Choosing between fixed, mixed and variable rates has no universal answer. In 2026, the right question is simple: do you want predictability, flexibility or a combination of initial stability with future indexation?
The three options
The Bank of Portugal explains that mortgage loans may have variable, fixed or mixed rates. With variable rates, the rate usually equals Euribor plus spread. With fixed rates, the rate stays the same for the agreed period. With mixed rates, there is an initial fixed period followed by a variable period.
Use the ESIS as the comparison base
When marketing credit for a primary permanent home, the ESIS must include simulations for fixed, mixed and variable rates. Compare the same operation with the same amount and term, looking at instalment, APRC, total payable, insurance, fees and optional bundled products.
The decision depends on the profile
A fixed rate may provide budget stability, but it tends to include the cost of that predictability. A variable rate may benefit from future decreases, but exposes the instalment to increases. A mixed rate can help when initial stability matters without fixing the rate for the whole term. The best option is only known at the end; today the decision is made with scenarios and safety margin.