Mortgage rates Spain: what fixed, variable and mixed actually cost right now
Mortgage rates Spain publishes online 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 20.07.2026.
What are current Spanish mortgage rates for non-residents?
From our own bank survey (checked 20.07.2026, reviewed quarterly): discounted fixed rates run 2.1 to 3.2 per cent, undiscounted fixed 2.6 to 3.9 per cent. Variable mortgages add a margin of 0.25 to 0.9 per cent on top of the Euribor 12M reference, currently 2.75 per cent. Mixed-rate mortgages carry a surcharge of 0.1 to 0.3 per cent over the fixed rate for the initial fixed period. The discount depends on bundling products such as a current account, life insurance and buildings insurance with the bank — those products carry their own running costs, which can offset part of the saving.
Current rate ranges by structure
Structure
Discounted (bonificado)
Standard (no discount)
Fixed (fija)
2,1 %–3,2 %
2,6 %–3,9 %
Variable margin over Euríbor 12M
0,25 %–0,9 %
—
Mixed (mixta), surcharge vs. fixed
0,1 %–0,3 %
—
Source: Eigene Bankumfrage Perini (Stand Juli 2026); Euríbor 12M: Banco de España / EMMI. Checked 20.07.2026, reviewed quarterly as rates and Euríbor move. Individual quotes depend on creditworthiness, property and bank.
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.
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 2,75 % for the 12-month rate (Monatsmittel Juli 2026 (vorläufig)).
What is the current Euríbor 12M, and why does it matter?
2,75 % (Monatsmittel Juli 2026 (vorläufig), 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 typically runs 0,5 %–0,7 % percentage points, in individual cases up to 1,0 %. 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
I compare current offers across banks in Spain and Portugal for your specific case — including whether the bonificación is worth it for you.
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), notified for Spain via the German BAFA; in Portugal through a locally licensed intermediary.