Mortgages in Spain vs Poland — a comparison of costs, accessibility and prospects

A mortgage in Spain for €300,000 costs you up to €120,000 less than an equivalent mortgage in Poland. This is not a marketing slogan, but the result of a simple comparison of conditions offered by banks on both sides of Europe. Where does such a huge difference come from? The answer lies in the mechanisms that shape mortgage markets in both countries — from central bank policies, through reference rates, to specific offers from financial institutions. In this article, we look at the data, compare offers from specific banks, and show why more and more Poles are choosing to finance property in Spain.

Two markets, two mechanisms — EURIBOR vs WIBOR

To understand why mortgages in Spain are so significantly cheaper than Polish ones, you need to start with the fundamentals — that is, the reference rates on which interest rates in both countries are based.

In Spain, the basis for variable-rate mortgage interest is EURIBOR (Euro Interbank Offered Rate) — a benchmark reflecting the cost at which the largest European banks lend money to each other in euros. Its level depends directly on decisions made by the European Central Bank (ECB), which sets interest rates for the entire eurozone. In January 2026, the 12-month EURIBOR was published by the Bank of Spain at 2.245% — and forecasts point to further declines in the coming quarters.

In Poland, the equivalent is WIBOR (Warsaw Interbank Offered Rate), which depends on decisions made by the Monetary Policy Council (RPP) at the National Bank of Poland. At the end of February 2026, the 3-month WIBOR stands at 3.81%. While this is a significant drop compared to the record levels of 2023 (when it reached as high as 7%), it still remains nearly twice as high as EURIBOR.

Importantly, the actual mechanics of calculating interest rates are analogous in both countries: reference rate (EURIBOR or WIBOR) + bank margin = mortgage interest rate. However, when the base is EURIBOR at around 2.2% and a Spanish bank’s margin is 1.0%–1.5%, the final variable interest rate comes in at around 3.2%–3.8%. Meanwhile, the Polish 3-month WIBOR at 3.81% plus a margin of 1.7%–2.0% already gives 5.5%–5.9%. This is a difference that, over the course of a 20- or 30-year commitment, translates into tens of thousands of euros.

Interest rates after cuts — where are we at the beginning of 2026?

The year 2025 brought interest rate cuts in both the eurozone and Poland. However, the effects of these decisions are diametrically different in terms of the final cost of a mortgage.

Spain

According to market data from March 2025, the average interest rate on new mortgages in Spain dropped to 2.88%, representing a reduction in financing costs of over 22% year-on-year. This places Spain among the countries with the cheapest mortgage financing in all of Europe — only Malta offers lower rates. At the beginning of 2026, interest rates on new mortgages range between 2.55%–3.55% depending on the bank, type of interest rate, and promotional conditions met (so-called bonificaciones).

Poland

In Poland, despite a series of cuts, the situation looks completely different. A typical variable interest rate on a new mortgage in February 2026 is 5.7%–5.9% (3-month WIBOR at 3.81% + bank margin of approx. 1.7%–2.0%). The Annual Percentage Rate of Charge (APRC), which accounts for all costs, reaches 6.2%–6.5%. European Central Bank data from 2024 placed Poland among the countries with the most expensive mortgages on the continent — with an average interest rate of 7.91%, second only to Serbia.

Bank offers in Spain — what exactly will you get?

The Spanish banking market features several large institutions that actively grant mortgages to foreigners, including Poles. At the beginning of 2026, the four largest banks — Banco Santander, BBVA, CaixaBank, and Banco Sabadell — updated their offers for non-residents. Here are the key conditions:

Banco Santander

• Fixed-rate mortgage: from 2.55% NIR for the first 6 months, then 3.55% NIR without bonificaciones or from 2.55% NIR with the full bonificación package (reduction of up to 1 percentage point).
• Mixed-rate mortgage (9.5 years fixed + variable): from 2.85% NIR for the first 6 months, then 3.85% NIR without bonificaciones.
• Bonificaciones:
  • -0.50% for direct deposit of salary (min. €600/month)
  • -0.05% for card usage (min. 6 times per quarter)
  • -0.10% for every €100 of annual insurance premium (max. combined up to -1.00%)
  • -0.20% for alarm system (rental)
  • -0.10% for energy certificate A or B
  • Maximum total bonificación: up to 1.10%
• Opening fee: 0% in the current offer.

Banco Sabadell

• Mixed-rate mortgage (3 years fixed + variable): instalment from approx. €517 per month during the fixed period, then approx. €608 during the variable period (example for €150,000, 30 years).
• Bonificación conditions: salary or pension deposits, life and home insurance through the bank, payment protection insurance.
• 12-month EURIBOR reference: 2.245% (January 2026).

BBVA and CaixaBank

Both banks updated their offers for non-residents at the beginning of 2026. In the best cases, fixed interest rates start from around 2.55% for the full loan term — provided the requirements for linked products are met (insurance, salary deposits). For variable-rate mortgages, margins range from 1.0% to 1.5% above EURIBOR, which at the current benchmark level gives a real interest rate in the range of 3.2%–3.8%.

Bank offers in Poland — how much do you really pay?

The Polish mortgage market, while changing dynamically after the 2025 rate cuts, still offers conditions significantly less favourable than the Spanish market. Here is an overview of the key offers as of February 2026:

ING Bank Śląski

• Fixed interest rate (5 years): from approx. 5.73%, APRC from approx. 6.20% (promotional “Easy Start” offer).
• Variable interest rate: approx. 5.7%–6.9% depending on the variant and reference rate (WIBOR 1M or WIRON 1M Compound Rate + margin from 1.67%).
• APRC (variable): from approx. 6.25% to 7.5%.
• Fee: 0% (“Easy Start” variant) or 1.5%–1.95% (“Light Instalment” variant).
• Note: ING offers both products based on WIBOR 1M (in promotions) and WIRON 1M Compound Rate (standard offer). Conditions change in promotional cycles — it is worth checking the current offer.

mBank

• Variable interest rate: margin from 1.84% + WIBOR, nominal interest rate ~5.88%.
• APRC: approx. 6.41%.
• Partial early repayment: free of charge. Full repayment: 2% during the first 3 years.

Alior Bank

• Fixed interest rate (5 years): from approx. 5.7%.
• Down payment: from 10% (with low down payment insurance).
• Life insurance: required for a minimum of 5 years.

PKO BP, Pekao, VeloBank

Other large banks offer similar conditions — variable interest rates in the range of 5.7%–6.1%, APRC at 6.2%–6.6%. Differences mainly stem from the required insurance package and additional products.

How much will you really save? Simulation for a €300,000 and €400,000 mortgage

Below we present a comparison of the costs of a mortgage taken out for 20 years in Spain and in Poland — for two amounts: €300,000 and €400,000. For objectivity, we assume the same amount in both countries, with the Polish mortgage in zlotys equivalent to the euro amount (at a rate of ~4.30 PLN/EUR).

Scenario 1 — €300,000 mortgage

Scenario 2 — €400,000 mortgage

Note: The simulation on the Polish side is based on an interest rate of 5.72%, corresponding to the most favourable promotional offers available on the market (1-month WIBOR ~4.02% + margin ~1.70%). In standard offers, the variable interest rate is typically 5.8%–6.9%, meaning the actual difference in favour of Spain may be even greater than shown above.

It is worth emphasising that even without bonificaciones — at Santander’s standard interest rate of 3.55% — the savings in Spain still amount to tens of thousands of euros in each scenario. If we were to compare Santander’s standard offer without bonificaciones with the most competitive Polish mortgage, the advantage of the Spanish market remains indisputable.

What does a Pole need to know to get a mortgage in Spain?

The procedure for applying for a mortgage in Spain is similar to the Polish one, but requires knowledge of a few specific elements. The good news is that you don’t have to go through this process on your own — as GoSpain, we provide full support at every stage, from legal checks to signing the notarial deed. Below are the key steps.

NIE number — the key to all formalities

Required documents for a mortgage

To carry out the scoring (creditworthiness analysis) by a Spanish bank, the following are needed: PIT tax returns for the last 2 years, a BIK credit report on existing loans in Poland, bank statements from the last 6 months (current income and expenses), an employment contract (for salaried employees), and in the case of self-employed individuals — the relevant statements and registry entries. All documents in Polish must be translated by a sworn translator.

Stages of the purchase process

After a positive scoring and selection of the property, the process proceeds as follows: signing of a private purchase agreement (within 1–3 months of reservation, with a payment of 20%–40% of the property value), followed by signing the notarial deed in the presence of a state notary and a sworn translator. At the deed signing, the buyer pays the remaining amount (approx. 60%–70% of the value minus the reservation deposit), and the seller transfers the title deed. The deed is then entered into the property register (Registro de la Propiedad). In the case of a mortgage, the bank additionally requires a property valuation (tasación — cost €300–800) and the delivery of a binding FEIN offer at least 10 days before signing.

Additional costs of purchasing property

GoSpain — full support at every stage

Purchasing property in Spain with a mortgage does not have to be complicated. As GoSpain, we support our Clients at every stage of the process — from selecting the property, through legal checks and negotiations with the developer, to obtaining a mortgage, obtaining the NIE, opening a bank account, and signing the notarial deed. Our agents will ensure that the entire process runs smoothly and without unnecessary complications.

Outlook — what do forecasts say for 2026 and beyond?

The difference in financing costs between Spain and Poland is not a temporary phenomenon. Forecasts for the coming quarters indicate that Spain’s advantage will persist, and may even deepen.

EURIBOR — further declines

The downward trend in EURIBOR, visible throughout 2025, has every chance of continuing. For comparison: at the beginning of 2025, the 12-month EURIBOR stood at around 2.9%, and Bankinter forecast a decline to around 2.1% by year-end. In fact, the 12-month EURIBOR closed 2025 at around 2.46%, and in January 2026 dropped further to 2.245%. Market forecasts for the end of 2026 mention levels even below 1.5%. For borrowers in Spain, this means the prospect of even lower instalments in the coming quarters — particularly for variable-rate mortgages.

WIBOR — stabilisation at a higher level

In Poland, the situation is less optimistic. After a series of cuts in 2025, the RPP paused reductions in January and February 2026, maintaining the reference rate at 4.00%. Analysts predict another 2–3 small cuts in 2026 (totalling approx. 50 basis points), which would bring the 3-month WIBOR down to around 3.50%–3.70%. That is still over one and a half percentage points above EURIBOR — not counting the bank’s margin.

Poles on the Spanish market — a trend gaining momentum

It is worth looking at the broader context. According to data from Registradores de España, since the beginning of 2021, Poles have purchased a total of nearly 12,500 properties on the Iberian Peninsula. In 2024, Poland recorded the highest growth in the number of transactions among all foreign buyers — as much as 36.5% year-on-year. In the first quarter of 2025, Polish investors purchased nearly 1,000 houses and apartments.

The combination of lower financing costs, attractive property prices (particularly on the Costa Blanca, Costa del Sol, and in the Valencia region), rental yields of 6%–10% per year, and the growing availability of direct flights means that Spain has become a natural investment destination for Poles seeking an alternative to the increasingly expensive domestic market. For many people, the language and administrative barrier that could have been discouraging just a few years ago is now much lower — especially with the help of specialists who know both markets.

Summary — why is it worth considering a mortgage in Spain?

Add to this the favourable forecasts of further EURIBOR declines, the well-developed bonificación system in Spanish banks, a transparent legal procedure that protects the buyer (FEIN document, mandatory notary visit), and a dynamically growing property market with rental potential.

Of course, purchasing property abroad requires solid preparation — both legally and financially. That is exactly why it is worth taking advantage of the experience of professionals who will guide you through the entire process.

Are you interested in purchasing property in Spain? Get in touch with us — the GoSpain team will help you find the perfect property and guide you through the entire process, from choosing the location to signing the notarial deed.