A mortgage broker can get you better deals from banks
A mortgage broker can get you better deals from banks

Mortgage rates in Spain for non-residents [October 2023]

When comparing mortgages for a property in Spain, staying updated on the latest market deals can help you to negotiate effectively. Negotiation is standard practice, and this is where Homevest excels, helping you secure the most advantageous deal.

Erik Edin
Written by Erik Edin
Published at 2023-09-01T07:53:33Z
Last updated at 2023-11-23T09:52:41Z
Readtime 5 minutes

When assessing mortgage rates in Spain for 2023 for your property purchase as a non-resident, being well-informed about the latest market deals is a great way to help you negotiate the best price.

We have calculated the effective interest rate for each mortgage to make it easier to compare fixed, variable, and mixed deals while also accounting for a lower initial interest rate that is usually in place for the first year or two. This is not the same as the APRC, which also includes taxes and fees associated with the mortgage.

Average interest rate in October unchanged from September

In October, the average interest rate in Spain for non-residents was 5.5%

The lowest interest rate was a fixed rate offer of 3.64%, and the highest was a variable rate offer of 6.44%.     

Month Lowest interest rate Average interest rate Highest interest rate
May 4.00% 4.27% 5.28%
June 4.00% 5.06% 5.61%
July 4.35% 5.34% 6.26%
August 3.06% 5.00% 5.66%
September 0.39% 5.51% 7.12%
October 3.64% 5.00% 5.66%

CaixaBank had the best deals for non-residents in October 2023

CaixaBank bank's average interest rate over the past three months was 4.66%. Sabadell and Unicaja had the second-best offers, followed by UCI, Cajasur, and Santander.

Bank Interest rate (effective rate past three months)
CaixaBank 4.66%
Sabadell 5.29%
Unicaja 5.30%
UCI 5.49%
Cajasur  5.81%
Santander 6.10%

While UCI and Santander have made more expensive offers, they are excellent choices for specific needs: UCI for a tax-efficient renovation mortgage, and Santander is a good option if you're buying a property valued at less than €100,000.

Homevest case studies from October 2023

Homevest has assisted various non-resident clients in Spain in obtaining mortgages that meet their specific needs:

  • A Spanish citizen living in the UK bought a property in Cadiz worth €450,000. They received a mortgage of €315,000 from Cajasur with a variable rate of 1.64% + Euribor 12m, with a 20-year term. 
  • French citizen living in the UK bought a property in Malaga worth €625,000. They received a mortgage of €430,000 from Sabadell with a variable rate of 1.1% + Euribor 12m, with a 25-year term.
  • Swiss citizen living in France bought a property in Marbella worth €850,000. They received a mortgage of €510,000 from Unicaja with a mixed rate over 20 years. For the first three years, they have a fixed interest rate of 2.5%. After that, they pay 0.69% + Euribor 12m. 
  • A couple from Germany enjoyed significant savings with Homevest during their Empuriabrava holiday home purchase, securing a starting fixed rate of 3% from Sabadell, and transitioning to Euribor + 0.95%. The whole process took only six weeks with Homevest, saving them about 3,000 EUR in fees and getting them a low-interest rate.

Explore Stefan and Vivien's story to see how they navigated the mortgage process and saved time and money.

A mixed rate offer from CaixaBank in October

CaixaBank offers a range of competitive mortgage options, including variable, mixed, and fixed rates. One notable mortgage for €560,000 started at a fixed rate of 3.7%, with the potential to reduce this further by using CaixaBank's additional services. 

This particular case highlights once again the savings achievable through Homevest's negotiation expertise and a thorough analysis that goes beyond the initial rates.

Bank CaixaBank
Mortgage €560,000
Interest rate A mixed rate mortgage with a 1.8% interest rate plus Euribor 12m. For the first 5 years, the interest rate is fixed at 3.7%.
Deposit €240,000
Repayment term 20 years
LTV 70%
Offer received October 27, 2023
Notes Chance to decrease interest rate by 1% by taking 4 bonus products

If you're considering a CaixaBank mortgage, keep reading for essential next steps and insights to guide your decision-making.

For a clear comparison, Homevest evaluates the cost of a mortgage by analyzing the effective rate without factoring in temporary discounts. It's important to choose a mortgage that not only offers value but also suits your financial needs.

A variable rate offer from Sabadell in October

When comparing variable rate offers, bear in mind that the interest rate for the first year is typically fixed at a promotional rate. After that, most lenders charge a spread on top of the Euribor 12-month rate. 

In this example, Sabadell's promotional rate is 3.7%, followed by 2.25% plus Euribor, which at today's Euribor is 6.25%.

Bank Sabadell
Mortgage €66,000
Interest rate 2.25% interest rate plus Euribor 12m. For the first 12 months, the interest rate is fixed at 3.7%.
Deposit €29,000
Repayment term 12 years
LTV 69%
Offer received October 31, 2023
Notes Chance to decrease interest rate by 0.75% with bonus products. 1% commitment fee to bank

If you’re interested in finding out how you can obtain a mortgage with Sabadell, read more about the eligibility requirements and necessary documentation.


The interest rate data for Spanish mortgages for non-residents is based on anonymized data collected from real mortgage offers that Homevest users have received. 

Remember, applications are assessed on an individual basis.

Explore a step-by-step guide to help you secure a mortgage in Spain as a non-resident, including how to avoid three common mistakes during the application process. 

We are ready to provide you with mortgage offers. Applying with Homevest is free of charge.

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.

No comments
Leave a comment
Related articles
Homevest makes it easy for you to get the best offer

How to get a mortgage in Spain as a non-resident: your ultimate guide

While many Spanish banks do not impose restrictions based on property value or the nationality of buyers, it's essential to be aware that every application is evaluated on a case-by-case basis. Learn everything you need to know about getting a mortgage in Spain, including requirements, interest rates, and info for non-resident buyers.

A mortgage broker can speed up the process and get you better deals from banks

How to avoid 3 common mistakes when applying for a Spanish mortgage

As a non-resident applying for a mortgage in Spain from abroad, it's understandable to be unfamiliar with the process. Discover how to avoid three key mistakes during your application.

Using a mortgage broker may lead to better deals

What are the best mortgage brokers for buying property in Spain?

When choosing a Spanish mortgage broker, consider their experience, reputation, expertise, range of lenders, transparency, customer service, rates, fees, and seek referrals and online reviews. Find out which brokers can help you access a mortgage for buying a property in Spain and see how you can compare the available credit offers.

Located in Empuriabrava, Stefan and Vivien found their dream holiday home - Casa Rosa

Investing in Spain from Germany: buying a holiday home in Costa Brava

When applying for a Spanish mortgage with a co-applicant, lenders consider the applicants' combined income, potentially increasing the borrowing amount and the likelihood of approval. Discover how Stefan and Vivien, a German couple, successfully bought a holiday home in Empuriabrava, Costa Brava, with Homevest's assistance. Learn about their journey, the mortgage process, and how Homevest saved them time and money.

A platform for mortgages

Homevest is a pan-European mortgage and homebuying platform. We strive to bring the mortgages in the 21st century.

Where will you buy?