Open Fixed Mortgage from 1.65% NIR ¹
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Open Fixed-Rate Mortgage
No valuation fees1


Get a better interest rate
by meeting discount
conditions2.
You pay the same every month without fees

Apply for your mortgage & only open your account once approved

Calculate your repayments

Transparency
You decide

Get a lower interest rate when you arrange for your salary to be paid into your account and/or take out Home Insurance marketed by3.

More simple

Instant pre-approval

Calculate your repayments and find out in 2 minutes if your mortgage is pre-approved4. Plus, no need to open an account at Openbank until you sign!

No valuation fees

No valuation fees1

We cover the fees when you request the appraisal through Openbank, and ultimately sign for the mortgage with us1.

percentage

More benefits!

No fees for arrangement, partial prepayment, subrogration or for changing conditions​. Full prepayment fees apply*.

Calculate your mortgage repayments

If you've already started an application, click here.

Property purpose

Property type

Where is the house located?

Please select a location

How much does the home cost tax-free?

MIN. €40,000
MAX. €500,000
Importe de vivienda: 40.000 a 500.000€

How much do you want to borrow?

MIN. €30,000
MAX. €3,000,000

How long do you want to repay it over?

MIN. 5 years
MAX. 30 years
Term from 5 to 30 years.
Calculate
In order to apply for your mortgage, your tax residence must be in Spain

Subject to meeting discount conditions2

From 2.02% NIR2 (2.32% APR5).

Arranging for your salary to be paid into your account and taking out Home Insurance marketed by Openbank3.

The applicable interest rate varies depending on the amount and term you choose.

Not subject to meeting discount conditions2

From 2.42% NIR2 (2.43% APR5).

The applicable interest rate varies depending on the amount and term you choose.

If you finance between €150,000 and €400,000, the applicable interest rate is reduced by 0.10%.

For mortgages above €400,000, please get in touch with us.

This reduction will be applied to the interest rate resulting from the amount, term and option you choose, regardless of whether discount conditions are met.

 

Applicable interest rate

Up to 15 years

16-20 years

21-25 years

26-30 years

Subject to discount conditions 2.02% NIR2 (2.32% APR5) 2.07% NIR2 (2.37% APR5) 2.17% NIR2 (2.46% APR5) 2.22% NIR2 (2.50% APR5)
Not subject to discount conditions 2.42% NIR2 (2.43% APR5) 2.47% NIR2 (2.49% APR5) 2.57% NIR2 (2.59% APR5) 2.62% NIR2 (2.64% APR5)

The interest rates shown in this table correspond to the highest percentage of applications. You should bear in mind that they may vary depending on the amount and, where applicable, the term finally requested.

Solicitar hipoteca

Applying for your mortgage is simple

1

Calculate your mortgage repayments

Without meeting discount conditions or meeting discount conditions2 to improve your interest rate, if you arrange for your salary to be paid directly into your account or take out home insurance through Openbank3.

2

Find out instantly if it is pre-approved

Fast calculation. You will know right away if your mortgage has been pre-approved4 .

3

Your mortgage is approved!

We analyse your details and if everything is in order, we approve your mortgage.

 

4

Time to sign

You sign for the mortgage loan at a notary's office. It's now time to enjoy your new home!

Want to learn more about the Open Fixed-Rate Mortgage?

Who can apply for the fixed-rate mortgage?

Any person who is over 18 years old and a resident in Spain. The sum of the applicant's age and the term of the mortgage must not exceed 80 years. You can apply for it following a simple registration process and with no need to open an account.

What are the expenses when you buy and mortgage a home?

There are two types of expenses: mortgage and home purchase costs. Both are processed at the same time at the notary's office, on the day you sign the necessary paperwork.

Mortgage costs: the customer only covers the valuation fees; all other expenses are paid by the bank.

Home purchase costs: these include notary, registration and administrative fees, as well as the purchase-related taxes: VAT if it is a new home or ITP (property transfer tax) for a resale property. These costs can range between 10% and 15% of the property value.

These expenses would be charged in any case, even if no mortgage was ultimately taken out.

If the Euribor goes up, will my mortgage payment go up?

With the Open Fixed-Rate Mortgage, you will pay the same amount every month, regardless of whether the Euribor goes up.

How is the application process?

It's quick and simple. You can apply on the website by filling out your information and uploading documents, etc. You'll also be assisted by a personal advisor throughout the whole process, making sure everything runs smoothly.

How long does it take to sign for a mortgage?

It can vary: from 25 days and upwards. It particularly depends on when the personal documentation and paperwork for the property are submitted.

The mortgage process is completed in 3 stages:

  • Personal documentation: in general, you will be asked to provide proof of income, employment history report and personal income tax return.
  • Property documentation: the land registry report and valuation (appraisal). The valuation may be arranged by the customer or requested through the bank.
  • Signing the mortgage: by law, 2 visits must be made to the notary's office. Plus, a minimum period of 11 days is required from the date on which your mortgage is approved until you sign at the notary's office.

How many holders can the mortgage have?

 Up to two holders per mortgage.

What is the minimum and maximum amount you can apply for?

The minimum amount is €30,000 and the maximum amount is €3,000,000.

The maximum amount depends on three factors

  • Percentage of financing: it is possible to apply for up to 80% of financing for a primary home and 70% of a second residence. This percentage will be applied to the lowest of the following two amounts: the valuation price or purchase price.
  • Ability to meet payments: the monthly mortgage payment plus other expenses must not exceed 40% of your monthly net income. 
  • Mortgage term, which will also determine the monthly mortage payment. The age of the youngest of the applicants plus the mortgage term cannot exceed 75 years. 

This information is general and, of course, exceptions always apply. 

The purpose of these three criteria is to ensure you can meet your mortage payment obligations as well as other fixed expenses throughout the entire mortgage term. 

Is it cumpulsory to take out Home Insurance marketed by Openbank with my Open Mortgage?

Taking out Home Insurance with Openbank is not cumpulsory, but if you arrange for your salary to be paid directly into your account and take out a Home Insurance policy from Zurich Insurance plc3 and marketed by Open Bank, S.A, Linked Bancassurance Operator, making sure that all payments are up to date,  you will pay less on your mortgage.

What is home insurance?

It is the insurance that covers the risks your home may suffer from, for example: secondary effects from electric short circuits, pipe breakages, miscellaneous failures, domestic accidents, accidents caused by weather, theft, etc. It also covers civil liability caused by damage or injuries to other people or their property, such as falling objects from windows or balconies, flooding on lower floors, etc.

With which insurer do you take out the Home Insurance marketed by Openbank?

Coverage and guarantees for this insurance are insured by Zurich Insurance PLC, Spanish Branch, whilst Open Bank S.A, Operador de Banca-Seguros Vinculado, with NIF (Tax ID Number) A28021079, acts as an insurance mediator through its distribution network. It is registered in the Directorate General of Insurance and Pension Funds with No. OV-0081 and has current agency contracts with Zurich Insurance plc, Spanish Branch and Zurich Vida, Compañía de Seguros y Reaseguros, S.A.

Civil liability and financial capacity covered under existing legislation.

What happens to my Discounted Open Mortgage if I cancel or do not renew my Home Insurance marketed by Openbank or cancel the direct deposit for my salary into Openbank?

The interest rate will vary. If you cancel the direct deposit for your salary, an additional margin of 0.30% is added to the discounted annual nominal interest rate; if you do not renew the Home Insurance marketed by Open Bank, S.A., Operador de Banca-Seguros Vinculado, or it is not up to date with payment, then 0.10% is added; and in the event you have not arranged for your salary to be paid directly into Openbank and have not taken out home insurance with us, 0.40% is added to the nominal interest. You can meet or fail to meet conditions throughout the term of the mortgage, and we will adapt the interest rate to what you decide at any time.

What is the difference between meeting or failing to meet discount conditions?

Meeting discount conditions improves your interest rate and helps you save on your monthly payment as you have set up a direct deposit for your salary or pension and you have insured your new house with the Home Insurance by Zurich Insurance plc3 and marketed by Openbank.

Failing to meet discount conditions means you do not need to set up a direct deposit for your salary or take out any insurance; however, in exchange, you will not be eligible for a discount on your mortgage. In other words, it is not cumpulsory to set up a direct deposit for your salary or take out the home insurance through us.

And if I already have a mortgage, how can I switch it to Openbank?

The first step will be to provide the necessary documentation. Your personal advisor will get in touch to let you know which documents are required to switch your mortgage to Openbank

In addition, Openbank bears the administration, notary and registration fees arising from the cancellation of your current mortgage at another bank provided that you take out an Open Fixed-rate Mortgage or Open Mixed-rate Mortgage for at least €150,000 before 30 June 2022 (included). Plus, if you qualify, by arranging for your salary to be paid directly into your account, and by taking out Home Insurance marketed by Openbank, you will be eligible for a 0.40% reduction on your mortgage rate. Openbank will not cover the possible cancellation fee applicable at your other bank, although it may be financed by Openbank.

For 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).

Can I cancel or switch my mortgage to another bank?

Subrogation consists of switching your mortgage from one bank to another. You can change certain aspects of the loan, including the interest or term.  The amount and interest rate cannot be changed, i.e., if your mortgage is fixed, mixed or variable.

In terms of cancellation, you can change any aspect of the loan, including the amount and interest rate. In this case, you would incur several costs including notary, administrative and registration fees.

You can switch your mortgage to Openbank by cancellation and save money each month. The process is simple, quick, online, and you will be accompanied by a personal mortgage advisor throughout the entire process.

Who can apply for the fixed-rate mortgage?

Any person who is over 18 years old and a resident in Spain. The sum of the applicant's age and the term of the mortgage must not exceed 80 years. You can apply for it following a simple registration process and with no need to open an account.

What are the expenses when you buy and mortgage a home?

There are two types of expenses: mortgage and home purchase costs. Both are processed at the same time at the notary's office, on the day you sign the necessary paperwork.

Mortgage costs: the customer only covers the valuation fees; all other expenses are paid by the bank.

Home purchase costs: these include notary, registration and administrative fees, as well as the purchase-related taxes: VAT if it is a new home or ITP (property transfer tax) for a resale property. These costs can range between 10% and 15% of the property value.

These expenses would be charged in any case, even if no mortgage was ultimately taken out.

If the Euribor goes up, will my mortgage payment go up?

With the Open Fixed-Rate Mortgage, you will pay the same amount every month, regardless of whether the Euribor goes up.

How is the application process?

It's quick and simple. You can apply on the website by filling out your information and uploading documents, etc. You'll also be assisted by a personal advisor throughout the whole process, making sure everything runs smoothly.

How long does it take to sign for a mortgage?

It can vary: from 25 days and upwards. It particularly depends on when the personal documentation and paperwork for the property are submitted.

The mortgage process is completed in 3 stages:

  • Personal documentation: in general, you will be asked to provide proof of income, employment history report and personal income tax return.
  • Property documentation: the land registry report and valuation (appraisal). The valuation may be arranged by the customer or requested through the bank.
  • Signing the mortgage: by law, 2 visits must be made to the notary's office. Plus, a minimum period of 11 days is required from the date on which your mortgage is approved until you sign at the notary's office.

How many holders can the mortgage have?

 Up to two holders per mortgage.

What is the minimum and maximum amount you can apply for?

The minimum amount is €30,000 and the maximum amount is €3,000,000.

The maximum amount depends on three factors

  • Percentage of financing: it is possible to apply for up to 80% of financing for a primary home and 70% of a second residence. This percentage will be applied to the lowest of the following two amounts: the valuation price or purchase price.
  • Ability to meet payments: the monthly mortgage payment plus other expenses must not exceed 40% of your monthly net income. 
  • Mortgage term, which will also determine the monthly mortage payment. The age of the youngest of the applicants plus the mortgage term cannot exceed 75 years. 

This information is general and, of course, exceptions always apply. 

The purpose of these three criteria is to ensure you can meet your mortage payment obligations as well as other fixed expenses throughout the entire mortgage term. 

Is it cumpulsory to take out Home Insurance marketed by Openbank with my Open Mortgage?

Taking out Home Insurance with Openbank is not cumpulsory, but if you arrange for your salary to be paid directly into your account and take out a Home Insurance policy from Zurich Insurance plc3 and marketed by Open Bank, S.A, Linked Bancassurance Operator, making sure that all payments are up to date,  you will pay less on your mortgage.

What is home insurance?

It is the insurance that covers the risks your home may suffer from, for example: secondary effects from electric short circuits, pipe breakages, miscellaneous failures, domestic accidents, accidents caused by weather, theft, etc. It also covers civil liability caused by damage or injuries to other people or their property, such as falling objects from windows or balconies, flooding on lower floors, etc.

With which insurer do you take out the Home Insurance marketed by Openbank?

Coverage and guarantees for this insurance are insured by Zurich Insurance PLC, Spanish Branch, whilst Open Bank S.A, Operador de Banca-Seguros Vinculado, with NIF (Tax ID Number) A28021079, acts as an insurance mediator through its distribution network. It is registered in the Directorate General of Insurance and Pension Funds with No. OV-0081 and has current agency contracts with Zurich Insurance plc, Spanish Branch and Zurich Vida, Compañía de Seguros y Reaseguros, S.A.

Civil liability and financial capacity covered under existing legislation.

What happens to my Discounted Open Mortgage if I cancel or do not renew my Home Insurance marketed by Openbank or cancel the direct deposit for my salary into Openbank?

The interest rate will vary. If you cancel the direct deposit for your salary, an additional margin of 0.30% is added to the discounted annual nominal interest rate; if you do not renew the Home Insurance marketed by Open Bank, S.A., Operador de Banca-Seguros Vinculado, or it is not up to date with payment, then 0.10% is added; and in the event you have not arranged for your salary to be paid directly into Openbank and have not taken out home insurance with us, 0.40% is added to the nominal interest. You can meet or fail to meet conditions throughout the term of the mortgage, and we will adapt the interest rate to what you decide at any time.

What is the difference between meeting or failing to meet discount conditions?

Meeting discount conditions improves your interest rate and helps you save on your monthly payment as you have set up a direct deposit for your salary or pension and you have insured your new house with the Home Insurance by Zurich Insurance plc3 and marketed by Openbank.

Failing to meet discount conditions means you do not need to set up a direct deposit for your salary or take out any insurance; however, in exchange, you will not be eligible for a discount on your mortgage. In other words, it is not cumpulsory to set up a direct deposit for your salary or take out the home insurance through us.

And if I already have a mortgage, how can I switch it to Openbank?

The first step will be to provide the necessary documentation. Your personal advisor will get in touch to let you know which documents are required to switch your mortgage to Openbank

In addition, Openbank bears the administration, notary and registration fees arising from the cancellation of your current mortgage at another bank provided that you take out an Open Fixed-rate Mortgage or Open Mixed-rate Mortgage for at least €150,000 before 30 June 2022 (included). Plus, if you qualify, by arranging for your salary to be paid directly into your account, and by taking out Home Insurance marketed by Openbank, you will be eligible for a 0.40% reduction on your mortgage rate. Openbank will not cover the possible cancellation fee applicable at your other bank, although it may be financed by Openbank.

For 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).

Can I cancel or switch my mortgage to another bank?

Subrogation consists of switching your mortgage from one bank to another. You can change certain aspects of the loan, including the interest or term.  The amount and interest rate cannot be changed, i.e., if your mortgage is fixed, mixed or variable.

In terms of cancellation, you can change any aspect of the loan, including the amount and interest rate. In this case, you would incur several costs including notary, administrative and registration fees.

You can switch your mortgage to Openbank by cancellation and save money each month. The process is simple, quick, online, and you will be accompanied by a personal mortgage advisor throughout the entire process.