Applicable to mortgages that are at least 1 year old. The mortgage holder must have a minimum monthly income of €1,500 (1 holder) and €2,000 (2 holders).
Save every month
We compare your current repayments with the new Open Mortgage repayments so you can see how much you could save each month.
We cover the costs
Don't worry about the costs2 that can come about from switching mortgage. Openbank will cover the costs, with the exception of any possible cancellation fee, as long as the mortgage you take out with us is fixed or mixed rate and you sign before 30 September 2021.
No valuation fees!
We cover the valuation and land registry report fees if you arrange them and take out the mortgage through Openbank2. Plus, we don’t charge any arrangement or partial prepayment fees. Full prepayment fees apply3.
Personal mortgage advisor
You’ll be assigned a personal advisor to assist you along the process until you sign your mortgage.
1 For mortgages that are at least one year old.
2 Openbank will cover notary, agency and land registry fees that apply when you cancel your current mortgage at another bank, provided that the new mortgage is taken out with Openbank before 30 September 2021. Openbank will not cover the fee, where applicable, for cancelling your current mortgage, although this amount can be financed with us.
3 Openbank will cover the valuation fees and costs for obtaining the land registry report as long as they are requested through us and the mortgage is finally taken out with Openbank. These costs will be paid by the customer, before finalising the switchover, and will be refunded by Openbank, after the contract is signed, when the mortgage file has been drawn up.
Frequently Asked Questions
Do I have to cover any costs to switch my mortgage to Openbank?
If the mortgage that you plan to take out with Openbank is fixed or mixed rate, Openbank covers the agency, notary and land registry fees that apply when you cancel your current mortgage at another bank and take out a new mortgage (including the valuation fees of the new mortgage, as long as you request it with us and take out the mortgage with Openbank. Openbank will not cover the applicable fee for cancelling your current mortgage at another bank, however we will finance it along with the mortgage amount so that you can notice the savings from day one.
What steps do I have to take to switch my mortgage to Openbank?
- Call us on (+34) 91 276 22 98 and find out how much you could save on your mortgage. First, you will need to present the necessary documentation. Your personal mortgage advisor will let you know which documents you will need to send to bring your mortgage to Openbank.
- Once the switchover is approved, you will have to digitally sign the Open Mortgage Pre-Contractual Information and pay two visits to the notary’s office: * During the first visit, the notary will explain the ins and outs of your mortgage and answer any questions you might have.* During the second, which you should arrange within one year from the first visit, you will sign to switch over your mortgage.
- And that’s it. You can now start to save thanks to your Open Mortgage.
Can I change the type of mortgage at Openbank?
Yes, you can choose whichever type of mortgage you want: Variable, Fixed or Mixed. You choose the type of mortgage that’s best suited to your needs. Their prices are the same as for the purchase of a property and you can consult them on our website.
What are the advantages of switching my mortgage to Openbank?
Call us and we will work out your monthly repayments so you can see for yourself how much you could save with your mortgage at Openbank. Plus, with the Open Mortgage you won’t have to pay arrangement or partial prepayment fees. Full prepayment fees apply. See our Open Mortgages section for further details.
What’s the difference between switching your mortgage to another bank under the principle of subrogation or by cancellation?
Switching your mortgage to another bank by subrogation allows you to improve the interest rate and modify the term. With cancellation, you can renegotiate all aspects of a new loan with another bank in order to adapt it to your current needs. With both options you can improve the conditions of the initial mortgage loan and guarantee a saving in your instalments. However, you should also bear in mind the costs that may be involved in carrying out one operation or another. Don’t forget that you can also amend the original terms of your loan, such as the mortgage holders, the amount and the repayment system.
Want to find out more?
A personal mortgage advisor will provide you with all the details with no obligation involved.
Call us on (+34) 91 276 22 98. (Mon-Fri from 9 a.m. to 6 p.m.)