Mortgage rates Spain and Spanish mortgage rates: what do fixed, variable and mixed cost right now?
Spanish mortgage rates quoted in online tables are often stale or apply only to residents. Here are the ranges from our own current bank survey — with and without the discounted (bonificado) rate — checked 21.09.2026.
What do non-residents currently pay on a Spanish mortgage, with and without the discount?
According to our own bank survey (checked 21.09.2026, reviewed quarterly), non-residents pay 2.75 to 3.45 per cent on discounted fixed rates and 3.75 to 4.45 per cent undiscounted. Variable mortgages add a margin of 0.25 to 0.9 per cent to the 12-month Euribor, currently 2.95 per cent. Mixed-rate mortgages add 0.1 to 0.3 per cent.
Mortgage rates in Spain: fixed, variable or mixed — and what does the bonificado discount mean?
Fixed gives full payment certainty, variable tracks Euríbor with no ceiling, and mixed combines a fixed initial period with a variable rate afterwards; the bonificado discount is worth up to about one point for bundled products.
Mixed is currently the most-chosen structure: Fixed gives full payment certainty, variable tracks Euríbor with no ceiling, and mixed combines a fixed initial period with a variable rate afterwards — currently the most-chosen structure.
Bonificado: up to one point less for bundled products
A discounted rate in exchange for bundled products (current account, insurance) — worth up to about one percentage point. Weigh the products' running costs before you sign.
Same rate ranges, lower loan-to-value for non-residents: The published ranges start the same, but non-residents typically get a lower loan-to-value (around 70% versus up to 80%) and a margin that depends on their profile.
Current rate ranges by structure
Discounted fixed rates run from 2.75 % to 3.45 %, standard fixed rates from 3.75 % to 4.45 %. The discounted variable margin over Euríbor 12M is 0.25 % to 0.9 %.
Fixed (fija) — Discounted (bonificado): 2.75 %–3.45 %; Standard (no discount): 3.75 %–4.45 %. Variable margin over Euríbor 12M — Discounted (bonificado): 0.25 %–0.9 %; Standard (no discount): —. Mixed (mixta), surcharge vs. fixed — Discounted (bonificado): 0.1 %–0.3 %; Standard (no discount): —.
Source: Perini’s own bank survey (as at September 2026); 12-month Euríbor: Banco de España / EMMI. Checked 21.09.2026, reviewed quarterly as rates and Euríbor move. Individual quotes depend on creditworthiness, property and bank.
Representative example
Advertising a rate obliges us to show what it means in figures.
Here it is — calculated with the bonificación, the rate most deals actually close at. What the discount requires, what it is worth and what applies without it is set out below. Loan amount: €200,000. Loan-to-value: 70 %. Term: 20 years, fully amortising loan.
Fixed borrowing rate: 3.30 % (with bonificación). Monthly payment: €1,139.47. APR (TAE): 3.37 % — excluding the running costs of the bundled products (bank-dependent). Total amount payable: €273,472. Assumptions: Valuation (tasación) €400, no arrangement fee (comisión de apertura 0 %).
The borrowing rate shown applies with the bonificación; it requires two to four bundled products, depending on the bank, whose running costs are not included in the APR. Without the bonificación the rate is 4.30 % → payment €1,243.81, APR 4.41 %.
The discount is therefore worth about €1,252 a year. It requires two to four, depending on the bank, bundled products (typically: bank account, term life cover, buildings insurance, alarm system). The bundled products carry running costs that can partly or fully offset the rate discount.
Whether the bonificación pays off depends on what those products cost in your case — we calculate that against the discount before you sign.
Rates as at 21 September 2026. Not an offer and not a financing commitment — the rate you are actually granted depends on the bank, the property and your file.
What the bonificación discount actually costs
The bundled products carry running costs that can partly or fully offset the rate discount. Whether the bonificación pays off depends on what those products cost in your case — we calculate that against the discount before you sign.
Typical bundled products: current account with the bank, life insurance, buildings insurance, sometimes an alarm system — typically two to four, depending on the bank.
Related: Mixed-rate mortgage explained · Non-resident mortgage requirements · Euribor: how it is made · all info pages
Frequently asked questions
What is Euribor?
Euríbor (Euro Interbank Offered Rate) is the average interest rate at which major European banks lend to each other. It isn't a bank product — it's a published reference index. Spanish variable-rate mortgages and the post-fixed-period phase of mixed-rate mortgages are priced as Euríbor plus the bank's own margin, currently 2.95 % for the 12-month rate (monthly average August 2026).
What is the current Euríbor 12M, and why does it matter?
2.95 % (monthly average August 2026, source: Banco de España / EMMI). It is the reference index for every variable-rate and post-fixed-period mixed-rate mortgage in Spain — your rate is Euríbor plus the bank's margin, not a number the bank sets alone.
What does "bonificado" mean for the rate I actually pay?
Spanish banks offer a discounted rate in exchange for bundled products (a current account, life insurance, buildings insurance, sometimes an alarm system). The discount can be worth up to 1.0 % — about one percentage point. Those products carry their own running costs, which can partly offset the saving — worth calculating against the discount before signing, not assuming it's automatically worthwhile.
Fixed, variable or mixed — which is right for a non-resident?
Fixed gives full payment certainty for the entire term. Variable tracks Euríbor with no ceiling, suited to short holding periods or a strong intent to overpay. Mixed combines a fixed initial period (commonly 3, 5 or 10 years) with variable afterwards, and is currently the most-chosen structure — see our dedicated page on the mixed-rate mortgage for what happens once the fixed period ends.
Are rates the same for residents and non-residents?
The published rate ranges are the same starting point, but non-residents typically see a smaller maximum loan-to-value (around 70% versus up to 80% for residents) and the margin offered depends on creditworthiness, the property and what you bring to the bank beyond the mortgage itself.
Your actual rate, not a website average
We compare current offers from Spanish banks for your specific case — including whether the bonificación is worth it for you.
Related pages
Mixed-rate mortgage explained
Hipoteca mixta: the most frequently chosen rate structure in Spain. How it works, when it fits — and what happens when the fixed period ends.
Non-resident mortgage requirements
How do I get a Spanish mortgage as a non-resident? NIE, proof of income, roughly 30 % equity plus purchase costs and the 35 % rule — the full checklist.
Euribor: how it is made
For a Spanish mortgage it is not the daily fixing that counts but the official monthly average published in the BOE. How the Euribor is made.
Content by Siegfried Perini — local brand representative since 2019, active in real estate since 1992, entered in the German intermediary register (§ 11a GewO) as a person directly involved in brokerage and advice. Point of contact for German-speaking buyers in Spain and Portugal. Brokerage by Olga Nikushkina, mortgage credit intermediary under § 34i German Trade Regulation (GewO); in Portugal through a locally licensed intermediary.