Choosing the right type of mortgage is one of the most important financial decisions you will make in your life. With the Euribor sitting at 2.248% in January 2026 and forecasts pointing to stabilization in the coming months, the mortgage landscape offers interesting opportunities both for those seeking security and for those who prefer to take some risk in exchange for lower initial payments.
In this comprehensive guide, we will analyze the three mortgage types available in Spain, compare the best bank offers on the market, run practical simulations for properties in Barcelona, and help you determine which type of mortgage best suits your financial profile.
Mortgage Market Context in 2026
Before analyzing each type of mortgage, it is essential to understand the current economic context. The European Central Bank (ECB) has moderated its interest rate policy after the aggressive hikes of 2022-2024, and the Euribor has experienced a significant correction.
Euribor January 2026: The benchmark index for variable mortgages stands at 2.248% (monthly average: 2.252%). This represents a decrease of -0.273 percentage points compared to January 2025, when it was at 2.525%.
Recent Euribor Evolution
| Period | Euribor 12 months | Variation |
|---|---|---|
| January 2024 | 3.609% | - |
| July 2024 | 3.526% | -0.083 pp |
| January 2025 | 2.525% | -1.001 pp |
| July 2025 | 2.380% | -0.145 pp |
| January 2026 | 2.248% | -0.132 pp |
This downward trend has made variable mortgages an increasingly competitive option, although banking institutions have adjusted their fixed-rate offers to maintain their appeal.
The 3 Types of Mortgage Explained
1. Fixed-Rate Mortgage
The fixed-rate mortgage is the preferred option for those who prioritize stability and predictability in their finances. The interest rate remains unchanged throughout the life of the loan, regardless of market fluctuations.
Key Features
- Unchanging interest rate: Your monthly payment will be exactly the same from the first to the last payment
- Current nominal rate: Between 2.00% and 2.40% in the best market offers
- Approximate APR: Between 2.15% and 2.60% (including linked products)
- Typical term: 15 to 30 years
- Maximum financing: Up to 80% of the appraisal value (90% in exceptional cases)
Best Fixed Mortgage Offers (January 2026)
| Bank | Fixed Rate | APR | Conditions |
|---|---|---|---|
| Unicaja | 2.00% | 2.17% | Salary >600€, home and life insurance |
| Ibercaja | 2.15% | 2.32% | Direct deposit salary, home insurance |
| CaixaBank | 2.30% | 2.48% | Salary, home insurance, life and 3 direct debits |
| BBVA | 2.40% | 2.58% | Salary, home and life insurance |
| Bankinter | 2.35% | 2.52% | Salary, insurance and active account |
Best fixed option: Unicaja currently offers the most competitive fixed rate on the market with a nominal rate of 2.00%. However, it requires taking out home and life insurance with the bank. Calculate whether the interest savings offset the cost of these linked products.
Advantages of Fixed-Rate Mortgage
- Total security: You know exactly how much you will pay each month for the entire life of the loan
- Financial planning: Facilitates long-term family budget management
- Protection against increases: If the Euribor rises significantly, your payment is not affected
- Peace of mind: Eliminates uncertainty and stress associated with rate reviews
Disadvantages of Fixed-Rate Mortgage
- Higher initial cost: The fixed rate is usually higher than the variable rate at the time of contracting
- No benefit from decreases: If the Euribor drops, you will continue paying the same amount
- Early repayment fees: Usually higher than variable mortgages (up to 2% in the first 10 years)
- Less flexibility: Difficult to negotiate improved conditions during the loan term
Ideal Profile for Fixed-Rate Mortgage
- People with stable income (civil servants, consolidated permanent contracts)
- Buyers who prioritize peace of mind over potential savings
- Those who cannot absorb payment increases of 20-30%
- Families with tight budgets who need predictability
- People who plan to keep the mortgage for more than 15 years
2. Variable-Rate Mortgage
The variable mortgage links the interest rate to the Euribor, the benchmark index of the European interbank market. The final rate is calculated by adding a fixed spread to the Euribor in effect at each review (usually semi-annual or annual).
Key Features
- Calculation formula: Euribor + Spread (e.g.: 2.248% + 0.49% = 2.738%)
- Current spread: Between 0.49% and 0.60% in the best offers
- Review: Semi-annual or annual according to contract
- Resulting initial rate: Between 2.74% and 2.85% (Euribor January 2026 + spread)
- Maximum financing: Up to 80% of the appraisal value
Best Variable Mortgage Offers (January 2026)
| Bank | Spread | Current Rate* | APR | Conditions |
|---|---|---|---|---|
| Kutxabank | E + 0.49% | 2.738% | 2.95% | Salary, insurance and card |
| Cajamar | E + 0.50% | 2.748% | 2.96% | Salary and home insurance |
| Sabadell | E + 0.55% | 2.798% | 3.02% | Salary, insurance and 3 direct debits |
| ING | E + 0.59% | 2.838% | 3.08% | No linked products |
| Openbank | E + 0.60% | 2.848% | 3.10% | 100% online, no fees |
*Calculated with Euribor January 2026: 2.248%
Key difference: Although the initial rate of a variable mortgage (2.74%) is currently higher than a fixed one (2.00-2.40%), if the Euribor continues to fall according to forecasts, the variable could be more economical in the medium-long term.
Advantages of Variable-Rate Mortgage
- Savings potential: If the Euribor drops, your payment decreases proportionally
- Competitive spreads: Banks offer very tight margins
- Lower fees: Early repayment is more economical (maximum 0.25% in the first 3 years)
- Greater flexibility: Easier to negotiate subrogation or novation
- Historically advantageous: In the long run, variable mortgages have proven more economical in most cycles
Disadvantages of Variable-Rate Mortgage
- Uncertainty: Your payment can increase significantly if the Euribor rises
- Planning difficulty: Family budget can be affected by reviews
- Default risk: Sharp increases can compromise payment capacity
- Financial stress: Volatility causes concern in some profiles
Ideal Profile for Variable-Rate Mortgage
- People with high income who can absorb payment increases
- Those who have significant savings capacity
- Buyers who plan to repay early or sell within 10-15 years
- Profiles with risk tolerance and financial knowledge
- Investors who can offset increases with other investments
3. Mixed Mortgage
The mixed mortgage combines elements of both: it offers an initial fixed-rate period (generally between 3 and 15 years) followed by a variable period until the end of the loan.
Key Features
- Initial fixed period: Between 3 and 15 years depending on the bank and product
- Initial fixed rate: Between 1.55% and 1.90% in the best offers
- Subsequent variable period: Euribor + spread (usually between 0.75% and 1.00%)
- Transition: Automatic at the end of the fixed period
Best Mixed Mortgage Offers (January 2026)
| Bank | Fixed Rate | Period | Variable Afterwards | APR |
|---|---|---|---|---|
| Ibercaja | 1.55% | 5 years | E + 0.75% | 2.15% |
| Ibercaja | 1.85% | 10 years | E + 0.80% | 2.25% |
| Banca March | 1.90% | 4 years | E + 0.85% | 2.28% |
| Abanca | 1.70% | 7 years | E + 0.79% | 2.20% |
| Unicaja | 1.65% | 5 years | E + 0.75% | 2.18% |
Best mixed strategy: Ibercaja offers an attractive 1.55% for 5 years, ideal if you believe the Euribor will remain stable or decrease. After 5 years, you will switch to Euribor + 0.75%, which with the current Euribor would mean approximately 3%.
Advantages of Mixed Mortgage
- Reduced initial payment: The fixed rate of mixed mortgages is usually lower than 100% fixed mortgages
- Temporary protection: You have several years to stabilize your finances without worrying about the Euribor
- Future flexibility: When you switch to variable, you can benefit from possible decreases
- Balance: Combines initial security with future savings potential
- Ideal for downward cycles: If you sign when the Euribor is high, you are initially protected
Disadvantages of Mixed Mortgage
- Future uncertainty: You do not know what rate you will pay after the fixed period
- High variable spread: Usually higher than in 100% variable mortgages
- Complexity: More difficult to understand and compare with other options
- Timing risk: If the Euribor rises when your fixed period ends, you will pay more
Ideal Profile for Mixed Mortgage
- Young professionals with prospects for salary improvement
- Buyers who need a low initial payment but expect their situation to improve
- Those who believe the Euribor will drop in the medium term
- People who can plan a subrogation before switching to variable
- First-time home buyers who might sell within 10 years
Complete Comparison Table 2026
| Feature | Fixed Mortgage | Variable Mortgage | Mixed Mortgage |
|---|---|---|---|
| Current rate | 2.00% - 2.40% | E + 0.49% - 0.60% (2.74% - 2.85%) | 1.55% - 1.90% (initial) |
| Monthly payment (300,000€, 25 years) | 1,269€ - 1,331€ | 1,373€ - 1,397€ | 1,196€ - 1,241€ (initial) |
| Stability | Maximum | Minimum | Medium (temporary) |
| Savings potential | Low | High | Medium |
| Risk of increase | None | High | Medium (deferred) |
| Early repayment fee | Up to 2% (10 years) | 0.25% (3 years) | Variable by period |
| Linked products | Generally yes | Variable | Variable |
| Ideal for | Total stability | Active savers | Gradual transition |
Euribor Analysis: Current Situation and 2026 Forecasts
The Euribor is the determining factor for any variable or mixed mortgage. Understanding its evolution and forecasts will help you make an informed decision.
Current Situation (January 2026)
- Euribor 12 months: 2.248%
- Monthly average: 2.252%
- Year-over-year variation: -0.273 percentage points (vs 2.525% in January 2025)
- Variation from peak: -1.361 pp (vs peak of 4.161% in October 2023)
Historical context: The Euribor reached its recent peak in October 2023 at 4.161%. Since then, it has dropped almost 2 percentage points, reflecting the ECB’s monetary policy moderation.
Expert Forecasts for 2026
Major financial institutions and analysis centers have published their Euribor forecasts for 2026:
| Source | 2026 Forecast | Scenario |
|---|---|---|
| Bankinter | 2.25% - 2.30% | Stabilization |
| CaixaBank Research | 2.15% - 2.20% | Slight decrease |
| FUNCAS | ~2.05% | Moderate decrease |
| Bank of Spain | 2.10% - 2.25% | Stable corridor |
| Analyst consensus | 2.00% - 2.20% | Gradual decrease |
Possible Scenarios
Optimistic scenario (Euribor 1.75% - 2.00%):
- The ECB accelerates rate cuts amid economic weakness
- Inflation controlled below 2%
- Variable mortgages would be clearly more advantageous
Base scenario (Euribor 2.00% - 2.25%):
- Gradual stabilization according to current forecasts
- Inflation around the 2% target
- Variable and fixed relatively balanced
Pessimistic scenario (Euribor 2.50% - 3.00%):
- Inflationary rebound forces the ECB to maintain rates
- Geopolitical or energy tensions
- Fixed mortgages would be more advantageous
Attention: Although forecasts point to stabilization or a slight decrease in the Euribor, unpredictable external factors (energy crisis, geopolitical conflicts, imported inflation) could significantly alter these projections. Never base your decision solely on forecasts.
Quiz: Which Type of Mortgage Suits Your Profile?
Answer the following questions to determine which type of mortgage might be most suitable for your situation:
1. Income Stability
A) I have a consolidated permanent job (civil servant, indefinite contract >5 years) → +2 points FIXED B) I have stable but variable income (established self-employed, commissions) → +1 point MIXED C) My income can fluctuate significantly → +2 points VARIABLE
2. Savings Capacity
A) I save less than 10% of my monthly income → +2 points FIXED B) I save between 10% and 20% of my income → +1 point MIXED C) I save more than 20% of my income and have a financial cushion → +2 points VARIABLE
3. Time Horizon
A) I plan to keep this property for more than 15 years → +2 points FIXED B) I will probably sell or change mortgages between 7-15 years → +2 points MIXED C) I might sell within 7 years → +2 points VARIABLE
4. Risk Tolerance
A) I prefer security even if it costs a bit more → +2 points FIXED B) I accept some risk if there is a possibility of savings → +1 point MIXED C) I am comfortable taking calculated risks → +2 points VARIABLE
5. Financial Knowledge
A) Basic: I prefer simplicity and understanding my payment clearly → +2 points FIXED B) Intermediate: I understand the concepts but do not actively follow the market → +1 point MIXED C) Advanced: I follow the Euribor evolution and financial markets → +2 points VARIABLE
6. Family Situation
A) Family with children and high fixed expenses → +2 points FIXED B) Couple without children or with older children → +1 point MIXED C) Single or DINK (double income no kids) → +2 points VARIABLE
7. Debt-to-Income Ratio
A) The payment will be more than 35% of my income → +2 points FIXED B) The payment will be between 25% and 35% of my income → +1 point MIXED C) The payment will be less than 25% of my income → +2 points VARIABLE
Results
- Majority FIXED points: A fixed-rate mortgage is probably your best option. You value security and predictability.
- Majority MIXED points: A mixed mortgage offers you the balance you seek between initial protection and future flexibility.
- Majority VARIABLE points: A variable mortgage can maximize your savings if you manage risk well.
- Tie: Consider the mixed option as a middle ground or analyze the following simulations in detail.
Practical Simulations for Barcelona
Let us see how these mortgage types translate into real payments for typical properties in different Barcelona neighborhoods.
Case 1: Apartment in Gracia
Property: Renovated 80 m² apartment Price: 400,000 € Financing requested: 320,000 € (80%) Term: 25 years
| Mortgage Type | Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|---|
| Fixed 2.15% | 2.15% | 1,381 € | 94,300 € | 414,300 € |
| Variable E+0.49% | 2.74%* | 1,473 € | 121,900 € | 441,900 € |
| Mixed 1.55% (5y) | 1.55%/E+0.75%** | 1,276 € → 1,495 € | ~110,000 € | ~430,000 € |
*With current Euribor 2.248% **First 5 years at 1.55%, then Euribor + 0.75% (estimated 3%)
For Gracia: With high prices and a stable buyer profile (professionals, families), the fixed mortgage offers the best security/cost ratio. The monthly difference of ~92€ compared to the initial mixed rate can be offset by the peace of mind of 25 years without surprises.
Case 2: Apartment in Eixample
Property: 100 m² apartment for renovation Price: 500,000 € Financing requested: 400,000 € (80%) Term: 30 years
| Mortgage Type | Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|---|
| Fixed 2.30% | 2.30% | 1,554 € | 159,440 € | 559,440 € |
| Variable E+0.55% | 2.80%* | 1,644 € | 191,840 € | 591,840 € |
| Mixed 1.85% (10y) | 1.85%/E+0.80%** | 1,451 € → 1,680 € | ~165,000 € | ~565,000 € |
*With current Euribor 2.248% **First 10 years at 1.85%, then Euribor + 0.80% (estimated 3.05%)
For Eixample: The 10-year mixed mortgage is particularly attractive for investors or buyers planning to sell after renovation and appreciation. 10 years of low payments while the neighborhood continues to appreciate.
Case 3: Apartment in Sant Marti (Poblenou)
Property: New 70 m² apartment near 22@ Price: 350,000 € Financing requested: 280,000 € (80%) Term: 25 years
| Mortgage Type | Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|---|
| Fixed 2.00% | 2.00% | 1,186 € | 75,800 € | 355,800 € |
| Variable E+0.49% | 2.74%* | 1,289 € | 106,700 € | 386,700 € |
| Mixed 1.55% (5y) | 1.55%/E+0.75%** | 1,116 € → 1,308 € | ~95,000 € | ~375,000 € |
*With current Euribor 2.248% **First 5 years at 1.55%, then Euribor + 0.75% (estimated 3%)
For Sant Marti: An area with high appreciation potential thanks to the 22@ tech district. If your goal is to build equity quickly and possibly sell in 5-10 years, the mixed option allows lower initial payments to allocate more savings to early repayment.
Visual Comparison: Payment Evolution Over 25 Years
Considering different Euribor scenarios for a 300,000 € mortgage:
If the Euribor drops to 1.75%:
| Type | Payment |
|---|---|
| Fixed 2.15% | 1,296 € (no change) |
| Variable E+0.49% | 1,175 € (-121 €) |
| Mixed (after fixed period) | 1,212 € |
If the Euribor rises to 3.50%:
| Type | Payment |
|---|---|
| Fixed 2.15% | 1,296 € (no change) |
| Variable E+0.49% | 1,502 € (+206 €) |
| Mixed (after fixed period) | 1,538 € |
Linked Products: The Hidden Cost
A fundamental aspect that many buyers overlook are the linked products that banks require to access the best interest rates. These products can represent a significant cost that reduces or cancels out the apparent savings.
Most Common Linked Products
| Product | Typical Annual Cost | Impact Over 25 Years |
|---|---|---|
| Home insurance | 300 € - 500 € | 7,500 € - 12,500 € |
| Life insurance | 400 € - 800 € | 10,000 € - 20,000 € |
| Payment protection insurance | 200 € - 400 € | 5,000 € - 10,000 € |
| Pension plan | Variable | Depends on contribution |
| Direct deposit salary | 0 € (but commitment) | Opportunity cost |
| Direct debit bills | 0 € | Opportunity cost |
| Credit card | 0 € - 50 € | 0 € - 1,250 € |
Real Calculation: Is the Discount Worth It?
Example: A bank offers a fixed mortgage at 2.15% nominal rate with linked products, or at 2.90% without them.
Mortgage 300,000 € over 25 years:
| Option | Monthly Payment | Product Cost/Year | Total Cost 25 Years |
|---|---|---|---|
| With linked products (2.15%) | 1,296 € | 1,100 € | 416,300 € |
| Without linked products (2.90%) | 1,403 € | 0 € | 420,900 € |
| Difference | -107 €/month | +1,100 €/year | -4,600 € |
Important: In this example, linked products cost 1,100 €/year (27,500 € over 25 years), but the interest savings are 32,100 € (107 € x 12 x 25). The linked products do pay off, but the net difference is smaller than it appears (4,600 € over 25 years, about 15 €/month).
Tips for Negotiating Linked Products
- Compare home insurance with external insurers: You can get similar coverage for 150-200 €/year less
- Negotiate life insurance: If you already have one, some banks accept external policies
- Ask about partial linking: It is not always all or nothing
- Calculate the real cost of each product: Some banks inflate their insurance prices
- Consider changing products after signing: Some contracts allow modifying linked products afterwards
Future Scenarios: What If…?
Scenario 1: Euribor Drops to 1.5%
Impact on variable mortgage (300,000 €, 25 years, E+0.49%):
- Resulting rate: 1.99%
- Monthly payment: 1,269 € (-104 € compared to current)
- Annual savings: 1,248 €
Winner: Variable mortgage (payment similar to fixed but with potential to keep dropping)
Scenario 2: Euribor Rises to 3.5%
Impact on variable mortgage (300,000 €, 25 years, E+0.49%):
- Resulting rate: 3.99%
- Monthly payment: 1,578 € (+205 € compared to current)
- Additional annual cost: 2,460 €
Winner: Fixed mortgage (total protection against the increase)
Scenario 3: Euribor Remains Stable (~2.25%)
Direct comparison:
| Type | Monthly Payment | Difference vs Fixed |
|---|---|---|
| Fixed 2.15% | 1,296 € | - |
| Variable E+0.49% (2.74%) | 1,373 € | +77 €/month |
| Mixed 1.55% (first 5 years) | 1,196 € | -100 €/month |
Winner: Mixed for the first years, fixed long-term if Euribor does not drop
Reflection: No one can predict with certainty how the Euribor will evolve. Your decision should be based primarily on your risk tolerance and ability to absorb increases, not on market predictions.
Common Mistakes When Choosing a Mortgage
1. Focusing Only on the Nominal Rate
Mistake: Comparing only the Nominal Interest Rate without considering the APR, which includes fees and linked products.
Solution: Always compare the APR and calculate the total cost including all linked products.
2. Not Considering Your Personal Situation
Mistake: Choosing variable because “in the long run it works out better” without evaluating if you can absorb payment increases of 25-30%.
Solution: Take the profile test and honestly evaluate your risk tolerance and financial capacity.
3. Ignoring Fees
Mistake: Not asking about opening fees, study fees, early repayment fees or subrogation fees.
Solution: Request the complete ESIS (European Standardized Information Sheet) before signing.
4. Not Negotiating
Mistake: Accepting the first offer without trying to improve conditions.
Solution: Request offers from at least 3-4 banks and negotiate with competitive information.
5. Deciding Under Pressure
Mistake: Signing quickly for fear of losing the property or because “rates are going up.”
Solution: Take the time you need. A mortgage is a 20-30 year commitment.
6. Not Reading the Fine Print
Mistake: Not reviewing clauses about rate review, late payment fees, or linked product conditions.
Solution: Read the entire contract and request clarifications on any point you do not understand.
7. Underestimating Insurance Impact
Mistake: Thinking that linked insurance is “mandatory” and has no alternative.
Solution: Compare with external insurers and negotiate the possibility of contracting outside.
Pre-Signing Checklist: What You Must Verify
Before signing your mortgage, make sure you have verified all these points:
About the Loan
- Does the nominal rate match what was verbally agreed?
- Does the APR reflect all real costs?
- What is the total amount to repay (principal + interest)?
- What is the exact monthly payment?
- How often is the rate reviewed (if variable)?
- Which benchmark index is used (12-month Euribor)?
- What is the exact spread?
About the Fees
- Is there an opening fee? How much?
- Is there a study fee?
- What is the total early repayment fee?
- What is the partial early repayment fee?
- Is there a subrogation fee?
- Is there a novation fee?
About Linked Products
- Which products are mandatory to maintain the discounted rate?
- What is the real cost of each linked product?
- Can I change these products after signing?
- What penalty is there if I cancel any product?
- Have I compared these products with external alternatives?
About Guarantees
- Is the property the only guarantee or is there additional personal guarantee?
- Is there an early termination clause?
- What are the default conditions?
- What happens if I cannot pay temporarily?
Documentation
- Have I received the ESIS at least 10 days before signing?
- Have I received the SSW (Standardized Warning Sheet)?
- Has the contract content been explained to me?
- Have I visited the notary for the preliminary deed?
Legal right: You have the right to receive all documentation at least 10 days before signing. If the bank pressures you to sign earlier, be wary. Additionally, the notary visit for the preliminary deed is free and mandatory.
Conclusion: Your Informed Decision
Choosing between fixed, variable or mixed mortgage in 2026 fundamentally depends on three factors:
- Your risk profile: Can you sleep soundly if your payment increases by 25%?
- Your financial situation: Do you have room to maneuver or are you living at the limit?
- Your time horizon: How long will you keep this mortgage?
Summary of Recommendations
Choose FIXED MORTGAGE if:
- You prioritize peace of mind over potential savings
- Your income is stable but not abundant
- You plan to keep the property for more than 15 years
- You do not want to worry about the Euribor
Choose VARIABLE MORTGAGE if:
- You have significant savings capacity
- You can absorb payment increases of 25-30%
- You plan to repay early
- You believe the Euribor will drop or remain stable
Choose MIXED MORTGAGE if:
- You need a low initial payment
- You expect your financial situation to improve in 5-10 years
- You might sell before switching to the variable period
- You want temporary protection while evaluating the market
Final advice: Regardless of the type you choose, try to keep your payment below 30-35% of your net income. This will leave you room for contingencies, savings and quality of life. A comfortable mortgage is better than an “optimal” mortgage that causes you financial stress.
Need Personalized Advice?
Choosing the right mortgage is a crucial decision that deserves a detailed analysis of your particular situation. At Pedro Ochoa Inmobiliaria we not only help you find your ideal property in Barcelona, but we also advise you throughout the financing process.
Services we offer:
- Personalized analysis of your financial profile
- Comparison of offers from multiple banks
- Negotiation of conditions with banks
- Support throughout the entire purchase process
- Review of mortgage documentation
Contact us:
- Phone: 680 808 844
- Email: info@pedroochoa.com
- Office: Barcelona
Data updated as of January 2026. Interest rates and bank offers may vary. Always consult a professional before making important financial decisions.
