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What kind of mortgage can I afford?

Which mortgage is best for me: fixed, variable or mixed-rate.

The answer may be simple but depends on many factors, some of which are very personal while others are not, such as current economic conditions, the price of money and future trends. And, of course, how you see the future and whether you are risk averse or you can put up with some uncertainty. But, as it is about deciding, what you really need is to clearly understand the three options on the table.
Qué hipoteca me puedo permitir

Do you want to see everything clearly in one place?

  • You'll be able to see the features of each mortgage type.
  • You can run simulations and compare the three options using your own data.
  • You can find out which types of people choose each type.
  • You will be in a better position to assess what is most suitable for you and your life, rather than just a specific interest rate.
  • You can find out what your mortgage would be and why.

And we give you the four keys to knowing which mortgage is most suitable for you: variable-rate, fixed-rate or mixed mortgages.

It is certainly not to be left to chance. Even if there are things in one or the other that you find interesting, you have to decide and understand why you made that decision. So, we give you a summary table of the main features of each mortgage.

Variable-rate mortgage

  • How it works: varies and is revised depending on the market
  • Interest rate: Euribor + spread
  • Monthly instalment: variable
  • Payment review: every 12 months

Fixed-rate mortgage

  • How it works: your monthly payments are the same throughout the whole of your mortgage.
  • Interest rate: fixed
  • Monthly instalment: fixed
  • No payment reviews

Mixed mortgage

  • How it works: it is fixed during the initial years and then variable
  • Interest rate: fixed at the start and then variable
  • Monthly instalment: fixed and variable
  • Payment review: for the variable part every 12 months

If you really want to know which type of mortgage is best for you, start by looking in the mirror.

You are familiar with the three types of mortgages and you know yourself. And that is the main thing. The most suitable mortgage for you depends a lot on which best fits with your profile. You will almost certainly choose the type of mortgage depending on how you behave in your everyday life. Would it help to look at what types of people choose each type of mortgage, and their common characteristics?

Fixed mortgages for a relaxed life

If you think your income will be the same for a long time, you are quite conservative and you don't like surprises.
  • As your payment never changes, you'll always know how much you need to allocate to paying your mortgage every month.
  • With Bankinter, you can repay over up to 30 years.
  • Life is better when there are no changes.

Variable mortgages for people who aren't afraid of changes

Remember that the Euribor rises and falls depending on the market. As you see, everything is very unpredictable, but you accept it because you believe your situation will always improve.
  • You pay less now and perhaps less tomorrow too. Or perhaps more.
  • You think you can handle the changes in interest rates.
  • Up to 30 years, allowing you to make early repayments.

Mixed mortgages for people who can manage both

This combination of the two mortgages can be the most suitable if your job is secure and you have some savings. If you think you can also make regular contributions, everything will get better.
  • You will pay a little more or a little less at the beginning, depending on which you compare it to.
  • Your contributions can reduce the time you are exposed to variable rates.
  • Up to 30 years. You choose whether the fixed-rate period is for 10, 15 or 20 years.

It's great to be very clear about your numbers, if you don't have them yet.

We have 2 tools that will give you them very quickly.

To find out which house you can afford

With a little information and a few minutes you will have the maximum price for your house and the size of your mortgage.
What kind of house can I afford?

And what the monthly payments will be

You can calculate it in an instant, based on your income and savings.
Simulate mortgage

Things change if your mortgage is for a second home. But not by much.

The most significant difference is that the amount to be financed cannot exceed 60%, compared to the 80% mortgages common for main residences. The other terms and conditions are usually similar, but you should consider them in detail.
Find out more about second homes
Hipoteca para comprar segunda vivienda

Your questions, and those asked by almost everyone else