How to apply for a mortgage to buy your home

Learn about the mortgage application process, step by step

Calculate your monthly mortgage repayments

home
Tell us more about your home
Enter the basic property details in the relevant mortgage calculator fields: is the property a new-build or pre-owned? Where is it located? What’s the purchase price? How much money do you need to borrow? etc.
Pay less each month
Pay less each month
Improve the interest rate by meeting the discount criteria*: setting up a direct deposit for your salary/pension, taking out home and/or life insurance through Openbank** and getting your electricity and gas through Repsol.
And that's it!
And that's it!
Following the calculation, find out straight away if your mortgage has been pre-approved! We will also email you a personalised pre-approval letter.

The Openbank website is your treasure map

On the website, you can quickly check on the progress of your mortgage application, find out if any documentation is required and see the steps to complete before signing the final documents.

If you are a customer

Simply log in to the Customer Area on the website and go to the “Loans and Mortgages” section.

If you are not a customer

You do not need to open an Openbank account to apply. You will be given access to an exclusive area showing your mortgage application status. You can access it through the Customer Area on the Openbank website using the code received by SMS after calculating your Open Mortgage.

Let’s get to know each other better

Access your application at any time through the Customer Area on the Openbank website using the code received by SMS. Confirm your details and attach the following documentation:

  • Image of both sides of your DNI (National ID document), if you are not an Openbank customer.
  • Most recent statement of any loans or mortgages you have at other banks.
If you are employed
You need to submit:
  • Personal income tax (IRPF) return for the previous tax year.
  • Your two most recent payslips and bank slips showing that they were deposited in your account. If you changed job in the last year, you will need to provide your employment contract or (if this is not possible) your six most recent payslips and the bank slips showing that the last three were deposited in your account.
  • Employment history report. Apply for this online via the Social Security website.
If you are self-employed
You need to submit:Find out more
If you are a pensioner
You need to submit:Find out more

Now, let’s find out more about your future home

You must request the land registry certificate and the official valuation of your future home to continue the mortgage application.

Land registry certificate

This is used to find out more about your future home: description, location, current owners, encumbrances (for example, a previous mortgage), etc.

This copy of the land registry certificate must be less than three months old. If you don’t have a copy, Openbank can provide you with a personal mortgage advisor to help you request the land registry extract for the property.

Valuation

This indicates the value of the property, which allows financial institutions to determine the maximum loan amount***.

You can provide a valuation as part of your mortgage application when this information is less than six months old. You can also request it with the help of an Openbank personal mortgage advisor.

Time to put pen to paper

Once your documentation has been reviewed and your application approved, it’s time to put pen to paper and sign the mortgage documentation!

Depending on the regulations, you may be able to sign the mortgage documentation after at least ten days have elapsed from the digital signature date of the pre-contractual documentation.

This may require two visits to the notary:

First visit

The notary will explain everything related to your mortgage and answer any questions you may have.

Second visit

You will sign the mortgage documentation and the purchase and sale deeds for your new home. Please note that this visit will need to take place on a different date from that of your first visit.

Don’t worry about the dates! Openbank will assign you a personal mortgage advisor to guide you through the application process and to meet all the deadlines.

And that’s it! You can now start to enjoy your new home!

Now you know how to apply for a mortgage, it’s time to start dreaming of your new home!

Need any help?

Email us at hipotecas@openbank.es or call us on 900 100 349.

* Interest rates are subject to the following discount criteria: (i) if the mortgage is for your primary home: set up an Openbank direct deposit for your salary, pension or any other type of government benefit. In the case of a second home and/or self-employed person: set up an Openbank direct deposit for your salary, pension or any other type of regular payment, or set up a monthly transfer from an account at another bank to your Openbank account. For a single holder, the amount of any of the above items – both for a primary home and second home and/or for self-employed workers – must be equal to or greater than €900 per month. For two or more holders, the minimum monthly amount is €1,800 (ii) the mortgaged property(ies) must be covered by home insurance sold through Open Bank, S.A., Operador de Banca-Seguros Vinculado; (iii) the mortgage holder(s) must be covered by the life insurance sold with their mortgage through Open Bank, S.A., Operador de Banca-Seguros Vinculado. This life insurance policy must be current, set up as a direct deposit, and paid through an Openbank account held by the mortgage holder(s), and must insure 100% of the capital financed by the holder(s); (iv) the mortgage holder(s) must sign up for the Repsol, S.A., electricity service for the mortgaged property(ies), which must be fully paid by direct debit through their Openbank account using the link provided by Openbank at all times; and (v) the mortgage holder(s) must sign up for the Repsol, S.A., gas service for the mortgaged property/(ies), which must be fully paid by direct debit through their Openbank account using the link provided by Openbank at all times.

If you do not to meet any of the above discount criteria, the applicable interest rate from the moment the criteria are not met will vary as follows: 0.30% will be added to the annual nominal interest if you do not meet discount criterion (i); 0.10% will be added if you do not meet discount criterion (ii); 0.10% will be added if you do not meet discount criterion (iii); 0.05% will be added if you do not meet discount criterion (iv); 0.05% will be added if you do not meet discount criterion (v); and 0.60% will be added if you do not meet any of the above discount criteria.

All holders must have their tax residence in Spain and hold an Openbank current account from which mortgage loan repayments will be made. No opening or maintenance fees. Mortgage subject to Openbank approval.

** Home Insurance provided by Zurich Insurance plc, Sucursal en España, and sold through Open Bank S.A., Operador de Banca-Seguros Vinculado, with Spanish Tax Identification Number (NIF) A-28021079, through its distribution network. Openbank is registered at the Registry of the Directorate General for Insurance and Pension Funds (D.G.S.F.P) under number OV-0081 and has valid agency agreements with Zurich Insurance plc, Sucursal en España, and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity are covered pursuant to the applicable law.

Life Insurance provided by Zurich Vida, Compañía de Seguros y Reaseguros, S.A., sold through Open Bank, S.A., Operador de Banca-Seguros Vinculado, with Spanish Tax Identification Number (NIF) A-28021079, through its distribution network. Openbank is registered at the Registry of the Directorate General for Insurance and Pension Funds (D.G.S.F.P) under number OV-0081 and has valid agency agreements with Zurich Insurance plc, Sucursal en España, and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity are covered pursuant to the applicable law.

*** The maximum amount to be financed for a primary home shall not exceed 80% of the lower amount of the following: valuation price or purchase and sale amount; 70% of these amounts will be used as the threshold in the case of a second home.