CaixaBank keeps a fixed-rate mortgage at 2.85% TIN if the customer meets every linked-product condition, and 3.85% if none are met; it also only finances a main home, so it does not work for a second residence. It is a competitive offer at a time when much of the banking sector is making its own more expensive, but its real price depends on the products you take out with the bank.
What are the terms of CaixaBank's fixed mortgage?
According to idealista/news, these are the main figures of the offer:
| Item | Term |
|---|---|
| TIN with all discounts | 2.85% (APR 4.26%) |
| TIN with no discounts | 3.85% (APR 4.32%) |
| Opening and study fees | None |
| Early repayment (first 10 years) | Up to 2% of the capital repaid, only if the bank suffers a financial loss |
| Early repayment (afterwards) | Up to 1.5% |
| Maximum financing | Up to 80% of the lower of appraisal and purchase price |
| Maximum term | 30 years, without exceeding age 80 at maturity |
| Purpose | Main home only |
What do you have to take out to reach 2.85%?
The one-point discount is not free: it requires tying yourself to the bank. The conditions listed in the report are:
- Direct-debit your payroll or recurring income.
- Take out home insurance.
- Take out life or health insurance.
- Have an alarm system installed at home.
The report does not say how many points each condition is worth, only that without them the rate goes up one point. That is why you should look at the APR and not just the TIN: the insurance and the alarm carry an annual cost that is part of the real price of the loan, which is why the APR (4.26%) sits well above 2.85%.
How much does the payment change between 2.85% and 3.85%?
An illustrative calculation of our own, using only the TIN, with no insurance or fees, over 30 years with a constant payment. We take as a reference the Costa del Sol median price from our market report (€650,000) and the 80% maximum financing.
| 30-year loan | Payment at 2.85% | Payment at 3.85% | Annual difference |
|---|---|---|---|
| €200,000 | €827/month | €938/month | €1,326 |
| €520,000 (80% of €650,000) | €2,150/month | €2,438/month | €3,448 |
On a €520,000 loan the discount saves about €3,400 a year in payments, but you must subtract what the required insurance and alarm cost. If you were going to take them out anyway, the offer pays off; if not, do the full sums before signing.
Does this mortgage work for buying on the Costa del Sol?
It depends on what you are buying for. If you will live in Málaga, Estepona or Fuengirola all year round, it is an option to compare. But a large share of demand on the coast is for second homes or investment, and this offer is not available for that. A foreign non-resident buyer usually faces different terms, with less financing; we analyse it in our article on mortgages for non-residents.
It helps to know real market prices before sizing the loan: you can check them by municipality in our Costa del Sol market report, with medians updated every month.
Conclusion
A fixed mortgage below 3% brings peace of mind when the Euribor is rising, but the headline does not tell the whole story: the real price depends on the linked products, and it only applies to a main home. If you are thinking of buying on the Costa del Sol, EVS PROPERTY GROUP can help you compare financing options and find the right property.
Frequently asked questions
What TIN does CaixaBank's fixed mortgage have?
2.85% with all discounts (APR 4.26%) and 3.85% without them (APR 4.32%), according to idealista/news.
Can it be used for a second residence?
No. This offer is for a main home only.
How much does CaixaBank finance?
Up to 80% of the lower of the appraisal and the purchase price, over a maximum term of 30 years.
Is there an opening fee?
There is no opening or study fee. There is an early repayment fee: up to 2% in the first 10 years and up to 1.5% afterwards.
