At a glance
Key facts
Figures reviewed:
- Fixed-rate band (non-resident)
- 2.80% – 3.90%
- Mixta initial-period band
- 2.50% – 3.40%
- Variable margin over 12M Euribor
- 0.90% – 1.75%
- 12-month Euribor
- 2.954% (August 2026)
- Typical non-resident LTV
- 60% – 70%
- Typical bonificación saving
- 0.10 – 0.50 points
Indicative figures for guidance only, correct as at July 2026. Rates, costs and timelines vary by lender, borrower profile, asset and jurisdiction, and are not an offer of finance. How we derive these figures.
Methodology and assumptions
- Figures are compiled by Clifton International specialists from live lender term sheets, indicative quotes and completed transactions arranged over the preceding 12 months.
- Rates and costs are stated as ranges rather than a single number because pricing is set case-by-case on borrower profile, residency, asset type, location and loan-to-value.
- Timelines assume a complete document file from the outset; valuation, legal capacity and (in Spain) NIE and notary availability drive the critical path.
- Costs exclude any lender, broker or third-party fees not stated on the page, and exclude currency movement between agreement and drawdown.
- Figures are reviewed at least quarterly and re-checked against lender pricing whenever a material market change occurs.
Last reviewed . Read the full Key facts methodology, or speak to our team for a quote based on your circumstances.
Why do Spanish banks now lead with mixta mortgages?
Spanish banks increasingly lead with mixta mortgages because the initial fixed period gives borrowers payment certainty while letting the bank reprice the loan against Euribor later. It is often the best-priced opening offer, but borrowers must compare the reversion margin, tied-product costs and likely holding period—not just the initial rate.
- Mixta: 2.50% – 3.40% for the initial 3, 5 or 10 years, then Euribor plus margin.
- Fixed: 2.80% – 3.90% for the whole term, with no Euribor reset risk.
- Variable: 12-month Euribor (2.954% in August 2026) plus 0.90% – 1.75%.
- The initial mixta rate is not enough to compare offers: check the fixed period, reversion margin, TAE and bonificaciones.
Key takeaways
- Mixta is now the standard starting offer across much of the Spanish mortgage market, rather than a niche alternative.
- Non-resident fixed pricing currently sits at 2.80% – 3.90%, reviewed July 2026.
- Variable loans are quoted as 12-month Euribor plus a margin of 0.90% – 1.75%.
- A mixta fixes for three, five or ten years at 2.50% – 3.40% before reverting to variable.
- Bonificaciones cut the margin but carry annual premiums — compare total cost, not the bonificada headline.
- Spanish fixed rates run for the whole term, so they are not comparable to a UK two- or five-year fix.
- Switching structure later is capped in cost by law 5/2019, so the first choice is not irreversible.
Mixta, fixed and variable Spanish mortgages compared
Indicative non-resident positioning across our Spanish panel, reviewed July 2026. Individual pricing depends on profile, loan-to-value and the tied products taken.
| Feature | Mixta (mixed) | Fixed | Variable |
|---|---|---|---|
| Indicative rate | 2.50% – 3.40% initial period | 2.80% – 3.90% | Euribor + 0.90% – 1.75% |
| How long the rate holds | 3, 5 or 10 years, then variable | Whole term, 10 – 25 years | Resets every 12 months |
| Payment certainty | Complete during the fixed period | Complete | None beyond the next reset |
| Early repayment cap | Fixed-period caps, then variable caps | 2% first 10 years, then 1.5% | 0.25% first 3 years or 0.15% first 5 |
| Best suited to | Buyers likely to sell or refinance inside the fixed period | Long-term owners and anyone who needs a fixed budget | Borrowers with income headroom and a short horizon |
| Main risk | Reversion rate at the end of the fixed period | Paying a premium if rates fall | Euribor rising at an annual reset |
Swipe the table sideways to see all columns.
Indicative non-resident pricing from Clifton International's Spanish lender panel, reviewed July 2026. Not a rate offer.
Why mixta is now the default Spanish mortgage offer
Many Spanish lenders now present a mixta first rather than treating it as a third option. The initial fixed period gives the borrower a predictable payment, while the later Euribor reversion reduces the bank's long-term fixed-rate exposure. That combination often makes the opening rate more competitive than a full-term fixed product.
“Default offer” does not mean every borrower should accept it. The important comparison is the whole structure: the number of fixed years, the rate during those years, the margin over 12-month Euribor afterwards, the TAE including fees, the cost of bonificaciones and the early repayment terms. Two mixta offers with the same initial rate can have very different long-term costs.
How Spanish mortgage pricing is built
A Spanish variable rate has two parts: 12-month Euribor, which is set by the market and resets annually, and the lender's margin (the diferencial), which is fixed for the life of the loan. The margin is where lenders compete and where bonificaciones apply. The official monthly Euribor average published by the Banco de España in the BOE was 2.954% in August 2026 — you can follow it on our Euribor tracker.
Fixed rates are priced off long-term swap rates rather than Euribor, which is why a fixed quote can move in a different direction from the variable market in the same month.
Bonificaciones — the real cost of a lower rate
Spanish banks routinely quote two rates: the standard rate, and a lower bonificada rate that assumes you take their products. Typical items are life cover, home insurance, a pension or investment plan, direct-debited utilities and sometimes a card or salary mandate. Each cuts the margin by a fixed amount.
The arithmetic is straightforward but rarely done. On a €400,000 loan, 0.30 points is roughly €60 a month. If the tied products cost €1,200 a year, the bonificación is broadly neutral — and the bank's insurance is often more expensive than the equivalent bought independently. Ask for both rates in writing and compare the totals.
Under law 5/2019 a lender cannot force you to buy its products, and must accept an equivalent policy from another provider — although it may then withdraw the discount.
A worked example on €400,000
Take a €400,000 loan over 25 years at 70% loan-to-value, non-resident. At the middle of the fixed band the payment is roughly €1,970 a month for the whole term. A mixta fixed for ten years at the middle of its initial band starts nearer €1,870 — around €100 a month less — but reverts to Euribor plus margin in year eleven.
Over the first ten years the mixta saves in the region of €12,000. Whether that survives the reversion depends entirely on where Euribor sits in 2036, which nobody knows. If you expect to sell or refinance before then, the saving is largely locked in; if you expect to hold for the full term, the fixed rate removes a risk you are not being paid much to take.
Run your own numbers in the Spanish mortgage calculator.
Switching structure later: novación and subrogación
Spanish mortgage law 5/2019 made switching materially cheaper. A novación renegotiates terms with your existing lender; a subrogación de acreedor transfers the loan to a new one. Where the change is from variable to fixed, the compensation the lender may charge is capped and disappears after the first three years.
That matters when choosing: taking a variable or mixta today does not commit you for twenty-five years. It does, however, depend on qualifying again at the time, which is not guaranteed if your income or the property value has moved. See refinancing an existing Spanish property.
What changes because you are a non-resident
- Loan-to-value is typically capped at 60% – 70% rather than 80%.
- Pricing carries a premium of roughly 0.2 – 0.5 points over an equivalent resident file.
- Some bonificaciones, such as a salary mandate, are simply not available to you.
- Foreign-currency income is discounted by most lenders when calculating affordability.
- Panel choice narrows further for US and UAE-based borrowers — see the Spanish bank comparison.
Frequently asked
Questions from readers
What is a mixta mortgage in Spain?
A mixta is a mixed-rate Spanish mortgage: a fixed rate for an initial period, commonly three, five or ten years, after which the loan reverts to a variable rate of 12-month Euribor plus the lender's margin for the remainder of the term. It is now the default starting offer across much of the Spanish mortgage market, including many non-resident cases.
Is a fixed or variable mortgage better in Spain?
Neither is better in the abstract. A fixed rate buys certainty for the whole term at a premium over today's variable cost. A variable rate is cheaper when Euribor is low and rises when it is not. The right answer depends on how long you will keep the loan, whether your income can absorb a payment rise, and whether the property is a home or an investment you intend to sell.
What are bonificaciones on a Spanish mortgage?
Bonificaciones are margin reductions a Spanish bank offers in exchange for taking tied products — usually life insurance, home insurance, and sometimes a pension or investment plan or a salary mandate. Each product cuts the rate by a set amount, often 0.10 to 0.50 percentage points in total. The reduction is real, but so is the annual premium, so compare the bonificada rate against the total cost of the products.
What is 12-month Euribor and why does it matter?
12-month Euribor is the reference index almost every Spanish variable mortgage is priced against. Your rate is that index plus a fixed lender margin, and it resets annually. The official monthly average published by the Banco de España in the BOE was 2.954% in August 2026.
Can I switch from variable to fixed later in Spain?
Yes. A novación renegotiates the terms with your existing bank, and a subrogación de acreedor moves the loan to a new lender. Under Spanish mortgage law 5/2019 the cost of switching from variable to fixed is capped and falls to zero after the first three years, which makes a later switch far cheaper than it used to be.
What are early repayment charges on Spanish mortgages?
They are capped by law. On variable loans the maximum is 0.25% in the first three years or 0.15% in the first five, depending on which cap the contract uses, and nothing after that. On fixed loans the cap is 2% during the first ten years and 1.5% afterwards, and the lender can only charge for actual loss suffered.
Do non-residents get the same rates as Spanish residents?
No. Non-residents typically pay a premium of around 0.2 to 0.5 percentage points over an equivalent resident file and are capped at a lower loan-to-value, usually 60% to 70%. Current non-resident fixed pricing sits at roughly 2.80% – 3.90%, reviewed July 2026.
Which structure suits a holiday home I may sell in ten years?
A mixta with a fixed period matching your likely holding period often fits well: you get payment certainty for the years you actually hold the loan, at a lower rate than a full-term fixed, and the reversion to variable may never affect you because the property is sold or refinanced first.
Is a Spanish fixed rate really fixed for the whole term?
Yes. Spanish fixed-rate mortgages are genuinely fixed for the full term, unlike the short two- or five-year fixes common in the UK, where the loan reverts to a much higher standard variable rate afterwards. That is why comparing a Spanish fixed rate directly with a UK fixed rate is misleading.
How much does the rate structure actually change my payment?
On a €400,000 loan over 25 years, each quarter-point of rate is roughly €50 a month. That is the number to weigh against the cost of tied products and against the risk of Euribor moving over the years you plan to hold the loan.
