- Fixed mortgage: The rate and the payment don't change the whole duration of the loan, you know the amount in advance. Floating: rate equals index (more often Eurobor) plus fixed differential, payment usually revised once a year or six months [1][2].
- Mixed: rate fixed in the initial period, further floating [1].
- Ley 5/2019 protects the physical loaner: No lower limit should be applied to floating loans and the index should be objective and verifiable [5].
- Before signing, the bank gives FEIN and FiAE at least 10 calendar days. FEIN has the force of a mandatory offer for a period not shorter than ten days [5].
- The early payment is limited by Article 23: for floating loans up to 0.15% in the first 5 years or up to 0.25% in the first 3 years, fixed up to 2% in the first 10 years and up to 1.5% later [5].
What is the difference between fixed, floating and mixed rates?
Banco de España identifies three types of mortgage at the rate. The choice between them is the question of who carries the risk of a change in the rate: bank or loanee. [1][2].
| View | How the Pay Changed | What gives | Risk |
|---|---|---|---|
| Fixed | Doesn't change the whole time. | Projected payment | You won't benefit from the rate cuts. [2] |
| Floating | Reviewed, usually once a year or six months | Generally lower than starting rate [1] | Paying increases when the index increases |
| Mixed | Fixed at the beginning, then floating | Part of the term is known. | Risk after fixed period [1] |
Which is better, depending on the timing, amount and strength of the budget. Banco de España does not call it a universal choice: the best option is what you need, and the scenarios are worth testing in its simulations. [2].
What's the floating rate coming from?
The rate is equal to the index plus differential agreed in the contract. Banco de España gives the example "Euribor + 1%": Eurobor index, 1% differential [1]. Euribor is called the most common index for mortgages, but the law allows other indices if they meet the conditions: clear, accessible, objective, verifiable by parties and authorities, calculated at market value and not dependent on the bank or agreements with other banks (Article 21.2 Ley 5/2019). [5].
The bank may not change the rate to the detriment of the borrowing party without the written consent of the parties, and the change must follow the objective index (art. 21.1). The lower limit of the rate (cláusula sevo) for floating loans is prohibited and the percentage of remuneration may not be negative (arts. 21.3 and 21.4) [5][1].
What is the bank obliged to show before signing?
Article 14 Ley 5/2019 requires the bank or intermediary to transfer the loanor at least 10 calendar days before the signature [5]:
- FEIN (Ficha Europe de Información Normalizada): a bank proposal for a period of at least 10 days before the signature.
- FiAE (Ficha de Advertencias Esbandarizadas): list of essential conditions, including indices, floors, early recovery on delay and cost-sharing.
- For floating loans, a separate document with payments under different rate scenarios.
- Draft contract with full list of costs.
Banco de España describes this document as a calculation of three scenarios (the supply does not change, grows, falls) and highlights: this is an illustration, not a projection. [4]If the rate changes, FEIN also shows an additional TAE in case of a marked increase in the rate [5].
Can you change the type of bet or repay the loan early?
The law encourages the transition from floating to a fixed rate: the innovation or change of the creditor (subrogación), which sets a fixed rate or at least three years of fixed-term maintenance, is subject to a limited commission: up to 0.05 per cent of the advance repayment in the first three years, and then the bank is not entitled to claim the commission. If the advance capital does not fade, the commission does not take up (art. 23.6) [5].
For normal early repayment, such limits [5]:
| Type of credit | Period | Maximum amount paid to the commission |
|---|---|---|
| Floating | First 5 years (option a) | 0,15 % |
| Floating | First 3 years (option b) | 0,25 % |
| Fixed | First 10 years | 2 % |
| Fixed | 10 years later | 1,5 % |
For floating rates, the bank chooses one of two options, and the commission cannot exceed its financial loss. [5].
Which depends on your case.
We don't call banks, rates, and tariffs, and we don't recommend a type of rate. Mortgage to a non-resident in SpainWe don't give any projections for Europe. [2].
On taxes on home purchases: Taxes on buying a dwellingThe bank also watches the credit history: How it is formed in SpainIf you are planning to move, the general order is described in the section Residence permit in BarcelonaB. Payment account: Account opening.
Frequent issues
What's better: fixed or floating mortgage in Spain?
What is Eurobor and differential?
How often does the floating rate be reviewed?
Can a minimum be set (cláusula suelo)?
How much can you pay for the advance mortgage?
What should the bank show before signing the contract?
Based on source
- Banco de España, Portal del Cliente Bancario · Hipoteca a tipo fijo o variable ↗
- Banco de España, Portal del Cliente Bancario · Hipoteca a tipo fijo, variable, mixto… por cuál decidirse (13.02.2023) ↗
- Banco de España, Portal del Cliente Bancario · ¿Hipoteca a interés variable? Esto te interesa ↗
- Banco de España, Portal del Cliente Bancario · El documento de simulación obligatorio: qué le pasa a tu hipoteca cuando los tipos se mueven ↗
- BOE · Ley 5/2019 reguladora de los contratos de crédito inmobiliario, artículos 14, 21 y 23 ↗
Sources are viewed on 02.10.2026. Consolidated texts and departmental reference pages are informative: legal application takes into account official publications, changes and specific circumstances. Material has not been personally checked by counsel.
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The source is viewed on 02.10.2026 · NEXO · Drafting Draft · Sources do not replace individual legal advice.