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Euro Interbank offered Rate

Euribor stands for Euro Interbank offered Rate and is the rate on which all mortgage loans are based. The rate you will pay for your mortgage will comprise two elements: Euribor, and Margin. The actual rate you pay will be calculated by adding these two elements together. Spanish banks generally work with the 12 month EURIBOR rate meaning that your rate payable is reset every 12 months according to the prevailing rate at that time.

Some banks insist on their clients taking a life assurance policy as well, especially senior property owners. Although this is not compulsory, many banks will insist on it and will not approve the mortgage without it.

Contents insurance is not compulsory but most building insurance policies include a contents policy for a few additional Euros. Prices are very reasonable so Spanish contents insurance is a worthwhile investment considering the cost of replacing furniture and valuables.


Motor insurance tends to be cheaper in Spain than in many other European countries and it is advisable to pay a little more for a policy with added extras such as express 24 breakdown service.

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