No conditions are met1
From 2.65% TIN in the first 10 years
And from Euribor + 1.99%1rest years.
Variable APR: 2.83%2.
From 1.45% TIN in the first 10 years
And from Euribor + 0.79%1 for the rest of years.
Variable APR: 1.32%2.
No expenses or fees
We pay the appraisal fees as long as you apply through Openbank, and finally sign the mortgage loan with us3.
And also, without opening fees, partial or total amortization, subrogation or change of conditions.
Pre-approval on the spot and with a personal manager
Simulate easily and quickly. In less than 2 minutes you will know if your mortgage is pre-approved4
The application and monitoring of your mortgage is online and you will have a personal manager who will accompany you until you sign the purchase of your home.
Tipo de interés aplicable, sin cumplir condiciones1,
En función del porcentaje de financiación que solicites y del plazo que elijas.
|TIN fijo 10 primeros años||TIN Variable resto de años||TAEVariable|
|Hasta un 50%||2,65%||Euribor +1,99%1||2,83%2|
|Hasta un 70%||2,75%||Euribor +2,09%1||2,93%2|
|Hasta un 80%||2,85%||Euribor +2,19%1||3,03%2|
Interest rate applicable, meeting conditions1,
depending on the percentage and term of financing you apply for
|Fixed NIR first 10 years||Variable NIR rest of years||Variable APR|
|Up to 50%||1,45%||Euribor +0,79%1||1,32%2|
|Up to 70%||1,55%||Euribor +0,89%1||1,42%2|
|Up to 80%||1,65%||Euribor +0,99%1||1,53%2|
Applying for your mortgage is this easy
Calculate your mortgage repayment
Select the amount and term. We calculate your monthly repayment for three mortgage options. Choose the one that suits you best.
You find out immediately if it's pre-approved
The simulation is very quick. You'll find out straight away if your mortgage is pre-approved 4.
We grant you your mortgage
We analyse your data and if everything's correct we grant you the mortgage.
And you sign
You sign the loan and the purchase agreement at the Notary. You can now enjoy your new home!
Want to learn more about the Open Mixed Mortgage?
Anybody residing in Spain and of legal age, who, when his/her age and the term of the loan are added together, is not over 75 years. You can request it with a simple record and without having to open an account until the moment of formalisation.
For the first 10 years, the repayments are always the same, no matter how high or low the Euribor rises or falls. From the 11th year on, it will be updated annually with the applicable Euribor + 0.89%(1).
Whichever option you choose, Variable, Mixed or Fixed:
Openbank pays all the costs of appraisal.
That's right. Forget about the costs of the appraisal and registry verification.
For us to pay the appraisal and the registry verification you will need to have requested them through Openbank and arrange the mortgage loan with us. In this case, Openbank will refund the corresponding amount, after the signature, when the mortgage arrangement process is settled.
Please note that: charges refer to the arrangement of the mortgage loan and, in no case, to the sale transaction.
You don't pay fees either.
- No opening fee.
- No partial or total repayment fee.
- No subrogation fee.
- No fee to amend the terms.
It´s so easy and quick. You can complete the entire application on-line: complete the information require, upload documentation, etc. You will also be guided by a personal manager throughout the process, to make it even easier.
Up to two people may sign a mortgage deed.
The minimum amount is €30,000 and the maximum amount is 80% of one of the two following amounts, whichever is lower: (i) appraisal value or (ii) purchase and sale value, in a habitual residence; and 70% of the lesser of these amounts in a second residence, up to €3,000,000.
1 These interest rates will apply providing you meet the following requirement: Have your salary, pension or any other regular payment received by transfer as remuneration paid directly into Openbank, or make a deposit every month into Openbank from an account in another bank. For a sole holder, the amount of any of the above payments must be equal to or greater than €900 per month. If there are two or more owners, the minimum amount is €1,800 per month. You will have 3 months from the time the loan is arranged to have your salary, pension or any other regular payment received by transfer as remuneration paid directly into Openbank. If you do not meet the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding a spread of 1.20% to the annual nominal interest rate. All holders must be tax residents of Spain and hold a current account with Openbank as an operational medium for the mortgage loan. No arrangement or maintenance fees. Lending subject to approval by Openbank.
2 The Variable APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term and that Openbank and the applicant will comply with their obligations in accordance with the terms of the agreement. The following has also been taken into account: (i) compulsory insurance against fire and other damage: €150/year (approximate amount as its cost will depend on the company you choose to arrange it with).
After the tenth year, this is a variable interest rate loan. The variable APR is calculated using one-year Euribor published in February 2020 (-0.253%). This variable APR has been calculated on the assumption that the benchmark rates do not vary; therefore, this variable APR will vary with interest rate reviews. Annual review.
When the fixed interest rate applicable during the Initial Interest Period is higher than that resulting from the sum of the agreed spread and the reference rate in force at the trade date, this fixed interest rate will be used to calculate the APR for the entire life of the transaction.
Representative example for a 25-year €150,000 mortgage, to be repaid in 300 monthly instalments:
With a percentage of up to 50%, if the terms and conditions set out in (1) are not met: Variable APR 2.83. The first 3 months apply a rate of 1.45% NIR and the rest of the mortgage life a rate of 2.65% NIR. There would be three first monthly instalments of €596.39 and 297 monthly instalments of €683.46, with the total amount payable of €208,526.79 (including capital, interest and insurance premium). If the conditions indicated in (1) are met: Applying the fixed rate during the initial period, there would be 120 monthly instalments of €596,39, after which the variable period would start, which would consist of 180 monthly instalments of €557.14, with the total amount payable of €175,602.19 Variable APR: 1,32%
With a percentage of up to 70%, if the conditions stipulated in (1) are not met: Variable APR 2.93. The first 3 months apply a rate of 1.55% NIR and the remainder of the mortgage term a rate of 2.75% NIR. There would be three first monthly instalments of €603.43 and 297 monthly instalments of €691.11, with a total amount payable of €210.819.96 (including capital, interest and insurance premium). If the conditions indicated in (1) are met: Applying the fixed rate during the initial period, there would be 120 monthly instalments of €603.43, after which the variable period would start, which would consist of 180 monthly instalments of €563.83, with the total amount payable of €177,651.17 Variable APR: 1,42%
With a percentage of up to 80%, if the conditions stipulated in (1) are not met: Variable APR 3.03. The first 3 months apply a rate of 1.65% NIR and the rest of the mortgage life a rate of 2.85% NIR. There would be three first monthly instalments of €610.53 and 297 monthly instalments of €698.82, with the total amount payable of €213,131.13 (including capital, interest and insurance premium). If the conditions indicated in (1) are met: Applying the fixed rate during the initial period, there would be 120 monthly instalments of €610.53, after which the variable period would start, which would consist of 180 monthly instalments of €570.56, with the total amount payable of €179,715.32 Variable APR: 1,53%
To calculate the variable APR, if the resulting rate after the first 10 years is lower than the initial fixed rate, this rate is considered to be the fixed rate for the entire life of the operation.
The total amount payable indicated in the representative examples includes capital, interest and insurance premium.
Interest rates offered on mortgage loans for house purchases.
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 instalment:
P= (i x c) x (1-(1+i)-n)-1, where “p” is the instalment, “i” is the nominal annual interest rate divided by 12, “c” is the outstanding capital of the mortgage loan and “n” is the number of months of the repayment period outstanding.
We use the following formula to calculate the interest based on the outstanding capital: I= (i x c), where “I” is the interest, “i” is the nominal annual interest rate divided by 12 and “c” is the outstanding principal of the mortgage loan.
The amount repaid by customers is the instalment minus the interests.
3 Openbank will cover cost of the property valuations and land registration checks (summary report) provided that they are requested through Openbank, and the applicants eventually take out a mortgage loan with the entity. These expenses will be paid by the customer upfront, before the services are provided, and will be reimbursed by Openbank after the loan contract has been signed, when the mortgage application is liquidated. All the fees and charges indicated above refer to the arrangement of the mortgage loan and in no case to the purchase and sale transaction.
Openbank will pay €230 to customers who provide a valid appraisal carried out by an appraisal company approved by the Bank of Spain, provided that the customer signs the mortgage loan at Openbank before 31 May 2020, has not applied for the appraisal through Openbank and ultimately signs the loan with Openbank. This payment will be equivalent to the appraisal costs if the customer had asked for an appraisal in Openbank (€230 VAT not included). Customers will be paid this discount after signing the mortgage loan, when the mortgage file is settled.
4 The pre-approval will be issued assuming the veracity of the information provided to date and will be subject to a subsequent comprehensive risk analysis by Openbank's risk department, once the necessary information and supporting documentation have been obtained. Therefore, the pre-approval is indicative and does not in any case represent a binding offer or a confirmation of granting the mortgage loan. Consequently, Openbank shall not be liable if final denial of the mortgage loan application takes place or if the terms of a subsequent Binding Offer differ from those described based on market conditions or the obtaining of additional information on the applicant's preferences and financial conditions; thus the applicant, or any other addressees, must take all necessary precautions before using the information contained in the pre-approval letter, which they use at their own risk.