No-deposit mortgages in Spain in 2026: the real routes to 100% financing (and their fine print)

For a €200,000 flat, a standard bank will ask for around €40,000 of deposit plus €15,000-20,000 in costs. That wall — not the monthly payment — is what keeps most young buyers out of the market. The search results for “100% mortgage” are full of smoke, so here’s the opposite: the routes that actually exist in 2026, with the fine print of each one.

1. The ICO guarantee: the state route (valid until 2027)

The State guarantees, for free, up to 20-25% of your mortgage so the bank can reach 100%. After the June 2026 extension the programme runs until 31-12-2027, with income limits by province (from €37,800 to €63,000 gross per year) and price caps by region. It’s the first door to knock on if you’re up to 35 or have dependent children: the updated details are in the state of the ICO guarantee in 2026 and the full mechanics in the ICO guarantee guide.

2. Regional guarantee schemes: the mid-2026 map

Several regions guarantee the stretch between 80% and 100%, always through partner banks and with finite funds allocated first come, first served. Status as of July 2026:

Scheme	Age	Max. price	Detail
Madrid — Mi Primera Vivienda	Up to 40 (no limit for large/single-parent families)	€390,000	2 years’ residence in the region
Valencian C. — IVF guarantee	18-45	€311,000	Guarantee raised to 20% in 2026; until 31-12-2026
Murcia — Aval Joven ICREF	Up to 40	€175,000	Extended to 31-12-2026
Galicia — IGVS guarantees	Under 36	€180,000-260,000 by municipality	Call open until 30-10-2026
Basque Country — Gazteaval	18-39	€340,000	Until Oct 2029 or exhaustion
Balearics — Nova Hipoteca Jove	Under 40 (20% guarantee); others with no age limit (15%)	~€382,700	Note: costs 0.50% of the guarantee
Castilla y León — Mi Primera Vivienda	18-35	€240,000	Guarantees 17.5%: finances ~97.5%

Two notable absences: Andalusia closed its Garantía Vivienda window on 20 June 2026 with funds nearly exhausted and no new call confirmed, and Castilla-La Mancha signed a protocol in May to guarantee young buyers’ mortgages that still has no application channel. These schemes change with every call: always check your region’s official portal before making plans.

3. Banks’ young-buyer mortgages: 90-100% with strings

Beyond public guarantees, several banks advertise financing above 80% for young buyers. According to comparison sites updated in July 2026: Ibercaja reaches 100% on first homes in the Madrid region for under-41s via the Mi Primera Vivienda scheme (95% elsewhere; its Andalusian 100% route relied on the regional programme closed in June), Abanca offers up to 100% with 40-year terms, imagin (CaixaBank) moves between 90 and 100%, and Kutxabank, Santander or BBVA hover around 95% for young buyers. The usual fine print: the “100%” tends to require a public guarantee, a specific region or a very strong profile, and the bundled products (payroll, insurance) drive the real APR — compare both columns in our mortgage comparison.

4. The family as guarantee: three formulas, three levels of risk

• A parent’s personal guarantee: the most common and the most dangerous. The guarantor answers with their entire wealth, present and future (art. 1911 of the Civil Code): salary, accounts and their own home. It also shows up in the credit register and limits their own borrowing capacity.
• Double collateral (non-debtor mortgagor): a second family property is pledged as security. The risk is capped at that property — but in a default both homes can be foreclosed.
• Pledged savings: a family member blocks the missing 10-20% at the bank (deposit or fund) as collateral. It’s the formula with the most contained risk: if all goes well, they get their money back intact once the debt falls below the agreed threshold.

Golden rule for all three: get the release of the guarantee in writing for when amortisation brings the loan below ~80% of the value.

5. Bank-owned homes and the old appraisal trick

The repossessed homes marketed by servicers (Aliseda, Solvia, Altamira, Servihabitat…) are sometimes financed at 90-100% by the originating bank, which wants them off its balance sheet. It’s a real route but case-by-case, with a shrinking stock that isn’t always well located — and even at 100% financing, the purchase costs are still yours.

The classic route of “financing 80% of the appraisal when it comes in above the price” is, by contrast, practically closed: standard banking practice in 2026 is to lend on the lower of price and appraisal. And one myth worth burying: the Bank of Spain does not ban lending above 80 or 90% — there is no legal cap; it’s each lender’s risk policy. Which is exactly why exceptions exist.

The numbers no route saves you from

Financing 100% doesn’t remove two limits. First, the debt-to-income ceiling: the payment shouldn’t exceed ~35% of your net income, and with a 20% bigger loan the payment grows in proportion — check your real maximum in how much can I borrow?. Second, the taxes and costs: between 8 and 14% of the price that almost no programme covers — put a number on them with the purchase costs calculator. If after running them the conclusion is “I’m almost there”, maybe your path isn’t the 100% — it’s saving for six more months and walking in through the 90% door.