Compare the top mortgages providers in Spain — see cover, features and typical rates side by side.
19 live offers compared from 14 providers, from 0.49% inicial. Updated daily.
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A mortgage (hipoteca) is a long-term loan secured against a property, used by the vast majority of Spanish buyers to finance a home. Lenders typically advance up to 80% of the lower of the purchase price or the bank's valuation (tasación), so buyers usually need around 20% deposit plus roughly 10-12% more to cover taxes and fees. Terms commonly run 20 to 30 years, and the loan is registered as a charge on the property at the Land Registry (Registro de la Propiedad). Because it is likely the largest financial commitment you will ever make, small differences in rate translate into large differences in what you repay.
Spanish mortgages come in three shapes: fixed rate (tipo fijo), variable rate priced as 12-month Euribor plus a margin, and increasingly popular mixed rate (tipo mixto) that fixes the rate for the first few years before switching to Euribor plus a spread. Euribor is the reference index for variable loans; after the sharp swings of recent years it settled around the high-2% range in 2026. Banks routinely offer a lower headline rate in exchange for bonificaciones - discounts tied to holding the payroll, home and life insurance, or cards with the bank. Online brokers and comparison-led lenders have added competitive pressure, so the same borrower can be quoted noticeably different rates across the market.
Rate spread is wide — advertised fixed rates and Euribor margins vary meaningfully between banks, so shopping around can save thousands over the life of the loan.
Bonificaciones add up — bundled products lower the rate but carry their own cost; comparing the bonified and non-bonified rate side by side shows the true trade-off.
Free valuation offers — some lenders absorb the tasación fee, one of the few upfront costs the borrower still pays.
Negotiating power — a competing quote in hand often persuades your own bank to improve its offer at signing.
Fixed vs variable vs mixed — fixed gives payment certainty, variable can be cheaper when Euribor is low but exposes you to rises, and mixed splits the difference.
Check the TAE — the Tasa Anual Equivalente bundles interest, fees and linked-product costs into one comparable figure.
Weigh the bonificaciones honestly — only count products you would buy anyway; forced insurance can erase the discount.
Mind the term — a longer term lowers the monthly payment but raises total interest, so balance affordability against overall cost.
BBVA, CaixaBank and Banco Santander España are the largest lenders by volume, offering full branch networks and app-based management. Bankinter is known for competitive fixed and mixed deals, Openbank (Santander's digital arm) and Kutxabank frequently lead on low Euribor margins, and Banco Sabadell and ABANCA round out the field with regional strength. Online brokers can also negotiate sharper margins than the branch counter, which is why it pays to gather several quotes before committing.
In 2026 fixed rates on our panel run from roughly 0.49% in promotional or heavily bonified cases up to around 3.9%, while variable margins typically sit near Euribor plus 0.49% to 1%. Beyond interest, budget for the valuation (around 300-600 euros), the borrower's own copies of the deed, and mortgage-linked life and home insurance if you opt into the bonificaciones. Over a 25- or 30-year term these ongoing linked costs can matter as much as the headline rate.
Since Ley 5/2019 (the Ley reguladora de los contratos de crédito inmobiliario, or LCCI), the bank pays the bulk of the setup costs - Stamp Duty (AJD), notary, registry and gestoría - while the borrower pays only the valuation and their own copies. The law also requires a cooling-off review at the notary before signing and caps early-repayment and rate-switch penalties. Banco de España supervises lenders and publishes the official reference indices.
Can I switch banks later? — Yes, via subrogación to move the loan or novación to renegotiate terms with your current bank; the LCCI limits the fees.
Do I need life insurance? — It is not legally compulsory, but many bonified deals require it to earn the lower rate.
What is IRPH? — An older reference index some variable loans still use; it has been the subject of extensive litigation over transparency.
How much deposit do I need? — Usually around 20% of the price plus roughly 10-12% for taxes and fees, as banks rarely lend beyond 80%.
Giraffy tracks 5 mortgage products across ING España,Bankinter,CaixaBank,Openbank,Banco Santander España lenders in Spain. Use the sort and filter controls to compare fixed versus variable rates and initial deal lengths.
A fixed-rate mortgage locks your interest rate for a set period — typically 2, 5, or 10 years — giving payment certainty. A variable rate moves with the central bank benchmark rate set by the Banco de España. Fixed rates suit those who want stability; variable suits those who expect rates to fall.
Most lenders apply an income multiple — typically 4–5× your gross annual income for a conventional mortgage. Affordability assessments also factor in outgoings, existing debts, and the property's loan-to-value (LTV) ratio. A mortgage adviser or broker can run a full affordability assessment for free.
Loan-to-Value (LTV) is the mortgage amount as a percentage of the property's value. A 90% LTV means you're borrowing 90% and putting down 10% as a deposit. Lower LTV means less risk for the lender — you'll typically be offered a lower interest rate with a deposit of 20–25% or more.
An indicative approval can usually be obtained the same day online. Full mortgage approval — after property valuation and underwriting — typically takes 2–6 weeks. Having all your documents ready (pay stubs, bank statements, ID) speeds up the process significantly.
Sharia-compliant home-finance products structure the transaction without interest, typically through Murabaha (cost-plus financing) or Ijara (lease-to-own) arrangements. Check with individual lenders for availability in your market.
Lenders often charge arrangement, origination, or application fees to set up a mortgage — amounts vary by lender and market. You can usually add them to the loan, but you'll pay interest on them for the full term. For large loans, a higher-fee/lower-rate deal may be cheaper overall — compare total cost over the initial fixed period.