Rate structure · Spain
The mixed-rate mortgage — and what happens when the fixed period ends
Spain offers three structures: fixed (fija), variable (variable) and mixed (mixta). The mixed one is now the most frequently chosen — and the least understood, because the decisive part only starts once the fixed period runs out.
The three structures
| Fija (fixed) | Variable | Mixta (mixed) | |
|---|---|---|---|
| Rate fixed for | the full term | nothing — reviewed periodically | an initial period (commonly 3, 5 or 10 years), variable thereafter |
| Reference afterwards | — | Euríbor + margin | Euríbor + margin |
| Early repayment | capped compensation, higher in the early years | capped and low | as fija during the fixed period, as variable afterwards |
| Suits | long-term holding, retirement planning | short holding periods, heavy repayment | buyers who plan to sell, refinance or repay heavily within the fixed period |
The Euríbor is a published reference index, not a bank product. What the bank earns is the margin on top — and that is what you negotiate.
The part almost nobody calculates
The end of the fixed period is not an event. It is an instalment.
Unlike Germany, Spain has no follow-up financing that gets renegotiated. The contract simply continues — with a variable rate. So before taking a mixed-rate mortgage, know what you will do when the fixed period ends: sell, repay heavily, carry the risk knowingly, or move the loan to another lender (subrogación).
We run that calculation before you sign, not afterwards.