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What are the best Spanish mortgage rates?

 

Here is our September 2024 update with the latest data available

Leveraging our expansive network of local partners, we secure Spain’s most favourable mortgage rates for those looking to finance their homes. Throughout much of 2022, we observed significant discounts on mortgage rates as inflation surged while long-term rates remained subdued, thanks to the European Central Bank’s (ECB) efforts. Now, zoom forward to mid-2024, inflation is more controlled (2.2% as of August 2024 – back to the low of the range over the last 3 years) and it looks like economies are suffering from the restricted monetary policy of the ECB. In this context, some market experts expect the central bank to lower rates. We can already see this impacting mortgage conditions and long-term rates.

To stay informed about the latest Spanish mortgage rate trends, it’s crucial to consult real-time data from the most recent mortgages issued in Spain. This insight allows you to understand the most competitive rates currently available. Foreigners must note that rates may vary since their assets are primarily overseas.

We’ve built the largest database to monitor fluctuations in this sector, enabling us to generate dynamic, engaging charts. The “Instituto Nacional de Estadísticas” (INE) has recently published the mortgage statistics for Spain as of June 2024, providing a clear view of the current market rates.

Thanks to our network of local partners, we get the best mortgage rates in Spain if you want to finance your home in Spain. Take 30 seconds to complete this quick form to get the best Spanish mortgage rates.

 

  1. Spanish mortgage rates: our 2 minutes video

    Would you like to watch this video in your language? Click at the bottom right of the video on “cc” to get subtitles in your language.

     

  2. What are the current mortgage rates in Spain?

     

    Current market conditions

    • The average mortgage has an interest rate of 3.26% (vs 3.32% end of December 2023)
    • The lowest rate ever was 2.44% reached in September 2020.
    • The average rate for variable-rate mortgages is 3.06% (vs 3.07% end of December 2023)
    • The average rate for fixed-rate mortgages is 3.44% (vs 3.54% end of December 2023)

     

    Check the evolution of the mortgage rates (average, fixed and variable ) over the last years on our interactive chart (browse with the mouse to check data)

     

    What are the best mortgage rates for our customers?

    As of September 2024, our partner can get very good conditions for mortgages for our non-resident buyers:

    • Fixed rates: from 2.85%
    • Mixed solution: from 2.50% fixed for 5 years, after Euribor + 0.75%
    • Variable rates: from 2.50% fixed for 1 year, after Euribor + 0.75%

    And of course, they don’t stop with foreigners, our partner gets very competitive mortgage rates for Spaniards:

    • Fixed rates: from 2.52% (if taking other products like insurance from the bank for instance,…)
    • Mixed solution: from 1.50% fixed for 5 years, after Euribor + 0.60%
    • Variable rates: from 1.35% fixed for 1 year, after Euribor + 0.25%

    So, don’t hesitate to fill out this quick form if you want a free quote from our partner. They are specialized in working with foreigners looking for a mortgage in Spain. Please note that to get the best rates, banks add some conditions as in your home country.

    Essential information on Spanish Mortgages for non-residents

    As a non-resident, you can take a mortgage to finance your second home or your investment. Of course, as your assets won’t be based in Spain, the bank will need warranties and won’t allow a loan to value more than 70% in general. The Loan to value is the amount of mortgage you can get divided by the value of your property before tax, but this % is only for good inquiry. Don’t hesitate to ask for a free quote from our mortgage broker, he knows perfectly how it works and which Spanish banks love foreigners.

    Don’t miss our new detailed article on that subject: Mortgage rates in Spain for non-residents: our detailed guide.

  3. Calculate the cost of your Spanish mortgage

    Check our ultimate Spanish mortgage calculator.

    To help you out, we have created an easy-to-use table of the monthly repayments depending on the amount you want to take for a mortgage. If you want to go deeper into details, use our calculator to fine-tune your mortgage to your situation and you will find out what would be your monthly payments, mortgage schedule,…

     

    What is the cost of a €100,000 mortgage over 10 years?

    If you want to go into the details, here is a calculation example we did:

    As you will see, if you take a mortgage of €100,000 for 10 years with a rate of 3.5%, your monthly payment to reimburse your mortgage will be €989.

    Thanks to our Spanish mortgage rate calculator, you can change any number and calculate what would be your situation.

     

    Summary table of your monthly reimbursements for a €100.000 Mortgage

     

  4. Buy to let in Spain?

    If you are about to invest in Spain, it is always interesting to compare the financing conditions with your returns prospects, check our last article on that subject:

    What return will you make on your Spanish Property investment in 2023? If you see your property investment in Spain as an investment, adding some financing (without being crazy) will increase your return and decrease your costs.

     

  5. Should I take a mortgage with fixed or variable rates?

    Fixed-rate mortgages and variable-rate mortgages are the two main categories of mortgages you can pick. Of course, there are many other possibilities between the two.

     

    Why would you take a fixed-rate mortgage?

    A fixed-rate mortgage has the advantage that whatever the market conditions will do in the future, it will remain the same. To get that advantage, you will on average pay a higher rate than on a variable-rate mortgage, for instance, as of June 2024, mortgages with variable rates were issued at rates of 3.06% while those with fixed rates were issued with 3.44% for an average length of 24 years.

    Why would you take a mortgage with a variable rate?

    It could be because it is less expensive than a mortgage with fixed rates (monthly instalments) and because you don’t see inflation or rates going higher or because you are comfortable financially and can face higher rates in the future. Another reason for variable rates to cost less than fixed rates is that for the banks issuing them, it matches their sources of funds (savings accounts) and they take less risks by issuing them rather than fixed rates mortgages.
    To sum up, if you want safety, take a fixed-rate mortgage. If you see inflation spiking or interest rates going higher (in general due to a strong economy) you could as well go for a fixed-rate mortgage. Of course, the longer your mortgage is the higher your risk will be.
    Don’t hesitate to ask your Spanish mortgage broker for pricing with both and compare both offers.

     

    Inflation update since the start of 2023

    After the big inflation spike of 2022 around the world and in Spain, inflation in Spain is moderating finally to +2.2% as of August 2024. We note that since 2022, the trend changed clearly and the majority of mortgages are issued with fixed rates. We kept telling you in 2022, to lock in those crazy long-term rates levels… remember our chart:

    Maybe some people see a real risk of inflation staying high, which in turn should increase the variable rates. Since June 2023, we still see the fixed rates as leading the mortgage initiations but we are going back towards a 50/50 split between variable and fixed rates. As of mid-2024, with long-term rates decreasing and with inflation decreasing, we see that fixed rates are back on the top of the list. Check our interactive chart on that.

    Check the evolution of the percentage of mortgages with fixed and variable rates with the inflation rate

    We wrote a completely new article on that subject: “Fixed or variable mortgage for my Spanish home?“

  6. How do you secure the best mortgage rates in Spain?

    You are about to buy a nice second home in Spain. Do you want to know how to get the best mortgage rates on your Spanish property? Even as a foreigner?
    Check our detailed paper on this subject and follow the link or listen to our 2 minutes video on how to apply for your mortgage up to the end and get all our tips to get the best rates:

    You have to ask yourself this question: What is the ideal mortgage customer for a bank? The bank will take a risk, the risk of not being repaid and in this case, the bank will need to take legal action to control your property and will sell it afterwards on the market. We saw what happened after the financial crisis of 2008: thousands of properties finished in the hands of the banks as owners couldn’t pay their mortgages.

    The ideal mortgage customer for a Spanish bank

    • has a good professional profile: he is employed and has a stable nice income stream,
    • has a good credit report, he does not have too much debt vs. his income,
    • can afford to have debts: his debt to income ratio is under 35 %, which means that his monthly net income is 3 times bigger than his monthly debt repayments,
    • the property has a good resale value:
      1. the property price is correct vs. the market
      2. there is demand in the market for such a property
    • is coming from OECD countries, as you know, with anti-laundering laws that came into effect all over Europe, it is challenging for banks to give a loan to residents of certain countries. Of course, if you are a resident of the European Union, it will be the easiest.

     

    How to get the best rates as a non-resident?

    How to get the best rates as a non-resident?

     

    Get a free mortgage quote

    At howtobuyinSpain.com, you are in good hands, we work with a mortgage broker who asks for the best mortgage prices for all the Spanish banks. Depending on your profile, certain banks will be more aggressive and others won’t be. Our mortgage partner knows that and they will go to the best bank or will ask for quotes from many Spanish banks to get you the best quote. They work with all the biggest Spanish banks: BBVA, Bankia, Santander,… Get a free mortgage quote from our partner.

  7. Spanish mortgages rates: Market Insights and trends

     

    381,560 mortgages issued in Spain over 2023

    2022 was a record year for mortgage rates in Spain: 464,000 credits were issued. Even stronger than 2021 which was already strong. So, in 2023, with the rise of interest rates the number of mortgages decreased by 18% while at the same time, the number of transactions decreased by 19% (from 734,000 transactions in 2022 to 596,000 transactions in 2023).

    A healthy market: Only 64% of properties are bought with a mortgage (vs 63% in 2022). In our opinion, the market is not over-leveraged. Have a quick look at the table for statistics since 2015. Yes, we are far from the high-leverage situation we had in 2007.

     

    Historical evolution of Spanish mortgage rates & useful information

    • The average mortgage duration is 24 years
    • Only 6% of issued mortgages in Spain are bigger than 80% of the property value.
    • 46% have variable interest rates (vs 35% in December 2022)
    • 54% have fixed interest rates (vs 65% in December 2022)
    • The average amount issued per mortgage is €140,451.

     

    Check the evolution of the average amount issued per mortgage over the last year in Spain in our interactive chart

    • How much leverage is given by banks? What is the average Loan to Value in Spain? (if your property value is 100% how big will your mortgage be?) The quick answer is 63%.
    • 24,927 mortgages were issued -17% vs last year.
    • 3.5 € Bn of mortgages issued for housing in December 2023, -19% vs last year.

    Last but not least, it is always interesting to know the long-term rates and the Euribor, as those are the rates at which Spanish banks get financed. As you can see both short-term rates and long-term rates are exploding since the start of 2022.

     

  8. Resources on Spanish mortgage rates

     

    Discover the best new build projects in Spain
    € 320,000
    2 beds 1 bath 61.3 m²
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    2 beds 2 baths 61.3 m²
    € 540,000
    3 beds 3 baths 191 m²
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    3 beds 2 baths 109 m²
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    € 250,000
    2 beds 2 baths 90 m²
    € 420,000
    2 beds 2 baths 81.7 m²
    € 475,000
    3 beds 2 baths 101.9 m²
    € 490,000
    3 beds 2 baths 119.8 m²
    € 540,000
    3 beds 2 baths 129.2 m²
    € 530,000
    3 beds 2 baths 106.9 m²
    € 370,000
    2 beds 2 baths 88.9 m²
    € 440,000
    3 beds 2 baths 106.9 m²
    € 367,000
    3 beds 3 baths 177 m²
    € 262,000
    3 beds 2 baths 84 m²
    € 242,000
    2 beds 2 baths 72 m²
    € 277,000
    2 beds 2 baths 73 m²
    € 255,000
    3 beds 2 baths 85 m²
    € 220,000
    2 beds 2 baths 71 m²
    € 240,000
    2 beds 2 baths 80 m²
    € 280,000
    3 beds 2 baths 88 m²
    € 585,000
    3 beds 3 baths 162 m²
    € 348,000
    3 beds 2 baths 220 m²
    € 355,000
    3 beds 2 baths 100 m²
    € 385,000
    2 beds 2 baths 76 m²
    € 325,000
    3 beds 2 baths 97 m²
    € 269,000
    2 beds 2 baths 81 m²
    € 631,000
    3 beds 2 baths 123 m²
    € 345,000
    2 beds 2 baths 154 m²
    € 430,000
    3 beds 2 baths 116 m²
    € 730,000
    3 beds 2 baths 149 m²
    € 529,000
    3 beds 2 baths 133 m²
    € 319,000
    2 beds 2 baths 87 m²

     

    Check out our latest articles on Spansih mortgage rates

    All our interactive charts of this article are available in a downloadable format

     

 

Best mortgage rate for Spanish mortgages.

Loan to value given on mortgages in Spain

Spanish mortgages with the best mortgage rate in Spain and loan value higher than 80%.

Spanish mortgages with the best mortgage rate in Spain and loan value higher than 80%.

Current financing rates for Spanish banks

Current financing rates for Spanish banks

Average Spanish mortgage sizes in 2024

Average Spanish mortgage sizes in 2024

Spanish mortgage rates for non-residents vs properties sold in Spain for each year

Spanish mortgage rates for non-residents vs properties sold in Spain for each year

Spanish mortgage rates: comparison between variable and fixed rates

Spanish mortgage rates: comparison between variable and fixed rates

Best Spanish mortgage rates in March 2024

Best Spanish mortgage rates in March 2024

Average Spanish mortgage length.

Average Spanish mortgage length in years.

FAQ Spanish mortgage rates

How much deposit do I need for a Spanish mortgage?

For your second residence and as a non-fiscal resident, a bank will finance no more than 70 % of the value of your property. This means that you would need to invest at least 45% of the property value from your assets.

What is the interest rate in Spain?

As of December 2023, the average mortgage has an interest rate of 3.32%. The lowest rate ever was 2.44%, very close to the current level! The average mortgage duration is 24 years 46% have variable interest rates 54% have fixed interest rates. The average rate for variable-rate mortgages is 3.07%, The average rate for fixed-rate mortgages is 3.54%. Read our dedicated article on that subject for more recent data.

Can foreigners get a mortgage in Spain?

Yes, foreigners can get a mortgage up to 70% of the Value of a property.

Can I get a Spanish mortgage?

It is very easy to get a mortgage in Spain. What are the documents requested? Your Passport / ID for all the applicants Your NIE: “Número de identificación fiscal para extranjeros” or Foreign Resident’s Tax Number. How do you get your NIE in Spain? What do you need to get it? Why do you need it? Last 3 paychecks with the contract of employment Proof of income/Contract A view of your assets and debts If it’s a new building: the “Deed for the new building” The private sale-purchase contract If you have a mortgage at home, land registry information on the property and the mortgage If pensioners: Official proof of annual income.

Nice terrace in an old Spanish street

Here are the statistics for earlier years:

 

        • The Spanish mortgage rates situation for December 2021

            • Average mortgage has an interest rate of 2.53%
            • The lowest rate ever was 2.44% reached in Nov 2020!
            • The average mortgage duration is 24 years
            • 32% have variable interest rates
            • 68% have fixed interest rates
            • The average rate for variable rate mortgages is 2.08%,
            • The average rate for fixed-rate mortgages is 2.8%,
            • The average amount issued per mortgage is €145,500: an increase of 1.9% vs last year.
            • 32,905 mortgages were issued +23% vs last year.
            • 4,8 € Bn of mortgages issued for housing in December 2021, +32% vs last year.

           

          The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
              • Aragon, +33% to 1.159 mortgages
              • Extremadura, +29% to 683 mortgages
          The top region in terms of amounts of mortgages issued (Annual)
            • Balears, 211m€, +116%
            • La Rioja, 19m€, +77%
            • Aragon, 169m€, +70%

 

The Spanish mortgage rates situation for October 2021

                          • Average mortgage has an interest rate of 2.48%
                          • The lowest rate ever was 2.44% reached in Nov 2020!
                          • The average mortgage duration is 24 years
                          • 33% have variable interest rates
                          • 67% have fixed interest rates
                          • The average rate for variable rate mortgages is 2.11%,
                          • The average rate for fixed-rate mortgages is 2.7%,
                          • The average amount issued per mortgage is €137,900: an increase of 1.9% vs last year.
                          • 33,105 mortgages were issued +67% vs last year.
                          • 4,6 € Bn of mortgages issued for housing in August 2021, +70% vs last year.

 

The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
                          • Navarra, +77% to 510 mortgages
                          • Murcia, +7% to 1,099 mortgages
                          • Andalusia, +2% to 6,589 mortgages
The top region in terms of amounts of mortgages issued (Annual)
                          • Madrid, 1.2bn€, +89%
                          • Andalusia, 793m€, +89%
                          • Catalonia, 863m€, +87%

      • The Spanish mortgage rates situation for February 2021

                        • Average mortgage has an interest rate of 2.49%
                        • The lowest rate ever was 2.44% reached in Nov 2020!
                        • The average mortgage duration is 24 years
                        • 47.3% have variable interest rates
                        • 52.7% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.16%,
                        • The average rate for fixed-rate mortgages is 2.88%,
                        • The average amount issued per mortgage is €131,380: an decrease of 13.8% vs last year.
                        • 31,647 mortgages were issued -23.1% vs last year.
                        • 4,1 € Bn of mortgages issued for housing in February 2021, -29.9% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
                        • Murcia, +45% to 1007 mortgages
                        • La Rioja, +40% to 215 mortgages
                        • Valencian Community, +24% to 3600 mortgages
        The top region in terms of amounts of mortgages issued (Annual)
                        • Navarra, 54m€, +19%
                        • La Rioja, 18m€, +16%
                        • Gallicia, 116m€, +13%

      • The Spanish mortgage rates situation for January 2021

                        • Average mortgage has an interest rate of 2.47%
                        • The lowest rate ever was 2.44% reached in Nov 2020!
                        • The average mortgage duration is 24 years
                        • 48.8% have variable interest rates
                        • 51.2% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.17%,
                        • The average rate for fixed-rate mortgages is 2.81%,
                        • The average amount issued per mortgage is €129,003: an increase of 13.5% vs last year.
                        • 27,518 mortgages were issued -31.6% vs last year.
                        • 3,5 € Bn of mortgages issued for housing in January 2021, -22.4% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
                        • Navarra, +63% to 458 mortgages
                        • Balears, +27% to 643 mortgages
                        • La Rioja, +24.4% to 153 mortgages
        The top region in terms of amounts of mortgages issued (Annual)
                        • Cantabria, 40m€, +0%
                        • Catalonia, 758m€, -7%
                        • Castilla y Leon, 126m€, -9%

      • The Spanish mortgage rates situation for December 2020

                        • Average mortgage has an interest rate of 2.53%
                        • The lowest rate ever was 2.44% reached in Nov 2020!
                        • The average mortgage duration is 24 years
                        • 51.6% have variable interest rates
                        • 48.4% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.20%,
                        • The average rate for fixed-rate mortgages is 2.97%,
                        • The average amount issued per mortgage is €135,658: an increase of 9.2% vs last year.
                        • 26,128 mortgages were issued -14.8% vs last year.
                        • 3,5 € Bn of mortgages issued for housing in December 2020, -7% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
                        • Cantabria, +9.3% to 354 mortgages
                        • Extremadura, +4.8% to 551 mortgages
                        • Aragon, +0.2% to 862 mortgages
        The top region in terms of amounts of mortgages issued (Annual)
                        • Aragon, 111m€, +62%
                        • Castilla y Leon, 118m€, + 38%
                        • Galicia, 123m€, +34%

      • The Spanish mortgage rates situation for November 2020

                        • Average mortgage has an interest rate of 2.45%
                        • The lowest rate ever was 2.44% reached in Nov 2020!
                        • The average mortgage duration is 24 years
                        • 52.6% have variable interest rates
                        • 47.4% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.05%,
                        • The average rate for fixed-rate mortgages is 2.86%,
                        • The average amount issued per mortgage is €136,676: an increase of 5.5% vs last year.
                        • 28,756 mortgages were issued +2.4% vs last year.
                        • 3,9 € Bn of mortgages issued for housing inNovember 2020, +3% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
                        • Pais Vasco, +19% to 1729 mortgages
                        • Cantabria, +16% to 324 mortgages
                        • Catalonia, +15% to 4711 mortgages
        The top region in terms of amounts of mortgages issued (Annual)
                        • Castilla – La Mancha, 115m€, +32%
                        • Aragon, 97m€, +31%
                        • Galicia, 104m€, +21%

      • The Spanish mortgage rates situation for October 2020

                        • Average mortgage has an interest rate of 2.47%
                        • The lowest rate ever was 2.44% reached in Nov 2020!
                        • The average mortgage duration is 25 years
                        • 51.1% have variable interest rates
                        • 48.9% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.19%,
                        • The average rate for fixed-rate mortgages is 2.85%,
                        • The average amount issued per mortgage is €134,900: an increase of 4.6% vs last year.
                        • 28,248 mortgages were issued -5.9% vs last year.
                        • 3,8 € Bn of mortgages issued for housing in October 2020, -1.6% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
                        • Castilla y Leon, +28% to 1226 mortgages
                        • La Rioja, +26% to 179 mortgages
                        • Navarra, +21% to 332 mortgages
        The top region in terms of amounts of mortgages issued (Annual)
                        • Extremadura, 40m€, +29%
                        • Aragon, 93m€, +23%
                        • Asturias, 46m€, +19%

      • The Spanish mortgage rates situation for September 2020

                        • Average mortgage has an interest rate of 2.44%
                        • The lowest rate ever was 2.44% reached in Nov 2019!
                        • The average mortgage duration is 24 years
                        • 51.5% have variable interest rates
                        • 48.5% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.12%,
                        • The average rate for fixed-rate mortgages is 2.84%,
                        • The average amount issued per mortgage is €135,035: a decrease of 1% vs last year.
                        • 26,878 mortgages were issued 18.4% vs last year.
                        • 3,6 € Bn of mortgages issued for housing in September 2020, +17.2% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued:
                        • Madrid, +66% to 5,077 mortgages
                        • Balearic Islands, +63% to 823 mortgages
                        • Catalonia, +42.4% to 3,968 mortgages
        The top region in terms of amounts of mortgages issued
                        • Extremadura, 51m€, +220%
                        • La Rioja, 13m€, +106%
                        • Cantabria, 39m€, +106%
                        • Asturias, 55m€, +105%

      • The Spanish mortgage rates situation for August 2020

                        • Average mortgage has an interest rate of 2.49% (vs 2.54% last month)
                        • The lowest rate ever was 2.47% reached in Nov 2019!
                        • The average mortgage duration is 24 years
                        • 50.6% have variable interest rates
                        • 49.4% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.18%,
                        • The average rate for fixed-rate mortgages is 2.87%,
                        • The average amount issued per mortgage is €134,700: an increase of 4% vs last year.
                        • 19,825 mortgages were issued -3% vs last year.
                        • 3,7 € Bn of mortgages issued for housing in August 2020, +0.5% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued:
                        • Navarra, +32% to 286 mortgages
                        • Castilla – La Mancha, +15% to 981 mortgages
                        • Cantabria, +12% to 279 mortgages
        The top region in terms of amounts of mortgages issued
                        • La Rioja, 15m€, +145%
                        • Canarias, 126m€, +91%
                        • Castilla – La Mancha, 94m€, +49%
                        • Extremadura, 33m€, +34%

        1. The Spanish mortgage rates situation for July 2020

                          • Average mortgage has an interest rate of 2.54% (vs 2.49% last month)
                          • The lowest rate ever was 2.47% reached in Nov 2019!
                          • The average mortgage duration is 23 years
                          • 47.5% have variable interest rates
                          • 52.5% have fixed interest rates
                          • The average rate for variable rate mortgages is 2.27%,
                          • The average rate for fixed-rate mortgages is 2.86%,
                          • The average amount issued per mortgage is €132,346: an increase of 8.9% vs last year.
                          • 26,014 mortgages were issued -23% vs last year.
                          • 3,4 € Bn of mortgages issued for housing in July 2020, -16% vs last year.

           

          The top 3 regions with the biggest increases for the number of mortgages issued:
                          • La Rioja, +51% to 202 mortgages
                          • Canarias, +45% to 1,221 mortgages
                          • Valencian community, +31% to 3,341 mortgages
          The top region in terms of amounts of mortgages issued
                          • Basque Country, 282m€, +33%

        The Spanish mortgage rates situation for June 2020

                        • Average mortgage has an interest rate of 2.5% (vs 2.49% last month)
                        • The lowest rate ever was 2.47% reached in Nov 2019!
                        • The average mortgage duration is 23 years
                        • 54% have variable interest rates
                        • 46% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.11%,
                        • The average rate for fixed-rate mortgages is 2.96%,
                        • The average amount issued per mortgage is €131,670: an increase of 7.5% vs last year.
                        • 26,748 mortgages were issued -13% vs last year.
                        • 3,5 € Bn of mortgages issued for housing in June 2020, -6% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
                        • Basque Country, +129% to 2,811 mortgages
                        • Extremadura, +79% to 562 mortgages
                        • Murcia, +59% to 798 mortgages

         

        The top regions in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Basque Country, 366m€, +95%
                        • Extremadura, 45m€, +85%
                        • Murcia, 68m€, +57%

         

        The Spanish mortgage rates situation in May 2020

        Best mortgage conditions in Spain?

                        • Average mortgage has an interest rate of 2.49% (vs 2.48% last month)
                        • The lowest rate ever was 2.47% reached in Nov 2019!
                        • The average mortgage duration is 23 years
                        • 50.5% have variable interest rates
                        • 49.5% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.11%,
                        • The average rate for fixed-rate mortgages is 3%,
                        • The average amount issued per mortgage is €127,145: an increase of 3.2% vs last year.
                        • 25,538 mortgages were issued -27% vs last year.
                        • 3.2 € Bn of mortgages issued for housing in May 2020, -29% vs last year.

         

        The top regions with the biggest increases for the number of mortgages issued are (monthly changes):
                        • Andalusia, +6.8% to 5,580 mortgages
                        • Basque Country, +6.5% to 1,221 mortgages
                        • Galicia, +6.4% to 820 mortgages

         

        The top region in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Murcia, 56.8 M€, +22%

         

        The Spanish mortgage rates situation in April 2020

        Best mortgage conditions in Spain?
                        • Average mortgage has an interest rate of 2.48% (vs 2.56% last month)
                        • The lowest rate ever was 2.47% reached in Nov 2019!
                        • The average mortgage duration is 24 years
                        • 48.4% have variable interest rates
                        • 51.6% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.13%,
                        • The average rate for fixed-rate mortgages is 2.86%,
                        • The average amount issued per mortgage is €125,300: an decrease of 1.2% vs last year.
                        • 23,840 mortgages were issued -18% vs last year.
                        • 3 € Bn of mortgages issued for housing in April 2020, -19% vs last year.

         

        The 3 regions with the biggest decreases for the number of mortgages issued are (monthly changes):
                        • Andalusia, +6.8% to 5,580 mortgages
                        • Basque Country, +6.5% to 1,221 mortgages
                        • Galicia, +6.4% to 820 mortgages

         

        The top region in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Murcia, 56.8 M€, +22%

         

        The Spanish mortgage rates situation in March 2020

        Best mortgage conditions in Spain?
                        • Average mortgage has an interest rate of 2.56%
                        • The lowest rate ever is 2.47% reached in November 2019!
                        • The average mortgage duration is 23 years
                        • 47% have variable interest rates
                        • 53% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.21%,
                        • The average rate for fixed-rate mortgages is 2.92%,
                        • The average amount issued per mortgage is €127,888: an increase of 1.6% vs last year.
                        • 26,382 mortgages were issued -15% vs last year.
                        • 3.4 € Bn of mortgages issued for housing in March 2020, -13% vs last year.

         

        The top region with the biggest increases for the number of mortgages issued are (monthly changes):
                        • La Rioja, +44% to 254 mortgages

         

        The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Aragon, 93 M€, +48%
                        • Asturias, 57 M€, +24%
                        • Cantabria, 34M€, +8%

         

         

        The Spanish mortgage rates situation in February 2020

        Best mortgage conditions in Spain?
                        • Average mortgage has an interest rate of 2.64% (vs 2.55% last month)
                        • The lowest rate ever is 2.47% reached in November 2019!
                        • The average mortgage duration is 23 years
                        • 62% have variable interest rates
                        • 37% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.47%
                        • The average rate for fixed-rate mortgages is 3.02%

         

        The 3 regions with the biggest decreases for the number of mortgages issued are (monthly changes):
                        • Navarre, -45% to 373 mortgages
                        • Asturias, -38% to 694 mortgages
                        • Canary Islands, -31% to 1.035 mortgages

         

        The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Catalonia, 2.378 M€, +200%
                        • Andalusia, 1.109 M€, +57%
                        • Aragon, +30%

         

        The Spanish mortgage rates situation in January 2020

        Best mortgage conditions in Spain?
                        • Average mortgage has an interest rate of 2.55% (vs 2.53% last month)
                        • The lowest rate ever is 2.47% reached in November 2019!
                        • The average mortgage duration is 22 years
                        • 58% have variable interest rates
                        • 42% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.22%
                        • The average rate for fixed-rate mortgages is 3.05%
        The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
                        • Balearic Islands, +144% to 1.494 mortgages
                        • Asturias, +134% to 1.120 mortgages
                        • Castilla y Leon, +111% to 1.884 mortgages

         

        The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • La Roja, 20 M€, +84%
                        • Navarre, 71 M€, +75%
                        • Balearic Islands, +74%

         

        The Spanish mortgage rates situation in December 2019

        Best mortgage conditions in Spain?
                        • Average mortgage has an interest rate of 2.53% (vs 2.47% last month)
                        • The average mortgage rate decreased by 5% vs 1 year ago
                        • The lowest rate ever is 2.47% reached in November 2019!
                        • The average mortgage duration is 23 years
                        • 56% have variable interest rates
                        • 44% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.2%, 9.1% less than 1 year ago
                        • The average rate for fixed-rate mortgages is 3.06%, 2.6% more than 1 year ago
        The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
                        • Castilla – La Mancha, +97% to 1.952 mortgages
                        • Canary Islands, +55% to 1.824 mortgages
                        • Madrid, +23% to 6.787 mortgages

         

        The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Castilla – La Mancha, 143 M€, +137%
                        • Madrid, 1.114 M€, +57%
                        • Canary Islands, +54%

         

        The Spanish mortgage rates situation in November 2019

        Best mortgage conditions in Spain?
                        • Average mortgage has an interest rate of 2.47% (vs 2.5% last month)
                        • The average mortgage rate decreased by 6.1% vs 1 year ago
                        • The lowest rate ever is the current rate 2.47%!
                        • The average mortgage duration is 24 years
                        • 57.3% have variable interest rates
                        • 42.7% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.15%, 12.1% less than 1 year ago
                        • The average rate for fixed-rate mortgages is 3.01%, 0.3% more than 1 year ago
                        • The average amount issued per mortgage is €129,800: a decrease of 2.1% vs last year.
                        • 29,416 mortgages were issued -0.5% vs last year.
                        • 3.8 € Bn of mortgages issued for housing in October 2019, -0.9% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):

        All the regions noticed a month on month decrease

        Here are the most noticeable regions:

                        • Extremadura, +26.4% to 526 mortgages
                        • Cantabria, +13.6% to 376 mortgages
                        • Valencia Community, +12.8% to 3614 mortgages

         

        The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Extremadura, 48 M€, +72%
                        • Balearic Islands, 200 M€, +37%
                        • Cantabria, 43 M€, +36%

         

        The Spanish mortgage rates situation in October 2019

        Best mortgage conditions in Spain?
                        • Average mortgage has an interest rate of 2.50% (vs 2.51% last month)
                        • The average mortgage rate decreased by 5% vs 1 year ago
                        • The lowest rate ever is the current rate 2.50%!
                        • The average mortgage duration is 24 years
                        • 54.7% have variable interest rates
                        • 45.3% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.09%, 11.2% less than 1 year ago
                        • The average rate for fixed-rate mortgages is 3.02%, 1.4% less than 1 year ago
                        • The average amount issued per mortgage is €129,000: a decrease of 2.1% vs last year.
                        • 29,691 mortgages were issued -1.1% vs last year.
                        • 3.8 € Bn of mortgages issued for housing in September 2019, -1.1% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):

        All the regions noticed a month on month decrease

        Here are the most noticeable regions:

                        • La Rioja, +127% to 186 mortgages
                        • Extremadura, +92% to 416 mortgages
                        • Cantabria, +80% to 331 mortgages

         

        The top 5 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Madrid, 936 M€, -12%
                        • Catalonia, 788 M€, -12%
                        • Andalusia, 660 M€, +8%
                        • Valencia Community, 327 M€, +20%
                        • Basque Country, 235 M€, +20%

         

        The Spanish mortgage rates situation in September 2019

                        • Average mortgage has an interest rate of 2.51% (vs 2.55% last month)
                        • The average mortgage rate decreased by 3% vs 1 year ago
                        • The lowest rate ever is the current rate 2.51%!
                        • The average mortgage duration is 24 years
                        • 63.4% have variable interest rates
                        • 36.6% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.13%, 9.3% less than 1 year ago
                        • The average rate for fixed-rate mortgages is 3.16%, 2.5% less than 1 year ago
                        • The average amount issued per mortgage is €135,452: a increase of 5.3% vs last year.
                        • 22,488 mortgages were issued -29.9% vs last year.
                        • 3 € Bn of mortgages issued for housing in August 2019, -29.9% vs last year.

         

        The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
                        • Navarre, +50% to 328 mortgages
                        • Madrid, +47% to 4,708 mortgages
                        • Castilla La Mancha, +26% to 897 mortgages

         

        The top 5 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
                        • Madrid, 936 M€, -27%
                        • Catalonia, 545 M€, -28%
                        • Andalusia, 463 M€, -29%
                        • Valencian Community, 255 M€, -29%
                        • Basque Country, 203 M€, -21%

         

        The Spanish mortgage rates situation in August 2019

                          • Average mortgage has an interest rate of 2.55% (vs 2.56% last month)
                          • The average mortgage rate decreased by 3% vs 1 year ago
                          • The lowest rate ever is the current rate 2.55!
                          • The average mortgage duration is 23 years
                          • 60.7% have variable interest rates
                          • 39.3% have fixed interest rates
                          • The average rate for variable rate mortgages is 2.21%, 3.2% less than 1 year ago
                          • The average rate for fixed-rate mortgages is 3.18%, 1.5% more than 1 year ago
                          • 20,385 mortgages were issued -29.9% vs last year.
                          • The average amount issued per mortgage is €128,501: a increase of 5% vs last year.
                          • 2,6 € Bn of mortgages issued for housing in August 2019, -29.9% vs last year.

         

        The top 3 regions with the biggest decreases for the number of mortgages issued are (monthly changes):

         

                        • La Rioja, -72% to 74 mortgages
                        • Extremadura, -57% to 279 mortgages
                        • Castilla La Mancha, -53% to 714 mortgages

         

        The top 3 regions with the biggest decreases in terms of amounts of mortgages issued are (yearly change):
                        • La Rioja, -65% to 6m issued
                        • Extremadura, -56% to 23m issued
                        • Canariasa, -45% to 66m issued

         

        The Spanish mortgage rates situation in July 2019

                        • Average mortgage has an interest rate of 2.56% (vs 2.57% last month)
                        • The average mortgage rate decreased by 1.2% vs 1 year ago
                        • The lowest rate ever is the current rate 2.56!
                        • The average mortgage duration is 23 years
                        • 58.1% have variable interest rates
                        • 41.9% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.14%, 7.3% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.16%, 2.8% less than 1 year ago,
                        • The average amount issued per mortgage is €121,414: a decrease of 2,5% vs last year.
                        • 33,344 mortgages were issued +13.1% vs last year.
                        • 6,3 € Bn of mortgages issued for housing in July 2019, +15.2% vs last year.

         

        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

        For a first time since long, all the regions suffer a month on month negative growth. The one with the smallest decreases are

                        • La Rioja, +79.3% to 269 mortgages
                        • Castilla La Mancha, +44% to 1,508 mortgages
                        • Asturias, +37% to 671 mortgages

         

        The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • Extremadura, +45.9% to 652 mortgages
                        • Castilla La Mancha, +38% to 1,508 mortgages
                        • Castilla y Leon, +33.9% to 1,430 mortgages

         

        The Spanish mortgage rates situation in June 2019

                        • Average mortgage has an interest rate of 2.57% (vs 2.62% last month)
                        • The average mortgage rate decreased by 3% vs 1 year ago
                        • The lowest rate ever is 2.57!
                        • The average mortgage duration is 24 years
                        • 55.5% have variable interest rates
                        • 44.5% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.29%, 6.1% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.01%, 1.3% less than 1 year ago,
                        • The average amount issued per mortgage is €119,964: a increase of 3,7% vs last year.
                        • 29,900 mortgages were issued -2.5% vs last year.
                        • 3,6 € Bn of mortgages issued for housing in May 2019, -6.1% vs last year.
        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

        For a first time since long, all the regions suffer a month on month negative growth. The one with the smallest decreases are

                        • Region of Murcia, -2.6% to 824 mortgages
                        • Community of Navarra, -4.5% to 383 mortgages
                        • Basque country, -5.2% to 1,703 mortgages

         

        The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • Community of Valencia, +16.9% to 3,748 mortgages
                        • Region of Murcia, +12% to 824 mortgages
                        • Basque country, +9.3% to 1,703 mortgages

         

         

        The Spanish mortgage rates situation in May 2019

                        • Average mortgage has an interest rate of 2.59% (same as last month)
                        • The average mortgage rate decreased by 2.9% vs 1 year ago
                        • The lowest rate ever is 2.57!
                        • The average mortgage duration is 24 years
                        • 56.8% have variable interest rates
                        • 43.2% have fixed interest rates (+6.7% vs last year)
                        • The average rate for variable rate mortgages is 2.3%, 5.1% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.09%, 1.8% less than 1 year ago,
                        • The average amount issued per mortgage is €124,700: a increase of 3.9% vs last year.
                        • 29,032 mortgages were issued -0.1% vs last year.
                        • 3.6 € Bn of mortgages issued for housing in April 2019, +0.6% vs last year.
        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):
                        • Community of Navarra, +45.3% to 510 mortgages
                        • Aragon, +19.7% to 814 mortgages
                        • Asturias, +11.9% to 556 mortgages

         

         

        The Spanish mortgage rates situation in March 2019

                        • Average mortgage has an interest rate of 2.62% (same as last month)
                        • The average mortgage rate decreased by 2.3% vs 1 year ago
                        • The lowest rate ever is 2.57!
                        • The average mortgage duration is 24 years
                        • 58.1% have variable interest rates
                        • 41.9% have fixed interest rates (+24.5% vs last year)
                        • The average rate for variable rate mortgages is 2.34%, 2.7% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.11%, 1.6% more than 1 year ago,
                        • The average amount issued per mortgage is €125,341: a increase of 3.9% vs last year.
                        • 30,716 mortgages were issued + 9.2% vs last year.
                        • 3.8 € Bn of mortgages issued for housing in March 2019, +20.3% vs last year.
        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):
                        • The Balearic Islands, +47% to 1,159 mortgages
                        • Andalusia, +17% to 6,069 mortgages
                        • Extremadura, +14% to 503 mortgages

         

        The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • The Balearic Islands, +49% to 1,159 mortgages
                        • Extremadura, +36% to 503 mortgages
                        • Murcia, +31% to 503 mortgages

         

         

        The Spanish mortgage rates situation in February 2019

                        • Average mortgage has an interest rate of 2.62% (vs 2.57% last month)
                        • The average mortgage rate decreased by 1.1% vs 1 year ago
                        • The current rate: 2.62% is close to the lowest rate ever of 2.57!
                        • The average mortgage duration is 23 years
                        • 58.2% have variable interest rates
                        • 41.8% have fixed interest rates (+17.4% vs last year)
                        • The average rate for variable rate mortgages is 2.37%, 4% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.05%, 0.4% more than 1 year ago,
                        • The average amount issued per mortgage is €123,911: a increase of 2.9% vs last year.
                        • 31.018 mortgages were issued + 9.2% vs last year.
                        • 3.8 € Bn of mortgages issued for housing in February 2019, +12.3% vs last year.
        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

        After a seasonally slower December, January looks even stronger vs December:

                        • Asturias, +24.9% to 728 mortgages
                        • Catalonia, +8.4% to 5.448 mortgages
                        • Pais Vasco, + 2.9% to 1.713 mortgages

         

        The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • Asturias, +56% to 728 mortgages
                        • Castilla – La Mancha, +43% to 1.321 mortgages
                        • La Rioja, + 39% to 241 mortgages

         

        The 6 regions with the biggest growth on the full year 2018

                        • The Valencian Community, +15.7% to 38.004 mortgages
                        • The Community of Madrid, +14.9% to 65.503 mortgages
                        • Castilla – La Mancha, +14.8% to 12.501 mortgages
                        • La Rioja, +13.5% to 2.332 mortgages
                        • The Community of Navarre, +13.4% to 4.615 mortgages
                        • Catalonia, +13% to 57.477 mortgages
                        • Extremadura, +12.3% to 5.550 mortgages

         

        The 4 most active regions in 2018

        No surprises, we keep the same regions as the most active ones in terms of transactions:

                        • The Community of Madrid, 65.503 mortgages with a growth of 14.9%
                        • The Andalusia, 65.431 mortgages with a growth of 8.6%
                        • Catalonia, 57.477 mortgages with a growth of 14.9%
                        • The Valencian Community, 38.004 mortgages with a growth of 15.7%

         

         

        The Spanish mortgage rates situation in January 2019

                        • Average mortgage has an interest rate of 2.57% (vs 2.62% last month)
                        • The average mortgage rate decreased by 4.3% vs 1 year ago
                        • The current rate: 2.57% is the lowest rate ever!
                        • The average mortgage duration is 22 years
                        • 62.8% have variable interest rates
                        • 37.2% have fixed interest rates (+9.1% vs last year)
                        • The average rate for variable rate mortgages is 2.32%, 8% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.09%, 1.6% more than 1 year ago,
                        • The average amount issued per mortgage is €121,036: a decrease of -0.7% vs last year.
                        • 36.832 mortgages were issued + 22.5% vs last year.
                        • 4.4 € Bn of mortgages issued in January 2019, +21.6% vs last year.

         

        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

        After a seasonally slower December, January looks even stronger vs December:

                        • Madrid Community, +168% to 10.478 mortgages
                        • Castilla – La Mancha, +101% to 1.485 mortgages
                        • Extremadura, + 76% to 542 mortgages

         

        The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • Madrid Community, +105% to 10.478 mortgages
                        • Castilla – La Mancha, +25% to 1.485 mortgages
                        • Aragón, + 17% to 910 mortgages

         

        The Spanish mortgage rates situation in December 2018

                        • Average mortgage has an interest rate of 2.62% (vs 2.61% last month)
                        • The average mortgage rate decreased by 3.9% vs 1 year ago
                        • The lowest rate ever is 2.57%!
                        • The average mortgage duration is 24 years
                        • 58.6% have variable interest rates
                        • 41.4% have fixed interest rates (+9.1% vs last year)
                        • The average rate for variable rate mortgages is 2.42%, 4.7% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 2.98%, 4.8% less than 1 year ago,
                        • The average amount issued per mortgage is €126,394: an increased of 9.4% vs last year.
                        • 20.933 mortgages were issued + 0.9% vs last year.
                        • 2.6 € Bn of mortgages issued in December 2018, +10.4% vs last year.

         

        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

        All the regions had a negative growth. Of course December is well known for being less busy all over the world.

         

        The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • The Basque Country, +20.1% to 1.333 mortgages
                        • The Valencian Community, +17.3% to 2.456 mortgages
                        • Catalonia, +12% to 3.390 mortgages

         

        The Spanish mortgage rates situation in November 2018

                        • Average mortgage has an interest rate of 2.61% (vs 2.57% last month)
                        • The average mortgage rate decreased by 5.7% vs 1 year ago
                        • The lowest rate ever is 2.57%!
                        • The average mortgage duration is 23 years
                        • 64% have variable interest rates
                        • 36% have fixed interest rates (+25.9% vs last year)
                        • The average rate for variable rate mortgages is 2.42%, 0.7% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.07%, 14.1% less than 1 year ago,
                        • The average amount issued per mortgage is €130,651: an increased of 5.5% vs last year.
                        • 28.835 mortgages were issued + 14.2% vs last year.
                        • 5.6 € Bn of mortgages issued in November 2018, +13.7% vs last year.

         

        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):
                        • The Canary Islands, +39.4% to 1.299 mortgages
                        • The Balearic Islands, +17.8% to 899 mortgages
                        • Asturies, +4.7% to 532 mortgages

         

        The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • The Canary Islands, +28.6% to 1.299 mortgages
                        • Catalonia, +25% to 5.363 mortgages
                        • The Valencian Community, +24.4% to 3.178 mortgages

         

        The Spanish mortgage rates situation in October 2018

                        • Average mortgage has an interest rate of 2.57% (vs 2.59% last month)
                        • The average mortgage rate decreased by 4.3% vs 1 year ago
                        • The lowest rate ever is 2.57%! YES, the current rate!
                        • The average mortgage duration is 24 years
                        • 60.4% have variable interest rates
                        • 39.6% have fixed interest rates (+25.9% vs last year)
                        • The average rate for variable rate mortgages is 2.43%, 2.9% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 2.99%, 3.7% less than 1 year ago,
                        • The average amount issued per mortgage is €126,926: an increased of 4.6% vs last year.
                        • 30.356 mortgages were issued + 20.4% vs last year.
                        • 5.8 € Bn of mortgages issued in October 2018, +13.9% vs last year.
        The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):
                        • Navarra Community, +21.6% to 472 mortgages
                        • Catalonia, +10.7% to 5.808 mortgages
                        • Castilla y Leon, +4.8% to 1.153 mortgages
        The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • Navarra Community, +53.7% to 472 mortgages
                        • Catalonia, +40.7% to 5.808 mortgages
                        • Aragon, +36.8% to 729 mortgages

         

        The Spanish mortgage rates situation in September 2018

                        • Average mortgage has an interest rate of 2.59% (vs 2.62% last month)
                        • The average mortgage rate decreased by 8.3% vs 1 year ago
                        • The lowest rate ever is 2.59%!
                        • The average mortgage duration is 24 years
                        • 59.9% have variable interest rates
                        • 40.1% have fixed interest rates (+16.7% vs last year)
                        • The average rate for variable rate mortgages is 2.36%, 10.8% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.02%, 5.9% less than 1 year ago,
                        • The average amount issued per mortgage is €127,732: an increased of 4.1% vs last year.
                        • 32.457 mortgages were issued + 9.5% vs last year.
                        • 6.6 € Bn of mortgages issued in September 2018, +10% vs last year.
        The top 4 regions with the biggest growth for the number of mortgages issued are (monthly changes):
                        • Valencian Community, +32.5% to 3.863 mortgages
                        • Madrid, +30.6% to 6.530 mortgages
                        • Murcia, +21.5% to 866 mortgages
                        • Catalonia, +18.4% to 5.246 mortgages
        The top 4 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
                        • La Rioja, +123%
                        • Extremadura, +54%
                        • The community of Navarre, +37%
                        • Madrid, +28%

         

        The Spanish mortgage rates situation in August 2018

                        • Average mortgage has an interest rate of 2.62% (vs 2.59% last month)
                        • The average mortgage rate decreased by 4.3% vs 1 year ago
                        • The lowest rate ever is 2.59%!
                        • The average mortgage duration is 24 years
                        • 59.8% have variable interest rates
                        • 40.2% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.43%, 5.5% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 2.99%, 3.1% less than 1 year ago,
                        • The average amount issued per mortgage stands at €122,424, an increased of 9.8% vs last year.
                        • 28.755 mortgages were issued + 6.8% vs last year.
                        • 5.4 € Bn of mortgages issued in August 2018, +11% vs last year.

         

        The top 4 regions with the biggest growth for the number of mortgages issued are:
                        • Extremadura, +31% to 604 mortgages
                        • The Canary Islands, +19,6% to 1.396 mortgages
                        • Cantabria, +16,4% to 326 mortgages
                        • Madrid, +13,9% to 5.000 mortgages

         

        The top 4 regions with the biggest growth in terms of amounts of mortgages issued are:
                        • Extremadura, +61%
                        • Madrid, +29%
                        • Andalusia, +28%
                        • Basque country, +24%

         

        The Spanish mortgage rates situation in July 2018

                        • Average mortgage has an interest rate of 2.59% (vs 2.63% last month)
                        • Average mortgage rate decreased by 6.3% vs 1 year ago
                        • The lowest rate ever is 2.59%! YES, the current rate reached this month!
                        • Mortgage duration is 22 years
                        • 62.3% have variable interest rates
                        • 37.7% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.32%, 7.3% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.07%, 5.7% less than 1 year ago,
                        • The average amount issued per mortgage stands at €125,120, an increased of 2.1% vs last year.
                        • 29.287 mortgages were issued + 14.6% vs last year.
                        • 3.6 € Bn of mortgages issued in July 2018, +17% vs last year.

         

        The top 4 regions with the biggest growth for the number of mortgages issued:
                        • Extremadura, +38.9% to 457 mortgages.
                        • The Valencian Community, +28.1% to 3.276 mortgages
                        • La Rioja, +28.1% to 283 mortgages
                        • Madrid, +27,5% to 5.713 mortgages

         

        The top 4 regions with the biggest growth in terms of amounts of mortgages issued:
                        • La Rioja, +77.3%
                        • The region of Murcia, +43%
                        • Cantabria, +39.8%
                        • The Valencian Community, +39%

         

        The Spanish mortgage rates situation in June 2018

                        • Average mortgage has an interest rate of 2.63%
                        • Average mortgage rate decreased by 6.8% vs 1 year ago
                        • The lowest rate ever is 2.62% reached in March 2018
                        • Mortgage duration is 23 years
                        • 62.9% have variable interest rates
                        • 37.1% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.19%, 11.3% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.25%, 0.5% more than 1 year ago,
                        • The average amount issued per mortgage stands at €123,896, an increased of 5.1% vs last year.
                        • 30.600 mortgages were issued + 3.9% vs last year.

         

        The top 3 regions with the biggest mortgages growth:
                        • Madrid, +23,2% to 6.399 mortgages,
                        • Aragon, +10.6% to 957 mortgages,
                        • Extremadura, +18.4% to 616 mortgages.

         

        The Spanish mortgage rates situation in May 2018

                        • Average mortgage has an interest rate of 2.63%
                        • Average mortgage rate decreased by 4.3% vs 1 year ago
                        • The lowest rate ever was 2.62% in March 2018
                        • Mortgage duration is 22 years
                        • 61.9% have variable interest rates
                        • 38.1% have fixed interest rates
                        • The average rate for variable rate mortgages is 2.4%, 9.8% less than 1 year ago,
                        • The average rate for fixed-rate mortgages is 3.12%, 6.6% more than 1 year ago,
                        • The average amount issued per mortgage stands at €117,044, an increased of 2.8% vs last year.
                        • 31.166 mortgages were issued + 7.3% vs last year.

         

        While the top 4 regions in terms of annual growth were:
                        • The Canary Islands, +70,9% to 1.984 mortgages,
                        • Extremadura, +18.5% to 570 mortgages,
                        • Pais Vasco, +18.4% to 1.783 mortgages,
                        • Navarra, +17.3% to 441 mortgages

         

        Check the Spanish report from the INE.

        Looking for a mortgage or a local expert in Alicante, Malaga, Valencia, Madrid, Barcelona,…? Ask us directly!

        Stéphane

        Senior analyst and strategist at HTBIS

        Check the full HTBIS team here

 

 

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]]> https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/spanish-mortgage-rates-2024/feed/ 1 Get the best mortgage rate <em><a href="https://howtobuyinspain.com/en/home/?lang=enen/mortgage-in-spanish/" target="_blank" rel="noopener noreferrer">Get the best mortgage rate in Spain</a></em> Your Mortage calculator Your Mortgage calculator Spanish mortgage rates were on huge sale How to get the best rates as a non-resident. How to get the best rates as a non-resident. Loan to value for Spanish mortgages Spanish mortgages with a loan to value higher than 80 percent Current financing rates for Spanish banks Average mortgage size in Spain Spanish Mortgages issued vs properties sold up to 2023 Spanish Mortgages issued with Variable Rates vs Fixed Rates Spanish mortgage rates March 2024 Average mortgage length in Spain Nice walking street in Spain Stéphane co-founder of HTBIS Mortgage rates in Spain for non residents: March 2024 update https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/mortgages-spain-non-residents/ https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/mortgages-spain-non-residents/#respond Tue, 09 Apr 2024 06:58:13 +0000 https://howtobuyinspain.com/?p=41309   Click on any flag to get an automatic translation from Google Translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten   Mortgage rates for non-residents: Spain’s position in the European landscape Here is our March 2024 update with the latest data on Spanish mortgage

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Click on any flag to get an automatic translation from Google Translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten
 

Mortgage rates for non-residents: Spain’s position in the European landscape

Here is our March 2024 update with the latest data on Spanish mortgage rates for non-residents from the European Central Bank

 
One question we get from our customers nearly daily is: How expensive are the mortgage rates in Spain vs other European countries?

So, we were due to do some work on that and here is the result. At the same time, we took the opportunity to increase our databases and this article will be updated later. Please note that all the charts are interactive and, whenever we update our database, the charts will be updated.
 
Thanks to our network of local partners, we get the best mortgage rates in Spain if you want to finance your home in Spain. Take 30 seconds to fill this quick form to get the best Spanish mortgage rates as a non-resident.

     

  1. Mortgage rates in Spain for non-residents: our 2 minutes video

     
    Would you like to watch this video in your language? Click at the bottom right of the video on “cc” to get subtitles in your language.

     

  2. Navigating the Mortgage process as a non-resident in Spain

     
    While many international buyers prefer to purchase their Spanish second home outright with cash, this approach might not always be the most strategic. Even if you have the means for an all-cash transaction, considering a mortgage could unlock a suite of financial benefits. From diversifying your investments and increasing liquidity to optimizing tax efficiencies, the advantages are compelling. Intrigued? We invite you to journey with us through the upcoming sections, where we’ll unveil the nuanced benefits of leveraging a mortgage for your property in Spain—a decision that could redefine your financial strategy.
     
    Securing a mortgage in Spain as a non-resident is a feasible endeavour, though it does come with its unique set of challenges and considerations. Given that the majority of your assets are likely situated outside of Spain, Spanish banks will meticulously evaluate both your personal financial profile and the property in question to mitigate their risk exposure. Generally speaking, the terms offered to non-residents may be more conservative compared to those available to residents. This often translates to less favourable interest rates, stricter borrowing criteria, and a reduced loan-to-value ratio, meaning you might need to provide a larger down payment. Additionally, the process might involve more comprehensive documentation and a longer evaluation period to thoroughly assess the viability of extending credit under these circumstances. Understanding these nuances and preparing accordingly can smooth the path to acquiring your Spanish property.
     

    Get a free mortgage quote service for spanish properties with a coastal town backdrop.

     

  3. Comparing Spanish Mortgage rates with European averages

     

    Spanish vs. European Real Estate financing

     
    Thanks to the detailed database of the European Central Bank that we could import, we could run a thorough analysis of mortgage conditions for all the European countries vs Spain. Before jumping on detailed statistics on different mortgage solutions we looked at general conditions for mortgage rates both in Europe and in Spain.
    All Mortgages issued in Spain in January 2024 had an average interest rate of 3.7%  (vs 3.1% in January 2023) while all mortgages issued in Europe had an average interest rate of  3.87%  for the same period (vs 3.19% in Spain in January 2023).

    The chart below clearly demonstrates a strong correlation between Spanish mortgage rates and their European counterparts. Both datasets, meticulously compiled by the European Central Bank, serve to monitor financial trends across the region. Historically, from January 2014 to April 2022, Spanish mortgage rates were consistently higher than the European average, marking a more expensive borrowing climate within Spain. During this timeframe, the average Spanish mortgage rate stood at 2.02%, in contrast to the slightly lower European rate of 1.87%, indicating a notable 0.15% disparity that disadvantaged both the Spanish property market and prospective homeowners.
     

    Spanish mortgage rates are cheaper than European ones

    A new trend started in 2022

     
    However, the trend reversed post-April 2022, as Spanish mortgage rates began to align with or dip below the European average. As of January 2024, the most recent data point at the time of this analysis, the average mortgage rate in Spain had settled at 3.7%, marginally below the European average of 3.87%.

    This shift represents a significant 0.17% advantage, benefiting both the Spanish real estate market and its investors: Spaniards and foreigners, and reflects a notable improvement in the affordability and attractiveness of Spanish mortgages relative to the broader European landscape.

    Now that we analyzed all the mortgages issued in both Europe and Spain, it is time to compare rates for different mortgage solutions. As you know mortgage rates are separated in two big categories:

    • fixed rates mortgages, mostly mortgages that will keep the same rate over the full mortgage length, usually between 10 and 25 years,
    • variable rates mortgages, mortgages that will change rates over the life of the mortgage (monthly, yearly, or every five years)

     
    In the following analysis, we will delve further into the nuances of four distinct mortgage categories: variable-rate mortgages, fixed-rate mortgages with terms of 1-5 years, those spanning 5-10 years, and fixed-rate mortgages with a term of 10 years. Notably, variable-rate and 10-year fixed-rate mortgages stand out as the most popular choices among individuals financing their home purchases, both across Europe and specifically within Spain. This comparison aims to illuminate the characteristics and trends that define each category, providing a comprehensive overview of the Spanish mortgage landscape.

    Here are all the evolutions and a quick analysis for each:
     

    Variable Mortgage rates: Spain vs Europe showdown

     
    As you can see on the chart, Spanish mortgage rates since April 2022 were nearly always cheaper than mortgages in Europe, as of January 2024, they are cheaper by 0.76%.

     

    1-5 years fixed Mortgage rates face-off: Spain vs Europe

     

    As you can see on the chart, Spanish mortgage rates with fixed rates between 1 and 5 years are one of the only Spanish mortgage rates for which you will pay more than in other European countries, on average, as of January 2024, you will pay 0.21% more.

     

    5-10 years fixed Mortgage Rates: Spain vs Europe head-to-head

     
    As you can see on the chart, fixed Spanish mortgage rates (5 to 10 years) were nearly always more expensive in Spain than in other European countries. Interestingly, as of January 2024, Spanish mortgage rates trade close to the European average, i.e. no more premium as in the past.

     

    10-Year fixed Mortgage rates in Spain versus Europe

     
    As you can see on the chart, Spanish mortgage rates since March 2022 are cheaper than mortgages in other European countries, as of January 2024, they are cheaper by 0.36%. This is very good news for real estate buyers in Spain.
     
    At the end of this article, we provide a precise comparison between mortgages issued in different European countries and Spain, have a look at where your home country is!
     
    Read more on the subject: What are the best Spanish mortgage rates?

    4.  

  4. Key factors behind the advantageous Spanish Mortgage rates

     
    Thanks to our detailed update, now you know that the Spanish mortgage market is experiencing a confluence of positive factors that set it apart from other European counterparts:

    • Spanish property values remain attractively priced when juxtaposed with other European real estate markets, presenting a compelling value proposition and a lower risk for lending banks, just contrary to what we had in 2008,
    • The Spanish economy exhibits resilience and robustness, outpacing the broader European economic performance, which instils confidence in both domestic and international investors,
    • The impact of energy price fluctuations has been mitigated effectively in Spain since the escalation of geopolitical tensions in Ukraine, contributing to a more stable cost of living and operating environment,
    • Spain’s inflation has consistently been lower than the European average, preserving purchasing power and contributing to the overall economic stability,
    • The Spanish real estate sector is characterized by its prudence and lack of speculative excess, evident in the modest percentage of transactions involving mortgages (66%) and the conservative loan-to-value ratio averaging 60%. This reflects a healthy level of leverage and risk appetite in the market.
    • The strength of the general economy in Spain suggests that Spanish banks are in a sound financial position, enabling them to offer attractive financing options without resorting to aggressive lending practices. This financial stability is likely to support continued favourable mortgage rates.

    These elements collectively create a conducive environment for the advantageous spread in Spanish mortgage rates, underscoring the market’s resilience and appeal to a broad spectrum of investors. Additionally, the prudent regulatory framework and proactive fiscal policies may further bolster the market’s attractiveness, potentially leading to sustained growth and stability in the Spanish real estate sector.
     

    5. Why Spanish mortgage rates are less expensive than in other European countries?

    Why Spanish mortgage rates are less expensive than in other European countries?

     

  5. What are the advantages of obtaining a Mortgage in Spain as a non-resident?

     

    Increase the return on your Spanish property investment

     
    The main advantage of buying a property in Spain, is that current real estate levels are not crazy if you compare those to other European countries.
    Read more on the subject: What return will you make on your Spanish property?

    Even with current mortgage rates, getting a mortgage is easier than getting a loan for something else as a person as the bank has the property as collateral. So, while we always encourage our customers to manage risks and don’t overleverage, getting a mortgage before buying a property is in our mind a wise way to diversify your financial assets.
    Last but not least, but depending on your home country, real estate assets could be less taxed than other financial assets.
     

    Diversify your investments

     
    By taking a mortgage, you can decrease your risks by keeping some funds for other investments.
     

    Potential tax benefits and how to maximize them

     
    Buying a property with a mortgage can give you some real tax benefits if you put your property on the rental market afterwards as a “Buy to let” or an investment property. Ask our tax advisors for more on that.
     

    6. Advantages of Spanish mortgage rates for UK residents

     
    In the mortgage landscape, UK banks are known to promote variable-rate mortgages, nudging customers towards options that fluctuate with the market, despite the inherent uncertainty in future repayments. Meanwhile, Spanish banks are more accommodating of fixed-rate mortgages, offering borrowers the chance to lock in a stable and predictable payment schedule throughout the loan term, contrasting with the UK’s bank-driven preference for variable rates.
     

    Spanish mortgage rates for US residents

     
    In the US mortgage market, fixed-rate mortgages are predominant, offering long-term stability with terms commonly set at 30 years, allowing homeowners to lock in rates for the duration of their loan. This contrasts with the Spanish market, where, despite a growing preference for fixed-rate options, mortgages typically have shorter terms and the market historically leaned more towards variable rates, influenced by the Euribor. Additionally, the US market is characterized by its diversity in loan products and a more developed secondary market for mortgages, which enhances liquidity and flexibility in terms and conditions, unlike Spain, where the market is more traditional and less varied in its offerings.
     

    Benefits for a non-resident of financing his property in Spain with a mortgage.

    Benefits for a non-resident of financing his property in Spain with a mortgage.

     

  6. How to get the best mortgage rate as a non-resident in Spain?

     

    Have the best customer profile for the Spanish bank

     
    Here are some insights into what constitutes an attractive customer profile for securing a mortgage:

    • Employment and stability: Ideal candidates are employed with a stable and substantial income.
    • Creditworthiness: A favourable credit history with minimal debts relative to income is crucial.
    • Debt management: A healthy debt-to-income ratio below 35. This means that monthly net income would be at least three times greater than debt repayments.
    • Property value: 1/ The chosen property should hold strong resale potential. 2/It should be priced appropriately within the current market. 3/It should be in a location with consistent demand.
    • Geographic consideration: Applicants from OECD countries are often preferred due to stringent anti-money laundering regulations across Europe. Being an EU resident simplifies the process further. 
    • Maximum loan amounts for non-residents: Spanish banks would like to keep that under control

     

    Don’t take a too big mortgage compared to the property value

     
    As a non-resident, you’re eligible to secure a mortgage for your second home or investment property. Given that your assets are not located in Spain, banks will require guarantees and generally cap the loan-to-value (LTV) ratio at 70%. The LTV ratio represents the portion of the property’s pre-tax value that can be financed through a mortgage. This percentage serves as a general guideline. Feel free to request a complimentary consultation from our mortgage broker, who is well-versed in the process and familiar with Spanish banks that are favourable towards foreign clients. The lower this ratio is, the lower the risk for the bank and the better rate for your mortgage.
     

    7. How to get the best rates as a non-resident.

    How to get the best rates as a non-resident.

     

  7. Useful considerations for your Spanish mortgage as a non-resident

     

    Processing time for Mortgage applications

     
    On average, mortgages are processed quickly but keep in mind, that you need to prepare a full file so the bank can establish your credit profile. Our partner will work on that with you. Don’t worry.
     

    Higher interest rates and reduced loan amounts for non-residents

     
    In general, foreigners will get slightly less good conditions than Spaniards for their mortgages. This is normal as foreigners don’t have all their financial assets and incomes based in Spain. With a good credit profile and a reasonable loan to value, our customers get nice quotes.
     

    NIE number for non-residents

     
    Acquiring an NIE number is a fundamental step for non-residents looking to navigate the property and mortgage landscape in Spain. This identifier serves as your tax identification number. It is essential for a variety of legal and financial transactions, including the purchase of property and the application for a mortgage. Fortunately, obtaining an NIE is a straightforward process. Your legal representative can handle on your behalf, should time constraints be an issue. For a detailed guide on acquiring your NIE and its importance, we invite you to explore our comprehensive article: Your Spanish NIE number, and how to get it..
     

    8. Useful considerations for a non-resident to get a Spanish mortgage

    Useful considerations for a non-resident to get a Spanish mortgage

     

  8. Comparing Mortgage rates in Spain vs. selected European countries

     
    Before checking the evolutions of the mortgage conditions between Spain and a few countries, let’s have a look at what is the current situation as of January 2024. Here is the evolution of the different European markets sorted alphabetically, as a reminder, Spanish mortgage rates and European mortgage rates were at 3.87% and 3.70% respectively as of the end of January 2024.
     

    European mortgage rates January 2024 leaderboard

     

    • Belgian mortgage rates are issued with a 3.69% rate on average in January 2024
    • Dutch mortgage rates are issued with a 4.04% rate on average in January 2024
    • Finnish mortgage rates are issued with a 4.12% rate on average in January 2024
    • French mortgage rates are issued with a 3.59% rate on average in January 2024
    • German mortgage rates are issued with a 3.85% rate on average in January 2024
    • Irish mortgage rates are issued with a 4.25% rate on average in January 2024
    • Italian mortgage rates are issued with a 3.98% rate on average in January 2024
    • Luxembourg’s mortgage rates are issued with a 4.33% rate on average in January 2024
    • Portuguese mortgage rates are issued with a 4.03% rate on average in January 2024

     
    Here is the same information presented in a column chart:

     

    Belgian mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

     
    As you can see on the chart, Spanish mortgage rates and Belgian mortgage rates are close to each other in January 2024. As of January 2024, Belgian mortgage rates were issued at 3.69%.

     

    Dutch mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

     
    As you can see on the chart, Spanish mortgage rates and Dutch mortgages are more expensive than Spanish mortgage rates by 0.30%. In January 2024, Dutch mortgage rates were sold at 4.04%.

     

    Finnish mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

     
    As you can see on the chart, Spanish mortgage rates since March 2022 are cheaper than mortgages in Finland, as of January 2024, they are cheaper by 0.42%. This is very good news for real estate buyers in Spain. In January 2024, Finnish mortgage rates were sold at 4.12%.

     

    French mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

     
    As you can see on the chart, French mortgages are less expensive than Spanish mortgage rates in January 2024. They trade at 3.59%

     

    Irish mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

     
    As you can see on the chart, Irish mortgages are much more expensive than Spanish mortgages. As you will surely know, the Irish real estate market rebounded strongly and is one of the hottest markets in Europe even with those higher rates. In January 2024, Irish mortgage rates were trading at 4.25%, 0.55% higher than Spanish mortgage rates.

     

    Italian mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

     
    As you can see on the chart, Italian mortgages are much more expensive than Spanish mortgages. In January 2024, Italian mortgage rates were trading at 3.98%, 0.28% higher than Spanish mortgage rates.

     

    Luxembourg mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

     
    As you can see on the chart, Luxembourg mortgages are much more expensive than Spanish mortgages. In January 2024, Italian mortgage rates were trading at 4.33%, 0.63% higher than Spanish mortgage rates. As you know probably, the Luxembourg real estate market has a very high valuation and we could see this as banks being prudent or instructed by the European Central Bank to be prudent.

     

    Portuguese mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

     
    As you can see on the chart, Portuguese mortgages are much more expensive than Spanish mortgages. In January 2024, Italian mortgage rates were trading at 4.03%, 0.33% higher than Spanish mortgage rates. The Portuguese real estate market had a nice run too had we could see some caution from Portuguese banks.

     

  9. Further readings

     

     

Looking for a mortgage or a local expert in Alicante, Malaga, Valencia, Madrid, Barcelona,…? Ask us directly!

 



Stéphane
Senior analyst and strategist at HTBIS

Stéphane, with over 20 years of experience in real estate, finance and entrepreneurship, is the co-founder of www.howtobuyinspain.com. With an extensive network of local partners in Spain, his deep commitment to the real estate sector combined with strong analytical skills and a problem-solving mentality have fueled his success. Constantly eager to learn and passionate about teaching, Stéphane believes in the power of knowledge sharing to master any subject.

Check the full HTBIS team here

 

Are Spanish mortgage rates more expensive? FAQ

Are mortgage rates in Spain higher than in other European countries?

As of January 2024, the average mortgage rate in Spain was 3.7%, slightly below the European average of 3.87%. This indicates a competitive edge for Spain in terms of borrowing costs.

What makes Spanish mortgage rates competitive compared to other European countries?

Factors such as robust Spanish economic performance, controlled energy prices, low inflation rates, conservative real estate market leverage, and strong banking sector contribute to the favorable mortgage rates in Spain.

How do Spanish mortgage rates compare with specific European countries like France or Italy?

In January 2024, Spanish mortgage rates were lower than many European countries, including Italy (3.98%) and slightly higher than France (3.59%), making Spain an attractive market for real estate investment.

Can foreign investors benefit from Spain's mortgage rates when buying property?

Yes, foreign investors can take advantage of Spain's competitive mortgage rates, which, combined with the country's stable economy and attractive property prices, make it an ideal location for real estate investment.

 

Downloadable Charts

Line graph comparing mortgage rates in Belgium and Spain from 2000 to 2020, highlighting the average rates for each country and the difference between them, with a focus on whether Spanish mortgage rates are cheaper or notComparative line graph displaying Spain average mortgage rates versus European average, with an overlay of their differential to answer "Are Spanish mortgage rates expensive?", spanning from January 2000 to January 2020.Comparison graph of whether Spanish mortgage rates are expensive versus Finnish rates against the European average from January 2000 to approximately 2021.Comparison of French and Spanish mortgage rates with the European average over two decades, assessing if Spanish mortgage rates are expensive.Comparison of Irish and Spanish mortgage rates over time with European average and ECB rate reference, including whether Spanish mortgage rates are expensive.Graph comparing mortgage rates over time in Spain, Italy, and the European average with the difference between Spanish and Italian rates highlighted to analyze if Spanish mortgage rates are expensive.A line graph comparing mortgage rates between Luxembourg and Spain from January 2000 to January 2020, highlighting whether Spanish mortgage rates are expensive in comparison. Data sourced from the European Central Bank.Bar chart comparing January 2024 mortgage costs for various European countries, indicating Spain one of the lowest mortgage rate in Europe Line graph comparing Spain average mortgage rates, European average mortgage rates, and their difference from January 2005 to approximately January 2020, illustrating whether Spanish mortgage rates are expensive.Graph comparing mortgage financing rates in Spain to European average mortgage rates from January 2000 to January 2025, analyzing if Spanish mortgage rates are expensive.Comparison chart of 10-year fixed-rate mortgage financing between Spain and Europe over two decades, highlighting if Spanish mortgage rates are expensive with a differential line.Comparison chart of mortgage rates for 1 to 5 years fixed terms between Spain and Europe from 2000 to 2020, indicating whether Spanish mortgage rates are expensive.Line graph comparing Spanish average mortgage rates to European average mortgage rates for 5 to 10 years fixed rates, along with their difference, spanning from January 2000 to January 2020, illustrating
 

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]]> https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/mortgages-spain-non-residents/feed/ 0 Mortgage quote for your Spanish property Why Spanish mortgage rates are less expensive than in other European countries. Why Spanish mortgage rates are less expensive than in other European countries. Benefits for a non-resident of financing your property in Spain with a mortgage. Benefits for a non-resident of financing your property in Spain with a mortgage. How to get the best rates as a non-resident. How to get the best rates as a non-resident. Useful considerations for a non-resident to get a Spanish mortgage Useful considerations for a non-resident to get a Spanish mortgage Stéphane co-founder of HTBIS Belgian vs Spanish mortgage rates comparison March 2024 Dutch vs Spanish mortgage rates comparison March 2024 Finnish vs Spanish mortgage rates comparison March 2024 French vs Spanish mortgage rates comparison March 2024 Irish vs Spanish mortgage rates comparison March 2024 Italian vs Spanish mortgage rates comparison March 2024 Luxembourg vs Spanish mortgage rates comparison March 2024 Mortgage averages in Europe as of January 2024 Mortgage financing Spain vs Europe _ comparison of all mortgages March 2024 Mortgage financing Spain vs Europe _ comparison for variable rates mortgages March 2024 Mortgage financing Spain vs Europe _ comparison for 10 years fixed rates mortgages March 2024 Mortgage financing Spain vs Europe _ comparison for 1 to 5 years fixed rates mortgages March 2024 Mortgage financing Spain vs Europe _ comparison for 5 to 10 years fixed rates mortgages March 2024 Is it easy to get a Spanish mortgage as a foreigner in a post-Covid-19 world? https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/get-spanish-mortgage-as-foreigner/ https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/get-spanish-mortgage-as-foreigner/#respond Wed, 02 Feb 2022 20:26:07 +0000 https://howtobuyinspain.com/?p=19851 Click on any flag to get an automatic translation from Google translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten   Is it easy to get a Spanish mortgage as a foreigner in a post-Covid-19 world? We help foreigners to find the ideal local partners

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]]> Click on any flag to get an automatic translation from Google translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten

 

Is it easy to get a Spanish mortgage as a foreigner in a post-Covid-19 world?

We help foreigners to find the ideal local partners for their Spanish dream homes. Find all our partners here.

Of course, mortgage financing is one of those service and is one for which we see a lot of activity.

 

Ask for a free mortgage quoteAsk for a free mortgage quote

I don’t need a mortgage, why should I take one?

We hear that a lot, “I don’t need a mortgage, I pay cash”. Why should you take a mortgage? There are many reasons:

  1. Interest rates are very low
  2. It is easier (and less expensive) to get a loan while buying a house rather than get a loan, let’s say, to start a business
  3. You can get up to 70% of the value of the property as a foreigner
  4. Buying a rental property? This means that you have to pay taxes in Spain on it as you are taxed on your net income. If you get a mortgage, you will have some mortgage costs that will be deductible from your gross income.

 

Is it easy to get a mortgage in Spain as a foreigner?

It is easy to get financing in Spain: here are the three main rules:

  1. Less than 70% of the value of the property (loan to value)
  2. You should earn 3 times more than the monthly payments for your mortgage
  3. Start the process early so that you can get your purchase done quicker once your found your dream property as the agreement process will take more time than before

 

Your offer will be valid for 3 months and you can ask for a renewal if needed: it will be easier to get rather than start from scratch.

Read our complete guide on that subject: Your definitive guide to your Spanish mortgage. How to get the best rates?

 

How to proceed as a foreigner and benefit from the Spanish real estate opportunities?

Don’t miss our easy to read guide, you will learn as well what are “The ideal Spanish property for foreigners in a post-Covid-19 world“

 

 

What are the latest financing trends at Spanish banks since Corona started?

Here is some feedback we get from the market and from our local partners:

  • As we reported earlier on, Real estate agents are back at work
  • Activity is back and strong. Check our Spanish real estate outlook for 2022.
  • Mortgage activity was very low in 2020 but rebounded in 2021 after lock downs got finished.
  • The banks have spoken about increasing rates to recover their losses due to COVID-19 but aside from one of the main banks, we haven’t really seen this yet
  • The banks are working as normal
  • Bankers are working from home so the process takes a little longer but approvals and completions are still going ahead
  • Valuation companies are still visiting properties and up until recently, we’ve seen no change in valuations. It’s too soon to tell but our partner had its first down valuation due to COVID-19. Valuation are done by banks in order to provide you the mortgage. As reported earlier, the central bank of Spain issued warning in March 2020 regarding the valorisation of houses as reported in the Spanish newspaper “Expansion” (Spanish).
  • Notaries are back at work as usual
  • Some investors are buying off-plan but most buyers want to visit the properties after the travel ban has been lifted
  • You can ask for a mortgage to finance both the purchase and the renovation within the same mortgage

We noticed ourselves that customers are back from all over the world and our site traffic is back to its highs.

 

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€ 315,000
2 beds 2 baths 90 m²
€ 245,000
2 beds 2 baths 83 m²
€ 335,000
3 beds 2 baths 98 m²
€ 250,000
2 beds 2 baths 90 m²
€ 420,000
2 beds 2 baths 81.7 m²
€ 475,000
3 beds 2 baths 101.9 m²
€ 490,000
3 beds 2 baths 119.8 m²
€ 540,000
3 beds 2 baths 129.2 m²
€ 530,000
3 beds 2 baths 106.9 m²
€ 370,000
2 beds 2 baths 88.9 m²
€ 440,000
3 beds 2 baths 106.9 m²
€ 367,000
3 beds 3 baths 177 m²
€ 262,000
3 beds 2 baths 84 m²
€ 242,000
2 beds 2 baths 72 m²
€ 277,000
2 beds 2 baths 73 m²
€ 255,000
3 beds 2 baths 85 m²
€ 220,000
2 beds 2 baths 71 m²
€ 240,000
2 beds 2 baths 80 m²
€ 280,000
3 beds 2 baths 88 m²
€ 585,000
3 beds 3 baths 162 m²
€ 348,000
3 beds 2 baths 220 m²
€ 355,000
3 beds 2 baths 100 m²
€ 385,000
2 beds 2 baths 76 m²
€ 325,000
3 beds 2 baths 97 m²
€ 269,000
2 beds 2 baths 81 m²
€ 631,000
3 beds 2 baths 123 m²
€ 345,000
2 beds 2 baths 154 m²
€ 430,000
3 beds 2 baths 116 m²
€ 730,000
3 beds 2 baths 149 m²
€ 529,000
3 beds 2 baths 133 m²
€ 319,000
2 beds 2 baths 87 m²
Don’t hesitate to ask our partners if they have special promotion as they do from time to time.

 

What are current financing conditions?

Have a quick look at our monthly report with the latest numbers: Find the best Spanish mortgage rates

 

Do you want to run a quick simulation on how much it would cost before asking a quote to our partner?

Your ultimate Spanish mortgage calculator: What is the cost of your Spanish Mortgage?

 

The Spanish housing market post covid

The Spanish housing market post covid

 

As we wrote in our earlier papers: the taste of buyers will change due to Coronavirus:

 

This concludes our report, if you want to check any of our report on the Coronavirus and its impact on the Spanish Real Estate: our in-depth analysis of the Spanish Housing Market post-Covid-19.

 

 

Looking for a mortgage or a local expert in Alicante, Malaga, Valencia, Madrid, Barcelona,…? Ask us directly!

Stéphane

Senior analyst and strategist at HTBIS
Check the full HTBIS team here

The post Is it easy to get a Spanish mortgage as a foreigner in a post-Covid-19 world? appeared first on How to buy in Spain.

]]> https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/get-spanish-mortgage-as-foreigner/feed/ 0 Get the best mortgage rate (1) Buying a Spanish property The Spanish Housing Market post-Covid-19 Stéphane co-founder of HTBIS How do I choose between fixed and variable rates for a mortgage? https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/fixed-variable-mortage-rate-spain/ https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/fixed-variable-mortage-rate-spain/#respond Mon, 01 Nov 2021 20:01:47 +0000 https://howtobuyinspain.com/?p=22409   Click on any flag to get an automatic translation from Google translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten   How do I choose between fixed and variable rates for a mortgage? Should I take a mortgage with fixed or variable rates? Fixed-rate

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The post How do I choose between fixed and variable rates for a mortgage? appeared first on How to buy in Spain.

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Click on any flag to get an automatic translation from Google translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten

 

How do I choose between fixed and variable rates for a mortgage?

Should I take a mortgage with fixed or variable rates?

Fixed-rate mortgages and variable-rate mortgages are the two main categories of mortgages you can pick. Of course, there are many other possibilities between the two.

Why would you take a fixed-rate mortgage?

A Fixed rate mortgage has the advantage that whatever the market conditions will do in the future, it will remain the same. To get that advantage, you will on average pay a higher rate than on a variable-rate mortgage, for instance, as of August 2021, mortgages with variable rates were issued at rates of 2.11% while those with fixed rates were issued with 2.7% for an average length of 24 years.

As we are writing, end 2021, Inflation rate is exploding in Spain: the level as of end October is 5,5%.

Why would you take a mortgage with a variable rate?

It could be because it is cheaper and because you don’t see inflation or rates going higher or because you are comfortable financially and can face higher rates. Another reason for variable rates to be cheaper is that for the banks issuing them, it matches their sources of funds (saving’s accounts).
So, to conclude, if you want safety, take a fixed-rate mortgage. If you see inflation spiking or interest rates going higher (in general due to a strong economy) you could as well go for a fixed-rate mortgages. Of course, the longer your mortgage is the higher your risk will be.
Don’t hesitate to ask to your Spanish mortgage broker a pricing with both and compare both offers.

November 2021 update

Due to inflation spiking around the world or due to the worldwide economic recovery (expectations), we see that while a year ago mortgages were initiated with variable rates, the trend just changed in 2021 and accelerated end 2021 so that now, 67% of mortgages are issued with fixed rates (as of August 2021). May be some people see a real risk of inflation spiking, which in turn should increase the variable rates.

Check the evolution of the percentage of mortgages with fixed and with variable rates

Are fixed mortgage rates cheaper than variable mortgage rates?

Check the evolution of the mortgage rates (average, fixed and variable )over the last year

Our other resources on “Spanish mortgage rates”

Looking for a mortgage or a local expert in Alicante, Malaga, Valencia, Madrid, Barcelona,…? Ask us directly!

Stéphane

Senior analyst and strategist at HTBIS

Check the full HTBIS team here

The post How do I choose between fixed and variable rates for a mortgage? appeared first on How to buy in Spain.

]]> https://howtobuyinspain.com/en/buy-property-in-spain/spanish-mortgage-rates/fixed-variable-mortage-rate-spain/feed/ 0 Stéphane co-founder of HTBIS