Fixed or variable mortgage in Spain: the legal differences

The two models in the law

Ley 5/2019 speaks of loans “a tipo de interés variable” and “a tipo de interés fijo”, and of loans with a fixed part and a variable part, to which each rule applies to the relevant stretch (“tramos”). Article 23 distinguishes three cases, and the distinctions matter once you want to repay or change course.

In every case the charge also cannot exceed the lender’s actual financial loss, calculated as the negative difference between the outstanding capital and the loan’s present market value (art. 23.8). A contract may adopt one variable-rate option or the other, never both: article 23.5 says the two are “excluyentes entre sí”. Outside these cases article 23.4 forbids any compensation or commission for full or partial early repayment.

As a calculation, not a quote: repaying €100,000 of capital on a variable loan during the first three years under the 0.25% option cannot cost more than €250 in charge. The same repayment under a fixed loan in its first ten years could not cost more than €2,000, and only if the lender’s financial loss is at least that.

Changing from variable to fixed

Article 23.6 covers a change of the applicable rate (novación) or a transfer of the loan to another lender (subrogación) that replaces a variable rate with a fixed rate, or with a first fixed period of at least 3 years, for the rest of the contract. The charge cannot exceed the financial loss and is capped at 0.05% of the capital repaid, during the first 3 years. If the change involves no early repayment of capital, no charge can be made. After the first three years the lender “no podrá exigir compensación o comisión alguna” for such a change. The consolidated text notes that this paragraph was modified by Real Decreto-ley 19/2022 and Real Decreto-ley 8/2023. The 2023 decree also suspended these charges until 31 December 2024 (additional provision 1); that period has ended, and the consolidated text I read shows no later extension.

What the lender must give you

For both rate types, article 14.1 requires the FEIN, the FiAE and the draft contract at least 10 calendar days before signing; see the guide on how a mortgage works. Beyond that, the type of rate changes the paperwork:

• Variable rate: a separate document showing your instalments under different interest-rate scenarios (art. 14.1.c), and the FiAE must mention the official reference indices used and any minimum rate (art. 14.1.b). Article 21.3 prohibits a floor in variable-rate operations, so a clause setting one is not permitted.
• Fixed rate: the FEIN states the rate, which cannot be changed against you during the contract unless both parties agree in writing (art. 21.1).
• Both: the lender must answer your questions with worked examples of the financial clauses and of rate instruments in different economic scenarios (art. 14.2).

The notary must then advise you on each specific clause of the FEIN and FiAE, individually and not generically (art. 15.2.c).

What changes in practice with a variable rate

The rate follows an objective index named in the contract (art. 21.1 and 21.2). The Banco de España table shows how much the 12-month Euribor moved in 2026: 2.245% in January and 3.247% in September. Those are figures from the table; they are not forecasts, and the guide on Euribor and reference rates explains how to read them. Mixed loans, with a fixed first period followed by a variable one, are treated by the law tranche by tranche, so ask the lender to show which cap applies to which period in the FEIN.

Which professional to consult

The lender or a registered credit intermediary supplies the FEIN and scenarios. For an independent reading of the contract, a lawyer registered with a Spanish bar association (colegio de abogados) can help; see property lawyers and mortgage lenders.