that if Euribor drops significantly, you are locked into a higher rate (though Spanish law now makes early repayment relatively affordable — more on that below).

Variable rate (tipo variable). Your rate is Euribor (usually the 12-month average) plus a fixed spread set by the bank. For example, Euribor + 0.99% means that if 12-month Euribor is 2.7%, your effective rate is 3.69%. The rate is reviewed annually or semi-annually (depending on the bank), and your monthly payment adjusts accordingly. Variable rates in 2026 typically carry spreads of Euribor + 0.60% to Euribor + 1.80%, making effective rates of roughly 3.1–4.8% depending on the bank and your profile.

Mixed rate (tipo mixto). A hybrid: you pay a fixed rate for the first 3, 5, 7, or 10 years, then switch to variable (Euribor + spread) for the remaining term. This has become the most popular product in Spain over the past two years. It gives you certainty during the initial years — when you are likely managing the financial stress of a new property purchase — while benefiting from potentially lower variable rates later. Mixed-rate initial fixed periods in 2026 typically range from 2.2% to 3.0% for the fixed phase, with a variable tail of Euribor + 0.65% to Euribor + 1.2%.

The bonificación system. Every Spanish bank uses a cross-selling system called bonificaciones. The advertised "best" rate is almost never the baseline rate — it is the rate you get after signing up for the bank's insurance products, domiciling your salary, using their credit card, contributing to their pension plan, and so on. Each product you take reduces the rate by 0.1–0.3%. The "unbonified" rate (sin bonificaciones) — the rate you pay if you just take the mortgage with no extras — is typically 0.5–1.0% higher. Always compare both rates.

Bank-by-Bank Comparison: 9 Banks Analysed

The following comparison is based on publicly available offers and real client data from early 2026. Rates change frequently, and what you actually get depends on your profile, property, and negotiation skills. Use this as a starting point, not a final answer.

CaixaBank

Spain's largest retail bank by branch network. CaixaBank has extensive experience with foreign buyers, particularly along the Mediterranean coast, where many branches have English, German, or French-speaking staff.

Opening fee: 0% (waived with bonificaciones) to 0.5%.

Non-resident LTV: Up to 70% for EU citizens, 60% for non-EU. CaixaBank is one of the more flexible banks for non-residents, though their rates for non-residents are typically 0.3–0.5% above resident rates.

Verdict: Solid all-rounder. Not always the cheapest rate, but reliable processing, wide branch network, and experienced with foreign documentation. Good choice if you value accessibility and multilingual service over squeezing the last 0.1% from your rate.

Banco Sabadell

Sabadell has carved out a strong niche serving Northern European and British buyers, particularly on the Costa Blanca and Costa del Sol. Their international department in Alicante is one of the most experienced in Spain for non-resident mortgages.

Opening fee: 0%.

Non-resident LTV: Up to 70% for EU citizens, 60–65% for non-EU. Sabadell is notably more accommodating to UK post-Brexit buyers than many competitors.

Verdict: Strong choice for Northern European buyers. Competitive rates, zero opening fee, and genuinely experienced international team. Their Alicante hub handles a large volume of non-resident mortgages and processes tend to be smoother than at banks less accustomed to foreign documentation.

Bankinter

Bankinter consistently offers among the most competitive rates in Spain, targeting higher-income, financially sophisticated clients. Their digital platform is excellent, and processing speed tends to be faster than the bigger banks.

Opening fee: 0%.

Non-resident LTV: Up to 70% for EU citizens with strong profile, 60% for non-EU. Bankinter is selective — they want high-income borrowers with clean financials.

Verdict: If you have a strong financial profile and want the best rate, Bankinter is often where you end up. Their weakness: less hand-holding for international clients, fewer branches in tourist areas, and they may decline applications that other banks would accept. Best for financially savvy buyers who are comfortable navigating a process that may involve more Spanish-language interaction.

BBVA

BBVA is a global banking brand with strong digital capabilities. Their mortgage simulator online is one of the best in Spain, and they offer a fully digital application process for residents.

Opening fee: 0–0.5%.

Non-resident LTV: 60–70% for EU citizens, 50–60% for non-EU. BBVA tends to be more conservative with non-resident LTV than Sabadell or CaixaBank.

Verdict: Mid-pack on rates but strong on technology and brand reliability. Good digital experience but not the sharpest rates for non-residents. Best if you already bank with BBVA internationally or value digital convenience.

Santander

Spain's largest bank by total assets, Santander has global reach but their Spanish mortgage for non-residents is not their strongest product. That said, their sheer size means they process huge volumes and have staff in virtually every town.

Opening fee: 0–1.0% (negotiable).

Non-resident LTV: 60–70% for EU citizens, 50–60% for non-EU. Santander can be more rigid on LTV limits than some competitors.

Verdict: Not typically the first choice for non-residents on rates, but if you have an existing Santander relationship in the UK (where they are a major retail bank), this can smooth the process. Their cross-border lending desk exists specifically for this scenario. Also worth considering for their mixed-rate products, where the initial fixed period rates are competitive.

UCI (Unión de Créditos Inmobiliarios)

UCI is a specialist mortgage lender (a joint venture between Santander and BNP Paribas) that focuses specifically on property finance. They do not take deposits or offer current accounts — mortgages are their entire business.

Opening fee: 0–1.0%.

Non-resident LTV: Up to 70% for EU citizens, up to 60–65% for non-EU — notably more flexible with non-EU buyers than most banks. UCI regularly finances American, Canadian, and Australian buyers whom other banks decline.

Verdict: Higher rates than mainstream banks, but UCI's specialism is handling complex cases. Self-employed income? Mixed-currency earnings? Non-EU nationality? Property in a rural location? UCI is often the bank that says yes when others say no. They also offer longer fixed-rate initial periods on mixed products (up to 10 years), which is unusual. Their bonificación system is simpler — fewer cross-selling requirements — because they do not offer current accounts or salary domiciliation.

ING (ING Direct Spain)

ING operates in Spain as a fully digital bank with no physical branches (though they offer occasional in-person meetings at specific locations). Their mortgage products are competitive and straightforward, with fewer bonificación requirements.

Opening fee: 0%.

Non-resident LTV: ING is primarily focused on residents. Non-resident mortgages are available but limited, typically up to 60% LTV for EU citizens. Non-EU applicants generally cannot get an ING mortgage in Spain.

Verdict: Excellent rates and a clean, transparent product — one of the narrowest spreads between bonified and unbonified rates. The catch: they are much more restrictive with non-residents. If you are a resident or plan to become one shortly, ING is among the best value options. If you are a non-resident buyer, look elsewhere.

Openbank (Santander Group)

Openbank is Santander's fully digital banking brand. Like ING, it operates without physical branches and offers competitive rates with a streamlined digital process.

Opening fee: 0%.

Non-resident LTV: Very limited availability for non-residents. Openbank is designed for the Spanish domestic market. Some EU residents have obtained mortgages, but it is not a reliable path for non-resident foreign buyers.

Verdict: Among the most competitive rates on paper, particularly for variable and mixed products. But like ING, accessibility for non-residents is severely limited. Best for buyers who are already Spanish residents or who are relocating to Spain and will have residency before the mortgage completes.

Kutxabank

A Basque savings bank (caja) with strong regional roots. Kutxabank operates primarily in the Basque Country, Navarra, and increasingly across Spain. They have a solid reputation for mortgage products and competitive pricing.

Opening fee: 0%.

Non-resident LTV: Up to 70% for EU citizens, 60% for non-EU. Kutxabank has expanded their non-resident mortgage offering in recent years and is increasingly competitive outside the Basque region.

Verdict: Quietly competitive — Kutxabank's rates consistently match or beat the big four banks. Their mixed-rate products are particularly strong. Less international experience than Sabadell or CaixaBank, so expect more Spanish-language interaction. Worth including when gathering offers, especially for properties in northern Spain.

Summary Comparison Table

E = 12-month Euribor. Rates shown are bonified (with cross-selling). Non-resident rates are typically 0.3–0.5% higher than listed. Data from early 2026 — verify current offers directly with each bank.

Fixed vs Variable vs Mixed: Which Makes Sense in 2026?

This is the question every buyer asks, and the honest answer depends on your risk tolerance, financial situation, and how long you plan to hold the mortgage.

The case for fixed in 2026. Current fixed rates of 2.5–3.5% are historically attractive. The Euribor could rise again — another inflation shock, a geopolitical crisis, or an ECB policy reversal could push variable rates back toward 5%+. If your budget is tight and you cannot absorb a significant payment increase, a fixed rate gives you certainty. You will sleep better. This is particularly relevant for non-resident buyers whose income is in a different currency — you are already exposed to exchange rate risk, so removing interest rate risk makes sense.

The case for variable in 2026. If you believe the ECB will continue cutting rates (and most economists agree this is the direction of travel), a variable mortgage will become cheaper over time. A spread of Euribor + 0.60% from Bankinter means that if Euribor drops to 2.0%, your effective rate is just 2.60% — better than any fixed rate currently available. Variable also makes sense if you plan to repay the mortgage within 5–10 years (from savings, property sale, or inheritance) — you benefit from lower rates in the interim without the long-term risk.

The case for mixed in 2026. This has become the sweet spot for many buyers. You lock in a known payment for the first 5–10 years (typically at a rate below fixed), then transition to variable when the Euribor has (hopefully) settled at a lower level. If you are a non-resident buying a holiday home that you might sell in 7–10 years, a mixed mortgage aligns nicely with your likely holding period. The fixed period covers your ownership, and you never actually experience the variable phase.

Our take: For non-resident buyers in 2026, mixed-rate mortgages with a 5–7 year fixed period offer the best balance. You get certainty during the critical early years of property ownership (when you are also dealing with renovation costs, furnishing, and learning the rhythms of owning property abroad), combined with potential savings later. If you are risk-averse or on a tight budget, go fixed. If you are financially sophisticated and plan to repay early, variable can save you money.

Mortgage Calculator: €150,000 Loan, 20 Years, Three Banks Compared

Let us put real numbers to this. Suppose you are buying a property for €215,000, putting down €65,000 (roughly 30%), and taking a €150,000 mortgage over 20 years. You accept the full bonificación package at each bank. Here is what you would pay:

Scenario 1: Bankinter Fixed at 2.55%

Scenario 2: Sabadell Variable at Euribor + 0.80%

Scenario 3: CaixaBank Mixed (5 years at 2.55%, then Euribor + 0.85%)

Analysis: The Bankinter fixed-rate option provides absolute certainty — you know exactly what you will pay every month for 20 years. The Sabadell variable rate is currently more expensive than the fixed rate (which seems counterintuitive but reflects the current Euribor level), though it could become the cheapest option if Euribor drops significantly. The CaixaBank mixed rate potentially delivers the lowest total cost, but with uncertainty after year 5. The difference between the cheapest and most expensive scenario is roughly €4,500 over the full term — significant but not dramatic, which tells you that in the current rate environment, the choice between products matters less than getting approved and getting a good bonified rate.

How to Negotiate: Getting the Best Rate

Spanish mortgage rates are not fixed menu prices — they are starting points for negotiation. Here is how to push the rate down:

1. Get multiple offers. This is the single most effective tactic. Apply to at least 3 banks. Once you have written offers (FEINs — more on these below), you can show each bank the competing offer. Banks regularly match or beat a competitor's rate to win the business. This is not aggressive haggling — it is expected practice in Spain.

2. Negotiate the bonificaciones strategically. You do not have to accept every cross-selling product. Calculate the true cost. A life insurance policy from the bank might cost €600/year and save you 0.20% on the rate. On a €150,000 mortgage, 0.20% saves you €300/year in interest. So you are paying €600 to save €300 — a net loss. However, you might find that salary domiciliation (free) and home insurance (which you need anyway, and the bank's price is competitive) together save you 0.30%, which is pure gain. Do the maths on each bonificación individually.

3. Use a mortgage broker. In Spain, mortgage brokers (intermediarios de crédito) are regulated and can access rates that are not publicly advertised. They negotiate on your behalf and typically charge 0.5–1.0% of the mortgage amount (€750–1,500 on a €150,000 mortgage). For non-resident buyers unfamiliar with the Spanish system, a good broker can easily save more than their fee through better rates and smoother processing. They also handle all the bank communications in Spanish.

4. Demonstrate financial strength beyond the minimum. If you can show a deposit larger than required, significant savings beyond the deposit, or a high income relative to the loan amount, banks will compete harder for your business. A borrower requesting 50% LTV with documented savings of €200,000 will get a better rate than one requesting 70% LTV with the minimum deposit.

5. Timing matters. Banks have quarterly and annual targets. Approaching a bank at the end of a quarter (March, June, September, December) can yield better offers as managers try to hit their numbers. January and early February tend to be slower periods when banks are more willing to negotiate.

The FEIN: How to Read and Compare Binding Offers

The FEIN (Ficha Europea de Información Normalizada) is a standardised document that Spanish law (Ley 5/2019) requires banks to provide before you commit to a mortgage. It is a binding offer — once the bank issues a FEIN, they must honour its terms for a minimum of 10 calendar days (the reflection period), during which you can review, compare, and decide.

The FEIN is the single most important document in your mortgage comparison process. Here is what to focus on:

TIN (Tipo de Interés Nominal). This is the nominal interest rate — the raw rate before any compounding. For a fixed mortgage, this is the rate you pay. For variable, it shows the current rate (Euribor + spread) and the spread separately.

TAE (Tasa Anual Equivalente). This is the effective annual rate including ALL costs — interest, opening fees, and mandatory insurance premiums. The TAE is your true cost comparison metric. A mortgage with a 2.50% TIN but 0.5% opening fee and expensive mandatory insurance might have a TAE of 3.10%, making it more expensive than a competitor at 2.70% TIN with 0% opening fee and cheaper insurance (TAE 2.85%). Always compare TAE, not TIN.

Cuota mensual (monthly payment). The exact monthly amount you will pay, including capital and interest. For variable rates, the FEIN must show the current monthly payment and what it would be at various Euribor scenarios.

Coste total del préstamo. The total amount you will repay over the life of the mortgage, including all interest and fees. This is the ultimate comparison number, though for variable rates it is an estimate based on current Euribor.

Vinculaciones (cross-selling products). The FEIN lists all products required for the bonified rate. It must also clearly state the rate without these products.

Cláusulas de reembolso anticipado (early repayment terms). This is crucial if you think you might repay early. Spanish law caps early repayment fees, but the FEIN specifies the exact terms the bank is applying. Compare these carefully across offers.

Subrogación: Switching Banks Mid-Mortgage

If you already have a mortgage in Spain and find a better rate elsewhere, you can transfer your mortgage to the new bank through a process called subrogación. This is not refinancing (which involves cancelling the old mortgage and creating a new one) — it is a legal transfer of the existing mortgage to a new lender, which is cheaper and simpler.

When it makes sense: If the rate difference is more than 0.50% and you have more than 10 years remaining on your mortgage, subrogación usually pays for itself within 2–3 years. If you have a variable-rate mortgage from 2022–2023 with a high spread (Euribor + 1.5% or more), current bank offers could save you significantly.

The process: You apply to the new bank as if applying for a fresh mortgage. The new bank appraises the property and reviews your financials. If approved, they present a binding offer. Your current bank has 15 days to match the offer (known as the derecho de enervación). If your current bank matches, you stay and get the better rate. If they do not match, the subrogación proceeds to notary, and the new bank takes over the mortgage.

Costs: Under Ley 5/2019, the new bank pays most subrogación costs (notary, registry, gestoría). You pay only the appraisal fee (€300–500) and potentially an early repayment commission to your current bank. For variable-to-variable or variable-to-fixed subrogaciones, the maximum early repayment commission is 0.15% of the outstanding capital if within the first 5 years (0% after that). This means on a €150,000 outstanding balance, the maximum penalty is just €225.

Important tip: Even if you do not actually want to switch banks, starting a subrogación process is an effective negotiation tool. When your current bank receives notification that a competitor wants to take your mortgage, they will often call you with a significantly improved offer to keep your business.

Early Repayment: Rules and Penalties

Spanish law is favourable to borrowers who want to repay their mortgage early, either partially or in full. Ley 5/2019 sets maximum penalties that are among the lowest in Europe.

Variable-rate mortgages: Maximum early repayment fee is 0.25% of the repaid capital if within the first 3 years, and 0.15% if within the first 5 years. After 5 years, no fee at all. On a €50,000 partial repayment in year 4, the maximum fee would be €75.

Fixed-rate mortgages: Maximum 2% of the repaid capital in the first 10 years, and 1.5% after that. These limits are higher than for variable rates, reflecting the bank's interest rate risk when a fixed-rate borrower repays early. On a €50,000 partial repayment in year 8, the maximum fee is €1,000.

When early repayment makes sense: If you receive a lump sum (inheritance, property sale, bonus) and your mortgage rate is above 3%, paying down the mortgage is almost always the best use of that money unless you have higher-interest debts. The tax-free, risk-free "return" of paying off a 3% mortgage beats most conservative investment options. Partial prepayments can either reduce your monthly payment (same term, lower payment) or reduce your term (same payment, shorter mortgage) — ask your bank for both scenarios and choose based on whether you want more monthly cash flow or want to be debt-free sooner.

Mortgage Insurance: What Is Required and What Is Not

Spanish banks will push insurance products as part of your mortgage package. Understanding what is legally required versus what is commercially required versus what is simply a good idea helps you make informed decisions and negotiate effectively.

Home insurance (seguro de hogar / continente). Legally required if you have a mortgage — the bank needs to protect its collateral. However, you are NOT required to buy the bank's own insurance policy. Under Spanish law, you can provide a policy from any insurer, as long as it meets the bank's minimum coverage requirements (typically: building cover equal to the reconstruction cost, listed perils including fire, water damage, and natural disasters). External policies are often 20–40% cheaper than the bank's offering. But remember: if you take the bank's policy, it typically reduces your mortgage rate by 0.10–0.20% through the bonificación system. Calculate which is actually cheaper overall.

Life insurance (seguro de vida). NOT legally required. Banks cannot force you to take life insurance as a condition of the mortgage. However, they strongly incentivise it through the bonificación system — refusing life insurance typically adds 0.15–0.30% to your rate. Bank life insurance is often expensive, particularly for older borrowers (a 55-year-old might pay €1,500–2,500/year for decreasing term cover on a €150,000 mortgage). External policies from specialists like Caser, MGS, or international providers can be 30–60% cheaper. The strategy: accept the bank's life insurance to get the bonified rate, then switch to a cheaper external policy after 12 months. You have the legal right to do this, and the bank cannot change your mortgage rate as a result — a common misconception.

Payment protection insurance (seguro de protección de pagos). Covers your mortgage payments if you lose your job or become incapacitated. Generally not required and not included in standard bonificación packages. Worth considering only if you are an employee in an unstable industry.

Important legal point: Since Ley 5/2019, banks must accept equivalent external insurance policies for bonificación purposes. If you provide a home insurance policy from Mapfre that meets the same coverage criteria as the bank's own policy, the bank must apply the same rate reduction. In practice, some branch-level staff may claim otherwise — know your rights and be prepared to escalate. This single piece of knowledge can save you hundreds of euros annually.

Non-Resident Specifics: Which Banks and What to Expect

If you are a non-resident buying property in Spain, your bank options and conditions differ significantly from those available to residents. Here is the realistic picture:

Best banks for non-resident EU buyers: Sabadell, CaixaBank, and Kutxabank. These three have established international departments, staff who speak your language (at least in tourist areas), and streamlined processes for foreign documentation. Bankinter is also excellent if you have a strong financial profile.

Best banks for non-resident non-EU buyers (including UK post-Brexit): UCI and Sabadell. UCI is the standout for complex cases — American self-employed, UK citizens with mixed income, or any situation where the mainstream banks hesitate. Sabadell's Costa Blanca international team has extensive UK client experience and has adapted well to post-Brexit documentation requirements.

Typical non-resident conditions in 2026:

• LTV: 60–70% for EU citizens, 50–65% for non-EU. This means a minimum 30–40% deposit plus 10–15% for taxes and fees — effectively, you need 40–55% of the property price in cash.
• Rate premium: 0.3–0.5% above resident rates. A fixed rate advertised at 2.70% for residents might be 3.10–3.20% for non-residents.
• Maximum term: 20–25 years for non-residents (vs. 30 years for residents). Combined with the age limit (mortgage must end before 70–75), older non-resident buyers may be limited to 15-year terms.
• Income documentation: More extensive than for residents. Banks require all documents translated by a sworn translator (traductor jurado) and apostilled. Budget €1,000–2,000 for translation and certification costs, and start 6–8 weeks before you need the mortgage.
• Processing time: 6–10 weeks from application to completion, compared with 4–6 weeks for residents. The additional time is mainly due to document verification across jurisdictions.

Currency risk consideration: If your income is in GBP, SEK, NOK, PLN, or any non-euro currency, your effective mortgage cost fluctuates with the exchange rate. A monthly payment of €800 might cost £690 one month and £720 the next. Some buyers mitigate this by maintaining a euro-denominated savings buffer (6–12 months of payments) to avoid converting currency at unfavourable moments. UCI and some specialist brokers can arrange mortgages denominated in currencies other than euros, though this is rare and the rates are typically higher.

Rate Outlook for 2027

Predicting rates 12 months ahead is inherently uncertain, but the trajectory is relatively clear:

Euribor trajectory. The ECB is expected to continue its easing cycle through 2026 and into 2027, with the main refinancing rate potentially reaching 2.0–2.25% by mid-2027. This suggests the 12-month Euribor could drift toward 2.0–2.3% — down from the current 2.5–3.0%. Variable-rate borrowers should see continued reductions in their effective rates.

Fixed-rate competition. As Euribor falls, fixed rates may also edge lower — banks price fixed rates partly based on swap markets, which reflect rate expectations. We could see bonified fixed rates below 2.5% from competitive banks by late 2026 or early 2027. However, if Euribor drops significantly, the "should I fix or float?" question becomes more balanced, which may reduce the urgency to lock in a fixed rate.

Non-resident conditions. LTV ratios and non-resident accessibility are unlikely to change significantly. These are driven by credit risk assessment rather than rate environment. If anything, continued strong foreign demand for Spanish property may encourage more banks to expand their non-resident offerings.

Key risks to this outlook: Renewed eurozone inflation (from energy prices, supply chain disruptions, or fiscal policy), geopolitical escalation affecting European economies, or a Spanish-specific economic shock (property market correction, banking sector stress) could all push rates higher. The probability of a return to 2023 peak levels (Euribor above 4%) is low but not zero.

Practical advice: If you are buying in 2026, do not wait for rates to fall further. The difference between today's rates and plausible 2027 rates is modest — perhaps 0.3–0.5%. The property you want may not be available in six months, and property prices on the Spanish coast are rising faster than rates are falling. Get the best available rate today, and if rates drop significantly, use subrogación to switch.

Frequently Asked Questions

How Spanish Mortgage Rates Work: A Quick Primer?

Before comparing banks, you need to understand the three mortgage types offered in Spain and how they are structured. Fixed rate (tipo fijo). Your interest rate stays the same for the entire mortgage term — typically 15–30 years. Monthly payments never change. In 2026, fixed rates for residents range from 2.5% to 3.5%; for non-residents, expect 3.0–4.0%. The advantage is certainty. The disadvantage is that if Euribor drops significantly, you are locked into a higher rate (though Spanish law now makes early repayment relatively affordable — more on that below).

Summary Comparison Table?

BankFixed (bonif.)Variable (bonif.)Mixed (bonif.)Opening FeeNon-Res LTV (EU)Non-Res LTV (Non-EU) CaixaBank2.75%E+0.85%2.55%→E+0.85%0–0.5%70%60% Sabadell2.70%E+0.80%2.50%→E+0.80%0%70%60–65% Bankinter2.55%E+0.60%2.40%→E+0.75%0%70%60% BBVA2.85%E+0.99%2.65%→E+0.99%0–0.5%60–70%50–60% Santander2.90%E+0.89%2.50%→E+0.89%0–1.0%60–70%50–60% UCI3.10%E+1.10%2.90%→E+1.10%0–1.0%70%60–65% ING2.70%E+0.69%2.60%→E+0.69%0%60%N/A Openbank2.69%E+0.60%2.45%→E+0.60%0%LimitedN/A Kutxabank2.65%E+0.79%2.35%→E+0.79%0%70%60%

E = 12-month Euribor. Rates shown are bonified (with cross-selling). Non-resident rates are typically 0.3–0.5% higher than listed. Data from early 2026 — verify current offers directly with each bank.

Mortgage Calculator: €150,000 Loan, 20 Years, Three Banks Compared?

Let us put real numbers to this. Suppose you are buying a property for €215,000, putting down €65,000 (roughly 30%), and taking a €150,000 mortgage over 20 years. You accept the full bonificación package at each bank. Here is what you would pay: Scenario 1: Bankinter Fixed at 2.55% ParameterValue Loan amount€150,000 Fixed rate2.55% Monthly payment€799 Total interest over 20 years€41,760 Total cost (principal + interest)€191,760 Opening fee€0 Scenario 2: Sabadell Variable at Euribor + 0.80% ParameterValue Loan amount€150,000 Current effective rate (Euribor 2.7% + 0.80%)3.50% Monthly payment (current)€870 If Euribor drops to 2.0% (rate = 2.80%)€816 If Euribor rises to 3.5% (rate = 4.30%)€932 Estimated total interest (Euribor averaging 2.5%)€38,400 Opening fee€0 Scenario 3: CaixaBank Mixed (5 years at 2.55%, then Euribor + 0.85%) ParameterValue Loan amount€150,000 Monthly payment (years 1–5)€799 Monthly payment (years 6–20, Euribor at 2.3%)€792 Estimated total interest (Euribor averaging 2.3% from year 6)€37,200 Opening fee€0–750...

The FEIN: How to Read and Compare Binding Offers?

The FEIN (Ficha Europea de Información Normalizada) is a standardised document that Spanish law (Ley 5/2019) requires banks to provide before you commit to a mortgage. It is a binding offer — once the bank issues a FEIN, they must honour its terms for a minimum of 10 calendar days (the reflection period), during which you can review, compare, and decide. The FEIN is the single most important document in your mortgage comparison process. Here is what to focus on:

Early Repayment: Rules and Penalties?

Spanish law is favourable to borrowers who want to repay their mortgage early, either partially or in full. Ley 5/2019 sets maximum penalties that are among the lowest in Europe. Variable-rate mortgages: Maximum early repayment fee is 0.25% of the repaid capital if within the first 3 years, and 0.15% if within the first 5 years. After 5 years, no fee at all. On a €50,000 partial repayment in year 4, the maximum fee would be €75.