Chapter
Spanish mortgage rates: fixed, variable and mixed
Quick answer
Spanish mortgages are fixed, variable or mixed. We print no current rate, because rates change and lenders set their own. We do print the legal caps on early repayment for loans signed on or after 16 June 2019: 2% in the first 10 years, then 1.5% for fixed loans, and 0.25% in the first 3 years, or 0.15% in the first 5 years if agreed for variable loans.
Applies toBorrowers comparing types of mortgage and wanting to know what repaying early costs.
On this page: 14 sections
§ 1Three kinds of rate
A fixed-rate mortgage keeps the same interest rate for its term. A variable-rate mortgage follows an index, usually Euribor, plus a margin the lender sets, and is revised at intervals. A mixed-rate mortgage has a fixed rate for an initial period and a variable rate afterwards. Fixed or variable compares fixed and variable loans, and mixed rate explains mixed loans.
The index is explained in Euribor. This page belongs to the section on mortgages and money.
§ 2No current rates
We do not print current mortgage rates. They change often, lenders set their own, and the figures in articles are usually advertisements. The standard information sheet that a lender must give you states the rate and the total cost of your own offer. That is the figure to compare.
§ 3What the law caps
For loans signed on or after 16 June 2019, the Bank of Spain publishes the maximum compensation for early repayment: 2% in the first 10 years, then 1.5% for fixed-rate loans, and 0.25% in the first 3 years, or 0.15% in the first 5 years if agreed for variable-rate loans. The caps are maximums. A contract may charge less. Repaying early explains how to repay early, the notice and the information the bank must give you.
§ 4Currency
Most Spanish mortgages are in euros. Euros or pounds explains the choice of currency and the protection the law gives.
§ 5Choosing
Choose the type that you could live with in a bad scenario. Test the instalment if the index rises, and if your income falls. A loan you can only afford in a good scenario is too large.
§ 6What else is in the offer
The sheet also states fees, insurance requirements, the schedule and the conditions on early repayment. Read the warnings sheet, which flags clauses such as a minimum rate limit. Ask your lawyer about anything you do not understand.
§ 7Switching later
Ask what it costs to move to another lender or to change the type of rate. The Bank of Spain’s pages give two different figures for the compensation when a variable loan switches to a fixed rate, so we do not state one. Ask the lender and your lawyer for the figure in your contract.
§ 8Keep the facts straight
Rates, caps and rules change. Check the date of any source. This chapter cites the Bank of Spain’s pages and the law, with the date we read them.
§ 9Questions for a lender
Ask which index and margin apply, how often the rate is revised, whether there is a minimum rate, what the compensation for early repayment is in your contract, and what products are linked. Ask for the answers in the standard information sheet, and compare lenders using that sheet only.
§ 10Rate risk and your life
Think about the next ten years, not only the next two. A change of job, a child, a move or retirement can all change what you can pay. A loan that fits your life in several scenarios is better than the cheapest loan that fits only one.
§ 11Where to check
The Bank of Spain publishes guidance for borrowers and the text of the law is in the official gazette. Check the date of anything you read, since figures and rules change.
§ 12Mistakes to avoid
Do not choose a loan by the headline rate alone. Do not ignore the margin, the fees or the linked products. Do not assume the rate you see today will last, if it is variable. Do not borrow at the limit of what the lender offers. And do not sign before you have read the warnings sheet and met the notary, who must explain the clauses to you.
§ 13Back to the section
More on mortgages, banking and transfers explains financing, accounts and transfers for a purchase.
§ 14Other chapters in this section
Mortgages for non-residents for buyers explains what to expect when borrowing as a non-resident and what to know about applying for a mortgage explains the steps from first enquiry to signing.
Paying without a mortgage explained explains the checks on paying with your own money and Spanish bank accounts explained explains how a non-resident opens and uses an account.
Transferring money explained explains how to move money to Spain for a purchase.
FAQRelated questions
What is the current mortgage rate in Spain?
We do not print one. Rates change, and each lender sets its own. Ask for the standard information sheet from each lender, which states the rate and the total cost on a common basis, and compare them on the same day.
Which type of rate is best?
No type is best for everyone. A fixed rate gives certainty, a variable rate follows an index, and a mixed rate fixes the start. Choose by testing the instalment against changes in rates and in your income.
Can I repay my mortgage early?
Yes, wholly or in part. The law caps the compensation a lender may charge, and the Bank of Spain publishes the caps. Give the notice the contract requires, which cannot exceed one month, and ask the bank for the figures.
Sources
- Banco de España, Cliente Bancario: Compensación o comisión por reembolso o amortización anticipada total o parcial de una hipoteca (official source, opens in a new window), Caps for loans signed on or after 16 June 2019Last checked 18 October 2026
- Boletín Oficial del Estado: Ley 5/2019, de 15 de marzo, reguladora de los contratos de crédito inmobiliario (official source, opens in a new window), Articles 8, 10, 14 and 15 read; later articles not readLast checked 18 October 2026
- Banco de España, Cliente Bancario: Reembolso anticipado (official source, opens in a new window), Notice, information and cost of early repaymentLast checked 18 October 2026
Financial note. No rate is printed unless it comes from a dated, official publication. Capital is at risk, exchange rates move, and no lender, broker or provider is recommended here. Mortgage terms are set by each lender; ask a registered intermediary about yours.