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BOE-A-2026-18770 ·7 September 2026 ·Resolution Medium impact
Tax

Financial entities: new IRS reference rates for mortgage and early repayment valuations

The Bank of Spain publishes the Permuta Interest Rates (IRS) for August 2026 to determine market value in mortgage interest risk compensation. It also establishes the reference rate for early repayment differentials. These indices follow the methodology of Bank of Spain Circular 5/2012 (art. 1).

In 3 key points

  1. IRS rates for mortgage compensation: from 3.012% (2 years) to 3.404% (20 years), art. 1.A (art. 1.A)
  2. IRS rate for one-year early repayment: 2.814%, art. 1.B (art. 1.B)
  3. Methodology based on Bank of Spain Circular 5/2012, art. 1 (art. 1)

How it affects those involved

For financial institutions, these rates are mandatory to correctly calculate interest risk compensation in mortgages and early repayment differentials. For individuals, these indices determine the amount of compensation a lender can charge or must pay in case of loan condition changes or early repayments (art. 1).

Lifecycle

2026-09-07PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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