How much savings do I need to apply for a mortgage in Spain in 2026?

To apply for a mortgage in Spain in 2026 you need to have saved, as a minimum, between 20% and 30% of the property price. This is because banks finance a maximum of 80% of the appraisal value, and to that 20% you need to add the purchase costs (an additional 10% to 12%). However, there are ways to access a mortgage with less savings, or even 100% financing, if your profile allows it.

Why do banks only finance 80%?

The Bank of Spain limits mortgage financing to 80% of the property's appraisal value to protect both the bank and the buyer. This means that if you want to buy a property for €200,000, the bank will lend you a maximum of €160,000, and you will need to contribute the remaining €40,000 from your own funds, plus purchase costs.

What exactly are the purchase costs?

In addition to the 20% deposit, you need to pay the costs associated

with the transaction, which in 2026 amount to approximately:

- ITP (Property Transfer Tax): Between 6% and 10% depending on

the region (second-hand property)

- VAT: 10% for new build properties

- Notary, land registry and agency fees: Approximately €1,500 - €2,500

- Property appraisal: Between €300 and €600

In total, purchase costs typically represent between 10% and 12%

of the property price.

Ejemplo práctico para 2026

Property price	Deposit (20%)	Costs (10%)	Total savings needed
150.000 €	30.000 €	15.000 €	45.000 €
200.000 €	40.000 €	20.000 €	60.000 €
300.000 €	60.000 €	30.000 €	90.000 €

Can I get a mortgage with less than 20% savings?

Yes, there are several options:

1. 100% financing mortgage

Some banks grant 100% of the appraisal value if the property is 
worth more than the purchase price, or if the applicant's profile 
is very strong (high job stability, elevated income, good credit 
history). It is also more accessible for civil servants or profiles 
with a guarantor.

2. Mortgage with parental guarantee

If a family member acts as guarantor, the bank may finance a higher 
percentage. This option carries risks for the guarantor, so it is 
worth analysing carefully with an advisor.

3. Subsidised housing (VPO)

Some regions allow financing above 80% for subsidised housing.

4. ICO guarantee for young buyers

The Spanish Government has enabled ICO guarantees for people under 
35 and families with dependent children, allowing access to up to 
100% financing without needing savings for the deposit (although 
purchase costs still need to be covered).

How does the Euribor affect mortgages in 2026?

In April 2026, the Euribor stands at around 2.78%, with an upward trend driven by international geopolitical tensions. This has a direct impact on your monthly payments:

- For a variable mortgage of €150,000 over 25 years with a 0.99% spread, the monthly payment in April 2026 is around €775/month

- Those reviewing their variable mortgage this month will pay approximately €47- 55 more per month than six months ago

This context means that in 2026 many buyers are opting for a fixed or mixed-rate mortgage, which provides stability against Euribor uncertainty.

Fixed, variable or mixed rate in 2026?

With the Euribor above 2.7% and prospects of possible stabilisation (between 2.30% and 2.45% throughout the year), the choice depends on your profile:

- Fixed rate mortgage: Ideal if you value peace of mind and plan to keep the mortgage for many years. You pay slightly more now, but with no surprises.

- Variable rate mortgage: Can be interesting if the Euribor drops in the coming months, as some experts predict. Higher risk, but potential savings.

- Mixed rate mortgage: A balance between both. Fixed for the first years (usually 5-10 years) and variable afterwards.

There is no universally better option. What does exist is a personalised analysis of your situation — which is exactly what we do at Hub de Hipotecas.

What if I don't have enough savings right now?

It doesn't mean you have to give up on your mortgage. These are the most common options:

1. Wait and save: If you are only a few thousand euros short, it may be worth waiting 6 to 12 months.

2. Negotiate the property price: A lower price proportionally reduces the savings needed.

3. Analyse your profile with a broker: A mortgage broker can find banks that finance more than 80% depending on your specific situation.

Frequently asked questions

Can I use my pension plan to pay the mortgage deposit?

Not directly as a contribution to the purchase, but withdrawing 
the pension plan generates liquidity you can use. Consult the tax 
implications with an advisor before doing so.

Do the savings need to have been in my account for a long time?

Banks usually ask for statements from the last 3 to 6 months. 
If money has appeared recently in an unusual way, they may ask 
you to justify its origin.

Does money lent by my parents count as savings?

Not officially. The bank wants to see that the money is yours, 
not borrowed. A gift can be used, but has tax implications.

Is it better to save more for a larger deposit or invest that money?

It depends on the interest rate the bank offers you and the return 
on your investment. In general, the more you put down, the less 
you will pay in interest over time. A broker can help you calculate 
the optimal point.

Can I apply for a mortgage if I have debts?

It depends on the amount and type of debt. Small personal loans 
are not always a blocker, but they do reduce the amount the bank 
is willing to lend you. Consult your specific case.

How much savings do I need for my specific case?

Every profile is different. The property price, the region where

you are buying, your employment situation and your income determine

exactly how much you need and what options are available to you.

At Hub de Hipotecas we study your case for free and within 24 hours

we tell you what you can access. No commitment, no upfront cost.

👉 Calculate how much you need for your mortgage — free and within 24 hours