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Mi Primera Vivienda 2026 in Madrid: 100% Mortgages up to Age 50 on Homes up to €425,000 – Requirements, Banks and How Much You Still Need to Save
In 2026 the Community of Madrid's Mi Primera Vivienda (My First Home) scheme allows mortgages of up to 100% backed by a public guarantee, now for people aged up to 50 and homes costing up to 425,000 euros. As of 20 October 2026, we look at the exact requirements, which part of the loan the guarantee covers, which banks take part, how to apply, how much you still need to save, the monthly payment with September's Euribor and the risks of borrowing 100%.
Mi Primera Vivienda is the Community of Madrid's scheme that guarantees the part of a mortgage banks don't usually lend, so you can buy without having saved 20% of the price. The rules changed in 2026: the maximum age rises to 50, the maximum home price to 425,000 euros, and families with dependent children are now included with no age limit. According to the Community of Madrid, 8,309 people in the region have already bought a home through the scheme since 2022.
But a "100% mortgage" doesn't mean buying without savings: taxes and purchase costs still come out of your pocket, and the debt is larger. With data as of 20 October 2026, we explain it with real numbers and look at what sellers should know.
What has changed in 2026
In April 2026 the Community of Madrid put out for public consultation, with comments accepted from 21 April, the draft order raising the maximum price to 425,000 euros and the age limit to 50. The final order, dated 27 July, was published in the Boletín Oficial de la Comunidad de Madrid (BOCM, the regional official gazette) on 6 August and came into force the following day. On 2 September the regional Consejo de Gobierno (Governing Council) approved 25 million euros for 2026, and an order of 3 September opened the period for banks to join the new round.
| Condition | Previous rules (Order 2350/2022) | New rules (Order of 27 July 2026) |
|---|---|---|
| Maximum age | 40; no limit for large families, single-parent families or those with a child by birth or adoption | 50; no limit for large families, single-parent families and families with dependent children |
| Maximum financing | Up to 100% | 100% up to age 40 and families with children; 95% up to 45; 90% up to 50 |
| Maximum price (excluding taxes and costs) | €390,000 | €425,000 |
| Required use as main home | At least 2 years | At least 5 years, with a capped sale price during that period |
Sources: Order of 27 July 2026 (BOCM no. 186, 6 August 2026); the scheme's official page (Community of Madrid, updated 8 September 2026) for the previous rules, which still apply to earlier mortgages, applications and agreements.
These new features will apply to the new agreements signed under the 2026 call.
Community of Madrid, official Mi Primera Vivienda page
The exact requirements
- Age: not over 50 when you apply for the mortgage. Up to 40, financing of up to 100%; up to 45, 95%; up to 50, 90%. Large families, single-parent families and families with dependent children have no age limit and can reach 100%.
- Residence: legal residence in the Community of Madrid, continuous and uninterrupted, for the two years before applying. Non-residents cannot use the scheme.
- First home: it must be your first home purchase and you cannot own, or hold a right of use over, any other home in Spain. Owning up to 50% of a home that was inherited, bequeathed or gifted is allowed, as are some separation or divorce cases where you weren't granted use of the family home.
- Main home: in the Community of Madrid, as your habitual and permanent residence for at least five years. Resale and new-build homes both qualify.
- Price: up to 425,000 euros, excluding taxes and costs.
- Income: there is no cap. The scheme is for creditworthy people without enough savings, and the bank assesses your ability to pay as for any mortgage, as required by Law 5/2019 on property lending.
- Bank: the mortgage must be signed with a participating lender.
What the guarantee covers: the slice from 80% to 100%
Banks usually lend at most 80% of the lower of two values: the price or the valuation. Mi Primera Vivienda covers the gap above that. The Community of Madrid deposits funds in a guarantee account at each participating bank, which lets the mortgage go up to 20 points above 80%. If the borrower stops paying, the Community covers the bank for the unpaid amount above 80%, up to the money deposited.
| Profile | Maximum financing | Guaranteed slice | Deposit, €300,000 flat | Deposit, €425,000 flat |
|---|---|---|---|---|
| Up to 40 and families with children | 100% | 80% to 100% | €0 | €0 |
| Up to 45 | 95% | 80% to 95% | €15,000 | €21,250 |
| Up to 50 | 90% | 80% to 90% | €30,000 | €42,500 |
| Without the scheme (for reference) | 80% | No guarantee | €60,000 | €85,000 |
Our own calculation based on the Order of 27 July 2026 (articles 1.1 and 15.2), assuming the valuation matches the price. Taxes and costs come on top of the deposit.
Two important points. The guarantee protects the bank, not you: you owe the whole loan. And if the valuation comes in below the price, the percentage is applied to the valuation, so you cover the difference.
Participating banks and how to apply
You don't apply to the Community of Madrid but to the bank, which handles the mortgage and the guarantee together. According to the official page (8 September 2026) and the Community's statement of 2 September, there are nine participating lenders: CaixaBank, Banco Santander, Ibercaja, ING, Unicaja, Kutxabank, Abanca, Banco Sabadell and Eurocaja Rural, which joined in September 2025. The 2026 list will be known once the new agreements are signed. The scheme doesn't set the interest rate or the term: each bank sets its own terms, so compare. The steps:
- Check the requirements and run the numbers: monthly payment, taxes and costs.
- Ask a participating bank which agreement it is working under, what percentage it will lend you given your age, and what interest rate and linked products it requires.
- Sign an arras contract (a reservation contract in which you pay a deposit) or a pre-agreement with the seller. The bank needs it, so include a clause in case the mortgage is refused.
- Hand in the paperwork: ID, padrón (municipal registration) certificate, a negative certificate from the Catastro (land survey) and a nota simple (land registry extract) from the Land Registry's index service, which show you own no other home, the arras or pre-agreement, a signed declaration that it will be your main home and, where relevant, your large or single-parent family card or proof of your children.
- The bank has five working days to decide, unless it asks for more papers, and must keep its offer open for 30 calendar days. Applications are handled in order of arrival and the guarantee depends on the funds deposited, so don't leave it to the last minute.
- Then come the valuation, which you pay for; the FEIN (Ficha Europea de Información Normalizada, the bank's binding offer), at least ten calendar days before signing; and the visit to the notary. The purchase and the mortgage are usually signed on the same day.
- Afterwards, live in the home for at least five years and tell the bank about any change that affects the scheme.
How much you still need to save
Taxes and costs are not included in the mortgage. For a resale home, the main one is the Impuesto sobre Transmisiones Patrimoniales (ITP, property transfer tax), which is 6% in the Community of Madrid, charged on the price or on the Catastro's reference value if that is higher. The 10% tax relief only applies up to 250,000 euros. By law, the bank pays the notary, registry and agency costs of the mortgage; you pay for the valuation. A new-build home pays VAT and stamp duty (AJD) instead of ITP: we explain this in "Costs of buying a home in the Madrid region in 2026".
| Item | €300,000 resale flat | €425,000 resale flat |
|---|---|---|
| ITP (6%) | €18,000 | €25,500 |
| Notary for the purchase deed | €600 – €1,200 | €600 – €1,200 |
| Land Registry | €400 – €800 | €400 – €800 |
| Valuation (assumption) | €400 | €400 |
| Savings needed at 100% (up to 40 and families) | €19,400 – €20,400 | €26,900 – €27,900 |
| Savings needed at 95% (up to 45) | €34,400 – €35,400 | €48,150 – €49,150 |
| Savings needed at 90% (up to 50) | €49,400 – €50,400 | €69,400 – €70,400 |
| Savings needed with a standard 80% mortgage | €79,400 – €80,400 | €111,900 – €112,900 |
Our own calculation. ITP: Community of Madrid. Notary and registry: Rastreator ranges (March 2026); part of the notary fee may fall to the seller. Valuation: assumption. Mortgage costs paid by the bank (Law 5/2019, art. 14). Assumes the reference value does not exceed the price; excludes removals and renovation.
Even with 100% financing, you need around 20,000 euros saved for a 300,000-euro resale flat and around 27,000 for a 425,000-euro one. That is far less than the 80,000 or 112,000 euros a standard mortgage would require, but it isn't zero.
Indicative monthly payment with September 2026's Euribor
For the variable-rate mortgage we use the 12-month Euribor for September 2026, 3.247% according to the Bank of Spain, plus an assumed margin of 0.75 points (the margin, or diferencial, is what the bank adds to Euribor): 3.997% in total. For the fixed rate we use 3.03%, the average starting rate of fixed-rate mortgages signed in July 2026 according to the INE (National Statistics Institute). A 30-year term with level repayments.
| Loan | Variable at 3.997% | Fixed at 3.03% | Variable if rates rise one point (4.997%) |
|---|---|---|---|
| €300,000 (100% of €300,000) | €1,431.73 | €1,269.67 | €1,609.91 |
| €240,000 (80% of €300,000) | €1,145.38 | €1,015.74 | €1,287.93 |
| €425,000 (100% of €425,000) | €2,028.28 | €1,798.70 | €2,280.71 |
| €340,000 (80% of €425,000) | €1,622.62 | €1,438.96 | €1,824.57 |
Our own calculation: monthly payments over 30 years, French (annuity) repayment system. Euribor: Bank of Spain (Boletín Oficial del Estado, BOE, 2 October 2026). Fixed rate: INE (July 2026). Assumed margin. Excludes insurance and linked products.
With the 300,000-euro flat at the variable rate in the example, borrowing 100% instead of 80% raises the payment by about 286 euros a month and adds about 43,000 euros of interest over 30 years. To keep the payment below 35% of your net income, a prudent benchmark, the borrowers would need about 4,090 euros net a month between them; for the 425,000-euro flat, about 5,795.
The risks of a 100% mortgage
- You start with no cushion: if prices fall or you need to sell soon, you could owe more than the home is worth.
- You pay a higher monthly instalment and more interest over the whole life of the loan.
- On a variable rate, if Euribor rises one point, the payment on 300,000 euros goes from 1,431.73 to 1,609.91 euros a month.
- You are tied to the home for five years and, if you sell within that period, the price is capped.
- If you fail to meet the requirements, the order makes you liable for the damage caused to the Community and the bank, at least for the benefit improperly obtained.
- After paying taxes and costs, it is wise to keep a fund for repairs, special levies from the community of owners or a drop in income.
…the maximum sale price shall be the purchase price updated in line with the CPI from the date of purchase.
Order of 27 July 2026, article 6, for sales within five years of purchase
What's next: new bank agreements and ITP in 2027
The order of 3 September (BOCM of the 5th) opened the period for banks to join, which under the July order lasts 20 working days from publication: by our count, it ended in early October. The agreements, valid for two years and extendable by one more, still have to be signed and the 25 million euros shared out. As of 20 October no official document sets a date; in 2025 it was 23 September. We will then know which banks already apply the new rules and whether any new ones join.
Another change is pending. On 5 October 2026, the Community of Madrid announced that from 2027 under-40s could pay 4% ITP instead of 6% when buying their home. It depends on the regional budget law being passed, so it is not in force today. We explain it in another article on our blog.
If you are selling a flat for up to 425,000 euros
For sellers, the scheme widens the pool of buyers who can finance almost the whole price: people aged up to 50 and families with children who have an income but no deposit. It doesn't guarantee a faster sale or a better price, and the buyer's bank has the final say. But it is worth bearing in mind:
- The limit is the sale price excluding taxes and costs: above 425,000 euros, buyers relying on the scheme cannot buy. The full price must appear in the deed.
- A realistic price matters more: the bank lends on the lower of price and valuation, and a 100% buyer can rarely cover a low valuation.
- Arras with a financing condition and realistic deadlines for the bank's answer, the valuation, the FEIN and the notary. We cover this in "When a Flat Sale Falls Through Over the Mortgage in Spain: Why It Happens and How to Sell to Buyers Who Can Pay".
- Ask early which bank the buyer is working with, which percentage their age entitles them to and whether they have saved for taxes and costs, around 6.5% of the price for a resale home.
How we do it at Llavely
At Llavely we have more than 35 years' experience in real estate and work with specialised lawyers. We talk to every buyer before showing your home: what they are looking for, when they want to buy and how they will pay. We check their ID before the viewing and we carry out the viewings ourselves. If they need a mortgage, for example through Mi Primera Vivienda, we put them in touch, free of charge, with a mortgage intermediary. And if you are the one buying, buying with Llavely is free.
Our specialist lawyers review the nota simple, charges and debts, calculate the taxes due, draft the arras with a clear financing condition, review the deed and go with you in person to the notary. Payments are made by ordinary bank transfer or OMF (orden de movimiento de fondos, a notary-handled transfer), never in cash. You pay 2.5% + VAT of the price, in total, only if you sell and on the day of the notary signing, with everything included: valuation, photos, video, floor plan, virtual tour and your private seller portal.
To be clear: we don't decide whether a bank grants a mortgage, and we can't promise you timescales or a price. What we do is make sure you start the sale with buyers who know how they are going to pay, and with a contract that protects you if something goes wrong. If you'd like to know what your home is worth, ask for your free valuation: we give you a range straight away, then we call you, see the property and fine-tune the price (we reply in English by email, message or phone).
Frequently asked questions
Up to what age can you apply for Mi Primera Vivienda in 2026?
Under the Order of 27 July 2026, up to 50: up to 100% financing if you are 40 or under, 95% up to 45 and 90% up to 50. Large families, single-parent families and families with dependent children have no age limit. The new rules apply to the 2026 agreements, so check with your bank which ones it is using.
What is the maximum home price?
425,000 euros, excluding taxes and costs, for operations under the new 2026 agreements. Under the previous rules, which the official page still shows as a requirement, the limit was 390,000 euros.
Is there an income limit for Mi Primera Vivienda?
No. The order sets no maximum income. The scheme is designed for creditworthy people who haven't saved a deposit, and the bank assesses your ability to pay as for any mortgage.
Which banks take part?
According to the Community of Madrid (September 2026), nine: CaixaBank, Banco Santander, Ibercaja, ING, Unicaja, Kutxabank, Abanca, Banco Sabadell and Eurocaja Rural. The list for the 2026 round will be known when the new agreements are signed.
Where do you apply?
At the participating bank, not at the Community of Madrid. You will need ID, your padrón (municipal registration) certificate, the Catastro's negative certificate, the nota simple (land registry extract) from the Registry's index service, the arras or a pre-agreement and a signed declaration that it will be your main home. The bank has five working days to decide.
Does the guarantee cover the taxes and purchase costs?
No. The guarantee only allows the loan to exceed 80% of the lower of price and valuation. The 6% ITP, notary, registry and valuation come from your savings: about 20,000 euros for a 300,000-euro resale flat and about 27,000 for a 425,000-euro one.
Can I sell the home within five years?
Under the new rules you must use it as your main home for at least five years, and if you sell within that period the maximum price is the purchase price updated in line with the CPI. If you expect to move soon, this scheme may not suit you.
Can I use it if I have owned a home before?
In principle, no: it must be your first home purchase and you cannot own another home in Spain. The exceptions are owning up to 50% of a home through inheritance, bequest or gift, and some separation or divorce cases where you weren't granted use of the family home.
Sources
- Order of 27 July 2026 of the Regional Ministry of Housing, Transport and Infrastructure regulating the Mi Primera Vivienda Programme (BOCM no. 186, 6 August 2026, copy on the Community of Madrid Transparency Portal)
- Mi Primera Vivienda: requirements, documents and participating lenders (Community of Madrid, updated 8 September 2026)
- The Mi Primera Vivienda scheme is extended up to age 50 and makes mortgages of up to 100% of the property's value easier to obtain (Community of Madrid, 2 September 2026)
- Draft order regulating the Mi Primera Vivienda scheme: procedure and public consultation (Community of Madrid Transparency Portal, 2026)
- The Community of Madrid passes 5,000 beneficiaries of the Mi Primera Vivienda scheme with mortgages of up to 100% of the property's value (Community of Madrid, 23 September 2025)
- The Community of Madrid extends the Mi Primera Vivienda scheme to people aged up to 50 (idealista/news, 2 September 2026)
- The Community of Madrid expands support for buying a first home (El Debate, 21 April 2026)
- Resolution of 1 October 2026 of the Bank of Spain publishing certain official mortgage market reference interest rates (BOE, 2 October 2026)
- Mortgages on homes, July 2026, press release (INE, National Statistics Institute, 28 September 2026)
- Transmisiones Patrimoniales Onerosas – property transfer tax (Community of Madrid, taxpayer services, updated 23 April 2026)
- How much does a deed at the notary cost? (Rastreator, 11 March 2026)
- Law 5/2019 of 15 March on property credit agreements, consolidated text (BOE)