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Switch your mortgage to Openbank
and save money each month1

 

 

We cover the costs!2

trae tu hipoteca a openbank

Call us on (+34) 91 276 22 98

Or, if you prefer, we'll call you

Leave us your details

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 31 October 2021.

No valuation fees!

We cover the valuation and land registry report fees if you arrange them and take out the mortgage through Openbank3. Plus, we don’t charge any arrangement or partial prepayment fees. Full prepayment fees apply4.

Personal mortgage advisor

You’ll be assigned a personal advisor to assist you along the process until you sign your mortgage.

Fixed-rate Mortgage

Fixed-interest rate over the course of the mortgage term1 regardless of variations in the Euribor.
 

From 1.30% NIR1 
1.50% APR3


Arranging for your salary to be paid directly into your account and taking out home insurance marketed by Openbank4 

 

From 1.70% NIR1  
1.70% APR3




Not arranging for your salary to be paid into your account or taking out home insurance marketed by Openbank4  


The applicable interest rate varies according to the term you choose. Term for primary home: 5 - 30 years.

Variable-rate Mortgage

Mortgage payments may go up or down every six months, depending on variations in the Euribor.
 

First year: 1.95% NIR
Rest of mortgage term:
Euribor + 0.95%1   
2.15% variable APR

Arranging for your salary to be paid directly into your account and taking out home insurance marketed by Openbank4 

First year: 2.35% NIR    
Rest of mortgage term:
Euribor + 1.35%1   
2.37% variable APR

Not arranging for your salary to be paid into your account or taking out home insurance marketed by Openbank4 


Term for primary home: 5 - 30 years.
 

Mixed-rate Mortgage

Mortgage payments remain fixed for first ten years. From them on, they will be updated in line with current 12-month Euribor +0.49%1. 

First 10 years: from 1.05% NIR   
Rest of mortgage term:
from Euribor + 0.49%1   
1.25% variable APR3

Arranging for your salary to be paid directly into your account and taking out home insurance marketed by Openbank4 

First 10 years: from 1.45%  NIR 
Rest of mortgage term:
from Euribor + 0.89%1   
1.45% variable APR3

Not arranging for your salary to be paid into your account or taking out home insurance marketed by Openbank4 

The applicable interest rate varies according to the term you choose. Term for primary home: 11 - 30 years.  

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Find out how much you could save!

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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?

  1. 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.  
  2. 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.
  1. 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.

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?

  1. 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.  
  2. 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.
  1. 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.)

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 31 October 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.

4 Applicable fee for full prepayment:

  • In variable interest-rate loan agreements, or in variable tranches of any other loan: 0.25% of the principal repaid early, when it is a full prepayment made during the first three years of the mortgage term.
  • For fixed-rate loan agreements or fixed tranches of any other loan:
    • 2% of the principal repaid early, when it is a full prepayment made during the first 10 years of the mortgage term.
    • 1.5% when the full prepayment is made during the rest of the mortgage term.

The amount charged for full prepayment will not exceed financial loss

The financial loss suffered by OPENBANK, if any, shall be calculated, in proportion with the reimbursed capital, by a negative difference between the outstanding capital at the time of the early redemption and the present market value of the loan.

The present market value will be calculated as the sum of the current value of the outstanding fees up to the next interest rate review and the current value of the outstanding capital at the time of the review had it not been cancelled early. The update interest rate will be the market rate that applies to the remaining time period until the next review. The applicable index for calculating market value will be the Interest Rate Swap (IRS) at 2, 3, 4, 5, 7, 10, 15, 20, and 30 year periods that will be published by the Bank of Spain and which a spread will be added. This spread will be fixed as the existing difference, at the time the transaction is signed, between the transaction interest rate and the IRS at the next closest installment to that time, until the next interest rate review date or until its maturity date.

The reference interest rate of the above that is closest to the outstanding period of the loan term from the early termination until the next interest rate review date or until its maturity date shall be applied.

The amount, if any, will be paid to Openbank when the reimbursement is formalised.

If you decide to pay the loan off early, please contact us in order to determine the exact level of compensation at that time.

5 Interest rates subject to the following discount conditions: (i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into OPENBANK. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with OPENBANK, or a deposit must be made from another bank into OPENBANK each month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, must be equal to or greater than €900 per month. If there are two or more holders, the minimum amount is €1,800 per month  (ii) the property/properties subject to the mortgage must be insured with the Home Insurance marketed by Openbank, S.A., Linked Bancassurance Operator.

If you do not meet any of the above discount conditions, the applicable interest rate that arises from failure to comply will vary and will be the result of an additional margin of 0.30% being added to the annual nominal interest if you do not meet the discount condition (i), 0.10% if you do not meet the discount condition (ii) and 0.40% if you do not meet either of the above conditions to be eligible for the discount.

All holders must have their tax residence in Spain and be the holder of a current account in Openbank from which repayments of the mortgage loan will be made. No arrangement or maintenance fees. Mortgage subject to Openbank's approval. 

The interest rate will be fixed during the initial period, both for the Open Variable-Rate Mortgage (first year) and the Mixed-Rate Mortgage (first 10 years). After the initial period, a resulting variable interest rate (12-month Euribor plus spread), with semi-annual review for the Open Variable-Rate Mortgage and annual review for the Open Mixed-Rate Mortgage, will be applied. For the Open Fixed-Rate Mortgage, a fixed interest rate will be applied for the entire term of the loan.

The interest rate to be applied will vary depending on the term you choose (Open Mixed-Rate and Fixed-Rate), and compliance with the terms and conditions.

Interest rates offered for mortgage loans intended for house purchases.

During the application periods of the variable interest rate, the Variable APR is provided for information purposes and is calculated under the theoretical assumption that the initial reference interest rate remains constant, throughout the term of the mortgage, given that the rate resulting from the revision carried out in subsequent years (the 12-month Euribor published in August 2021 (-0.491% plus a spread) is less than the initial interest rate. This Variable APR has been calculated on the assumption that the benchmark rates do not vary; therefore, this Variable APR will vary according to the revisions of the interest rate.

Notwithstanding the foregoing, you must be aware that when the fixed interest rate applicable during the initial interest period is less than the sum of the agreed spread and the benchmark index in effect on the date on which the mortgage is taken out, the APR will be calculated under the theoretical assumption that the initial reference rate remains constant, throughout the entire term of the mortgage, according to the 1-year Euribor published in August 2021 (-0.491%).

During the period in which the variable interest rate is applicable, if the sum of the benchmark interest rate (1-year Euribor) plus the differential applied in each case to the mortgage loan were to be negative, the mortgage loan would not involve interest payments in favour of the borrowers, although during that period of time the borrowers will not be required to pay interest.

6 Home Insurance provided by Zurich Insurance Plc, Sucursal en España, marketed by Open Bank, S.A., Linked Bancassurance Operaror, with Tax ID Number (NIF) A-28021079, through its distribution network. Open Bank, S.A., Linked Bancassurance Operator is registered in the D.G.S.F.P. [Directorate General for Insurance and Pension Funds] Registry, with nº OV-0081 and has valid agency contracts with Zurich Insurance Plc, Spain Branch; and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.

The APR and Variable APR have been calculated on the assumption that the mortgage agreement will be in effect for the agreed period of time, that there is no partial or full prepayment made, and that Openbank and the applicant will fulfil their obligations under the terms and conditions stipulated in the contract. Furthermore, the following has been considered in order to meet the discount conditions: (i) home insurance marketed by Openbank, S.A., Linked Bancassurance Operator, based on an estimated annual premium of €153.79 on a 100 m2 property located in Madrid, with a total value of €87,800.00 and a contents value of €22,000.00 (the premium for the first year was taken as a reference. Insurance premiums corresponding to the following annuities will be updated on an annual basis, as set forth in the individual terms of the applicable policy). Taking out the insurance is optional; however, policyholders will be eligible for more beneficial conditions.

The total amount payable in the representative examples includes: principal, interest and the insurance premium (the latter applies if discount conditions are met). The total cost payable indicated in the representative examples includes all expenses, including interest, fees, taxes, and any other expenses that you have to pay in relation to the loan contract and that are known to Openbank.

Representative example for a fixed  mortgage of €150,000 over 15 years:

There would be 180 monthly payments, the first 3 of which would be at 1.30% NIR: monthly payment of €917.67. If you do not meet discount conditions, the following fixed rate would apply to the remaining 177 payments: 1.70% NIR (1.70% APR), with monthly payments of €944.24, the total cost of €19,884.27 and the total amount payable of €169,884.27. If you do meet discount conditions, there would be 180 payments at he fixed rate: 1.30% NIR (1.50% APR), with monthly payments of €917.67, the total cost of €17,487.84 and the total amount payable of €167,487.84.

Representative example for a fixed mortgage of €150,000 over 25 years:

There would be 300 monthly payments, the first 3 of which would be at 1.45% NIR: monthly payment of €596.39. If you do not meet discount conditions, the following fixed rate would apply to the remaining 297 payments: 1.85% NIR (1.86% APR), with monthly payments of €624.62, the total cost of €37,299.86 and the total amount payable of €187,299.86. If you do meet discount conditions, there would be 300 payments at the fixed rate: 1.45% NIR (1.64% APR), with monthly payments of €596.39, the total cost of €32,760.86 and the total amount payable of €182,760.86.

Representative example for a mixed mortgage of €150,000 over 15 years:

There would be 180 monthly payments, the first 3 of which would be at 1.05% NIR: monthly payment of €901.04. If you do not meet discount conditions, the following fixed rate would apply to the remaining 177 payments: 1.45% NIR, with monthly payments of €927.31, the total cost of €16,839.99 and the total amount payable of €166,836.99. APR: 1.45%. If you meet discount conditions, there would be 180 repayments at the fixed rate of 1.05% for the amount of €901.04, with the total cost of €14,494.65 and the total amount payable of €164,494.65. APR: 1.25%.

Representative example for a mixed mortgage of €150,000 over 25 years:

There would be 300 monthly payments, the first 3 of which would be at 1.30% NIR: monthly payment of €585.91. If you do not meet discount conditions, the following fixed rate would apply to the remaining 297 payments: 1.70% NIR, with monthly payments of €613.83, the total cost of €34,065.24 and the total amount payable of €184,065.24. APR: 1.70%. If you meet discount conditions, there would be 300 repayments at the fixed rate of 1.70% for the amount of €585.91, the total cost of €29,617.75 and the total amount payable of €179,617.75. APR: 1.49%.

Representative example for a variable mortgage of €150,000 over 25 years:

Variable APR 2.37% calculated under the assumption that the applicant does not meet the conditions to be eligible for a discount. A 1.95% NIR is applied to the first 3 months and a rate of 2.35% is applied to the rest of the mortgage term. On this basis, there would be 3 monthly payments of €632.14 and 297 monthly payments of €661.38, at a total cost of €48,326.28 and the total amount payable of €198,326.28 (including capital and interest). If the applicant meets discount conditions, the applicable interest rate for the entire mortgage term would be 1.95 NIR (2.15% variable APR), with 300 monthly payments of €632.14, and a total cost of €43,486.75 and a total amount payable of €193,486.75.

However, please note that after the first year it is a variable-rate loan and that the amount of each mortgage repayment will vary from the expiry date of the period in which the initial fixed interest rate is applied (12 months), and then on a six-monthly basis, at the time of each interest rate review. At the time of each review the applicable mortgage payment will be calculated based on the benchmark index, 12-month Euribor, or a substitute benchmark index, if applicable, from the second calendar month prior to the date of the interest rate review, plus the corresponding spread.

French repayment system, whereby the loan principal and interest are repaid through regular scheduled monthly instalments, i.e. of the same amount, provided that the interest rate applicable during the settlement period does not change and no early repayments are made. Since interest accrues on the outstanding principal amount, as time passes the amount of the instalment used to repay the principal increases, while the interest payment portion will decrease, as the outstanding principal is reduced.

If the interest rate applicable to the loan increases due to an interest rate adjustment, then the amount of the instalment payable shall be increased. If, on the other hand, the interest rate which is applied falls, the amount of the instalment shall decrease.

The following mathematical formula is used to determine the amount of each monthly payment:

P= (i x c) x (1-(1+i)-n)-1, where "p" is the monhtly payment, "i" the annual nominal interest rate divided by 12, "c" the outstanding principal of the mortgage loan and “n” the number of outstanding months of the repayment period.

We use this formula to calculate interest on outstanding capital: I= (i x c), where "I" is the interest, "i" is the annual nominal interest rate divided by 12 and "c" is the outstanding principal of the mortgage loan.

The amount repaid by customers is the monthly payment minus interest.