Meeting discount conditions1
From 1.15% NIR for the first 10 years and from 12-month Euribor + 0.49%1 for the remainder of the term.
Variable APR: 1.35%2.
Arranging for your salary to be paid directly into your account and taking out Home Insurance through Openbank3.
Without meeting discount conditions1
From 1.55% NIR for the first 10 years and from 12-month Euribor +0.49%1 for the remainder of the term.
Variable APR: 1.55%2.
No valuation fees
We cover your mortgage valuation fees and there are no arrangement, partial prepayment, subrogation or change in conditions fees4.
Applicable full prepayment fee*.
Instant pre-approval and assistance from a personal mortgage advisor
Quickly and easily calculate your mortgage payment. In less than 2 minutes you'll know if your mortgage is pre-approved5
You will be assigned a personal mortgage advisor who will assist you throughout the whole process until you purchase your home.
Calculate your repayments
If you've already started an application, click here.
Applicable interest rate, when discount conditions1 are met,
according to the term you choose.
Fixed NIR for first 10 years | Variable NIR for remainder of term | Variable APR | |
11 - 15 years | 1.15% | 12-month Euribor + 49%1 | 1.35%2 |
16 - 20 years | 1.30% | 12-month Euribor + 49%1 | 1.50%2 |
21 - 25 years | 1.40% | 12-month Euribor + 49%1 | 1.59%2 |
26 - 30 years | 1.50% | 12-month Euribor + 49%1 | 1.69%2 |
Applicable interest rate, when discount conditions1 are not met,
according to the term you choose.
Fixed NIR for first 10 years | Variable NIR for remainder of term | Variable APR | |
11 - 15 years | 1.55% | 12-month Euribor + 0.89%1 | 1.55%2 |
16 - 20 years | 1.70% | 12-month Euribor + 0.89%1 | 1.70%2 |
21 - 25 years | 1.80% | 12-month Euribor + 0.89%1 | 1.81%2 |
26 - 30 years | 2.15% | 12-month Euribor + 0.89%1 | 1.91%2 |
*Applicable full prepayment fee:
2% of the remaining mortgage balanace repaid early (full prepayment) during the first 10 years of the mortgage term.
0% when the full prepayment is made during the remainder of the mortgage term.
The amount charged for full prepayment will not exceed financial loss6.

Applying for your mortgage is simple
Calculate your mortgage repayments
Without meeting discount conditions or meeting discount conditions to improve your interest rate, if you arrange for your salary to be paid directly into your account or take out home insurance with us3.
Find out instantly if it is pre-approved
Fast calculation. You will know right away if your mortgage has been pre-approved5 .
We grant your mortgage!
We analyse your details and if everything is in order, we grant your mortgage.
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 Mixed Mortgage?
Who can apply for the mixed-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 75 years. You can apply for it following a simple registration and with no need to open an account.
What happens with the fees and charges?
No matter which option you choose, Variable, Mixed or Fixed:
Openbank covers the valuation fees for your mortgage.
That's it. Forget about valuation and land registry report fees.
In order for us to pay the valuation and land registry verification fees, you must have requested them through our us and take out the mortgage loan with Openbank. In this case, Openbank will return the corresponding amount, after signing, when the mortgage file is settled.
Please note that these fees refer to the signing of the mortgage loan agreement and under no circumstances to the home purchase process.
No:
- arrangement fees.
- partial prepayment fees.
- subrogation fees.
- fees for amending conditions
Applicable fee for full prepayment:
- 2% of the remaining mortgage balanace repaid early (full prepayment) during the first 10 years of the mortgage term.
- 0% when the full prepayment is made during the remainder of the mortgage term.
How does the Euribor affect my mortgage payment?
The interest rate of the Open Variable Mortgage will be reviewed every six months and the payments will be updated with the current 12-month Euribor rate plus the corresponding spread. Your mortgage payment can go up or down depending on the prevailing 12-month Euribor when the interest rate of your mortgage is reviewed.
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 many holders can the mortgage have?
Up to two holders per mortgage.
What is the minimum and maximum amount you can apply for?
You can apply for up to 80% for a primary residence and 70% for a second residence. This percentage will be applied to the lowest of the following amounts: valuation price or purchase price.
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.
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.
1 Interest rates subject to the following discount conditions: (i) a salary, pension or any other type of periodic benefit received by transfer as remuneration must be set up with Openbank. For a single holder, the amount of any of the above items 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. At least one of the mortgage holders must have proof of fixed income from work as an employee, self-employed person or from a pension (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.
2 The APR has been calculated for a representative example of a total mortgage loan of €150,000 over 15, 20, 25 and 30 years, to be repaid in 180, 240, 300 and 360 monthly payments, respectively, and under the assumption that the mortgage agreement shall be in effect for the agreed period of time and that Openbank and the applicant will fulfil their obligations under the conditions stipulated in the contract. Furthermore, the following has been considered for the calculation, to meet the discount conditions: (i) home insurance marketed by Openbank S.A, the Linked Bancassurance Operator, based on an estimated premium of €153.79 euros on a 100 m2 property located in Madrid, with a total value of €87,800.00 euros and a contents value of €22,000.00 euros (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. These Variable APR calculations, the repayment amount, total cost and total amount have been calculated assuming that the interest rate is maintained throughout the validity of the contract at the level fixed for the initial period, the first 10 years, since the variable interest rate to be applied during the variable period at the current date, 12-month Euribor January 2021 (-0.497% plus the spread), is less than the fixed rate of the initial period, therefore this Variable APR will vary with the interest rate reviews. Annual review.
However, please note that once the first 10 years have passed, 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 (120 months), and then on an annual basis, at the time of each interest rate review. At the time of each review the applicable premium 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.
Representative example for a mortgage of €150,000 over 15 years:
The first 3 months at 1.15% NIR: monthly payment of €907.27. If you do not meet discount conditions, from month 4, the following fixed rate would apply: 1.55% NIR, with monthly payments of €934.06, the total cost of €18,051.63 and the total amount payable of €168,051.63. APR: 1.55%. If you meet discount conditions, there would be 180 repayments at the fixed rate of 1.15% for the amount of €907.68, with the total cost of €15,688.05 and the total amount payable of €165,688.05. APR: 1.35%
Representative example for a mortgage of €150,000 over 20 years:
The first 3 months at 1.30% NIR: monthly payment of €710.10. If you do not meet discount conditions, from month 4, the following fixed rate would apply: 1.70% NIR, with monthly payments of €737.37, the total cost of €26,886.99 and the total amount payable of €176,886.99. APR: 1.70%. If you meet discount conditions, there would be 240 repayments at the fixed rate of 1.30% for the amount of €710.11, the total cost of €28,501.00 and the total amount payable of €173,501.00. APR: 1.50%
Representative example for a mortgage of €150,000 over 25 years:
The first 3 months at 1.40% NIR: monthly payment of €592.88. If you do not meet discount conditions, from month 4, the following fixed rate would apply: 1.80% NIR, with monthly payments of €621.01, the total cost of €36,281.61 and the total amount payable of €176,886.99. APR: 1.81%. If you meet discount conditions, there would be 300 repayments at the fixed rate of 1.40% for the amount of €592.88, the total cost of €31,708.75 and the total amount payable of €181,708.75. APR: 1.59%
Representative example for a mortgage of €150,000 over 30 years:
The first 3 months at 1.50% NIR: monthly payment of €517.68. If you do not meet discount conditions, from month 4, the following fixed rate would apply: 1.90% NIR, with monthly payments of €546.73, the total cost of €46,735.65 and the total amount payable of €196,735.65. APR: 1.91%. If you meet discount conditions, there would be 360 repayments at the fixed rate of 1.50% for the amount of €517.68, the total cost of €40,978.50 and the total amount payable of €190,978.50. APR: 1.69%
The total amount payable in the representative examples includes the principal, interest and the insurance premium. The insurance premium is only applicable if discount conditions are met.
The total amount payable in the representative examples includes all expenses, including interests, fees, taxes and any other expenses that you have to pay in relation to the loan contract and that are known to Openbank.
During the period in which the variable interest rate is applicable, if the sum of the benchmark interest rate (12-month 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.
Interest rates offered for mortgage loans intended 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 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.
3 Home Insurance provided by Zurich Insurance Plc, Spain Branch, 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.
4 Openbank will bear the valuation and land registry verification fees (land registry report) as long as they are requested through Openbank and the mortgage agreement is ultimately signed with the bank. These expenses will be paid by the customer in advance and will be refunded by Openbank, after signing, once the mortgage file settlement has been completed. The abovementioned expenses relate to the arrangement of the mortgage loan and under no circumstances to the home purchase transaction.
In addition, Openbank will issue a rebate of €230 for customers who provide a valid valuation by an appraisal firm accredited by the Bank of Spain, provided that the mortgage agreement with Openbank is signed before 31 March 2021, the valuation is not carried out through Openbank and the loan is ultimately signed with the bank. This rebate will be equivalent to the valuation charges as if it had been requested from Openbank (€230.00 excluding VAT) and will be made, after signing, when the mortgage file settlement has been completed.
5 Pre-approval will be issued on the presumption of the accuracy of the information provided to date and will be subject to the subsequent performance of a comprehensive risk analysis by the Openbank risk department, once the necessary information and supporting documentation has been obtained. Accordingly, pre-approval is of an indicative nature and does not in any event constitute a Binding Offer nor a confirmation of granting the mortgage loan. Accordingly, Openbank shall not be liable for the final rejection of the mortgage loan or the terms of a subsequent Binding Offer other than those described depending on market conditions or having obtained additional information about their preferences and financial conditions; therefore, the applicant or any other recipient must take all necessary precautions before using the data contained in the pre-approval letter, which they use at their own risk.
6 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 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.