Open Mixed-rate Mortgage

No need to open an account until you sign

Need help? Contact our mortgage specialists
You decide
You decide
Get a reduced rate by arranging a direct deposit for your salary and taking out home and life insurance sold by Openbank.
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Instant pre-approval
Calculate your repayments and find out if your mortgage has been pre-approved4 in just 2 minutes. Plus, no need to open an account at Openbank until you sign!
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Personal mortgage advisor
A personal mortgage advisor will be with you every step of the way until you put pen to paper.
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Save on fees!
No fees for arrangement, partial prepayment, subrogation or for changing conditions​. Full prepayment fees apply*.

Calculate your mortgage repayments

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Property purpose

Primary homeSecond home

Property type

New homeResale home
Min. €40,000Max. €4,000,000
Min. €30,000Max. 3,000,000.00 €
Min. 5 yearsMax. 30 years
In order to apply for your mortgage, your tax residence must be in Spain. *You can apply for up to 80% of the value of the property for a primary home and up to 70% for a second home.
Need help? Contact our mortgage specialists
Subject to meeting discount conditions*

From 2.63% NIR1 for the first 10 years and from 12-month Euribor + 0.55%for the remainder of the term.


Variable APR: 3.39%2.


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

Not subject to meeting discount conditions*

From 3.13% NIR1 for the first 10 years and from 12-month Euribor + 1.05%1 for the remainder of the term.


Variable APR: 3.59%2.


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


 

If you finance more than €150,000, the applicable interest rate is reduced by 0.10% (for the fixed-rate term).


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 subject to meeting discount conditions1

 Fixed NIR for first 10 yearsSpreadVariable APR
11 to 15 years2.63%112-month Euribor + 0.55%13.39%2
16 to 20 years2.68%112-month Euribor + 0.55%13.59%2
21 to 25 years2.74%112-month Euribor + 0.55%13.75%2
26 to 30 years2.76%112-month Euribor + 0.55%13.84%2

 

Applicable interest rate not subject to meeting discount conditions2

 Fixed NIR for first 10 years*SpreadVariable APR
11 to 15 years3.13%112-month Euribor + 0.55%13.59%2
16 to 20 years3.18%112-month Euribor + 0.55%13.80%2
21 to 25 years3.24%112-month Euribor + 0.55%13.97%2
26 to 30 years3.26%112-month Euribor + 0.55%14.07%2

*When the discount conditions are not met: for mortgage repayment terms of 11 to 15 years, a fixed interest rate of 2.63% NIR for the first 3 months and 3.13% NIR from month 4 to month 120 shall be applied; for terms of 16 to 20 years, 2.68% NIR and 3.18% NIR, respectively; for terms of 21 to 25 years, 2.74% NIR and 3.24% NIR, respectively; for terms of 26 to 30 years, 2.76% NIR and 3.26% NIR, respectively.

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.

Applying for your mortgage is simple

paso 1
Calculate your mortgage repayments
Improve the interest rate by meeting the following discount conditions1: set up a direct deposit for your salary and take out home insurance3 and life insurance4 marketed by OPENBANK.
paso 2
Find out instantly if it is pre-approved
Fast calculation. You will know right away if your mortgage has been pre-approved5 .
paso 3
We’ll study your application
We analyse your details and if everything is in order, we approve your mortgage.
paso 4
Put pen to paper
You need to visit the notary's office twice, once to sign the deeds of sale, and then the mortgage loan.

*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.

Discover how to improve the cost of your mortgage with our discounts:


Get a 0.50% discount on the non-reduced fixed interest rate when you take out or sign up for the following products and services. This is optional, but it can help you pay less for your mortgage:

Set up a direct deposit for your income

You can get the following benefits when you set up a direct deposit for your income.
  • If your mortgage is for your primary residence, you must set up a direct deposit for your salary, pension or any other type of social benefit greater than or equal to €900 when there is one holder, and greater than or equal to €1,800 in the case of two holders.
  • If the mortgage is for a second home or you are self-employed, you must set up a direct deposit for your salary, pension or any other benefit paid by bank transfer, or set up a recurring monthly deposit from an account at another bank to your Openbank account. For a single holder, the value of this transfer must be greater than or equal to €900 per month. If there are two or more holders, the minimum amount is €1,800 per month.

 

In this case, 30% discount will be applied to the non-reduced interest rate.

Home Insurance

You can get the following benefits when you take out Home Insurance.Find out more

Life Insurance

You can get the following benefits when you take out Life Insurance.Find out more

Want to learn more about the Open Mixed-rate Mortgage?

Who can apply for the mixed-rate mortgage?

 
What about the fees?

How does the Euribor affect my mortgage payment?

How is the application process?

How long does it take to sign for a mortgage?

How many people can appear on the mortgage?

What is the minimum and maximum mortgage loan amount available?

Is it compulsory to take out home insurance and life insurance marketed by Openbank with my Open Mortgage?

What is home insurance?

 
What is life insurance?

Which insurance company provides the home insurance and life insurance sold by Openbank?

What happens to my Discounted Open Mortgage if I cancel or do not renew the products that provide a reduced interest rate?

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

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

Can I cancel or switch my mortgage to another bank?

Is Openbank adhered to the Code of Good Practice?

How can I benefit from the measures of the Code of Good Practice?

Get in touch with our mortgage specialists

Get in touch with our mortgage specialists

Whether you’re a customer or not, we have a team of mortgage experts on hand Monday to Friday from 09:00 a.m. to 09:00 p.m. to answer all your questions.

91 276 22 98 or 900 81 18 55

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By pressing “Send”, you accept that Openbank may contact you using the number and name you have provided, with the sole purpose of responding to your request. We will not store or use the information you have provided for any other purpose. You may exercise your rights at any time and in accordance with current legislation by emailing: privacy@openbank.es. For further information on data protection, visit: www.openbank.es/en/privacy-cookies.

1 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. (iii) The mortgage holder(s) must be covered by the life insurance sold with their mortgage through Open Bank, S.A. Linked Bancassurance Operator. This life insurance policy must be current, arranged by direct deposit through an Openbank account held by the mortgage holders, and must insure 100% of the capital financed by one or between all of the holders.

When you do not meet any of the above discount conditions, the applicable interest rate will vary: 0.30% will be added to the discounted annual nominal interest if you do not meet discount condition (i); 0.10% will be added if you do not meet discount condition (ii); ‭‬0.10% will be added if you do not meet discount condition (iii); and 0.50% will be added if you do not meet any of the above discount conditions. 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 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 €202.07 euros on a 100 m2 property located in Madrid, with a total value of €92,400 euros and a contents value of €23,100 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). (ii) life insurance sold through Open Bank, S.A., Linked Bancassurance Operator, for a 36-year-old holder, who has insured 100% of the loan amount, with an estimated annual premium of €250 (taking the first year premium as the benchmark. The insurance premiums will be updated annually in following years. This amount will vary depending on the age of the customer, the outstanding capital and the related coverage and services). - Home and life insurance are optional, but taking out these policies gives you more beneficial conditions.

The Variable APR indicated includes the valuation amount. The estimated charges for this item are €314.60 (including VAT, and any applicable IGIC - Impuesto General Indirecto Canario [General Indirect Tax in the Canary Islands] or IPSI - Impuesto sobre la Producción, los Servicios y la Importación [Tax on Production, Services and Imports in Ceuta and Melilla]).

The calculation of the APR and Variable APR without meeting discount conditions includes compulsory property damage insurance: €202.07/year. Openbank does not sell property damage insurance, so the amount indicated here is for guidance purposes only and has taken into account the premium resulting from calculating home insurance sold by Openbank (with greater cover than damage insurance) on a home located in Madrid of 100 m2, with a building value of €92,400 and a contents value of €23,100. This amount is an initial estimate that may vary depending on the cover and associated services that are actually taken out; therefore, the amount set out in your policy at the time it is taken out will apply. Likewise, you must bear in mind that the amount indicated in this section is an estimate for the first year's premium. Openbank cannot determine the premium for the remaining years, as it will vary according to the policy taken out and the technical conditions of the insurance company, without implying any link to Openbank.

These Variable APR calculations, the repayment amount, total cost and total amount have been calculated on the basis of the fixed interest rate during the initial period and the interest rate that will be applied during the variable-rate period, based on the assumption that the benchmark interest rate, the 12-month Euribor published in February (3.609%) remains constant at the last known rate, to which the relevant spread is added, given that the variable interest rate for the variable period is higher than the initial fixed rate at the time this information is provided.

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 mixed-rate mortgage of €150,000 over 15 years:

If you do not meet discount conditions, there would be an initial fixed period with 3 monthly payments at 2.63% NIR of €1,009.39. From month 4 to 120, at 3.13% NIR, with a monthly payment of €1,044.72. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in February 2024 (3.609%) + 1.05% NIR would apply. There would be 60 monthly payments of €1,084.64, a total cost of €43,684.25, and a total amount payable of €193,684.25. 3.59% APR.

If you meet discount conditions, the following fixed rate would apply to the first 120 payments: 2.63% NIR, with monthly payments of €1,009.39. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in February 2024 (3.609%) + 0.55% NIR would apply. There would be 60 monthly payments of €1,048.14, the total cost of €41,110.85 and the total amount payable of €191,110.85. APR: 3.39%.

Representative example for a mortgage of €150,000 over 20 years:

If you do not meet discount conditions, there would be an initial fixed period with 3 monthly payments at 2.68% NIR of €808.07. From month 4 to 20, at 3.18% NIR, with a monthly payment of €845.05. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in February 2024 (3.609%) + 1.05% would apply. There would be 120 monthly payments of €905.90, a total cost of €64,359.00, and a total amount payable of €214,359.00: 3.80% APR

If you meet discount conditions, the following fixed rate would apply to the first 120 payments: 2.68% NIR, with monthly payments of €808.07. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in February 2024 (3.609%) + 0.55% NIR would apply. There would be 120 monthly payments of €866.82, the total cost of €60,342.80 and the total amount payable of €210,342.80. APR: 3.59%.

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

If you do not meet discount conditions, there would be an initial fixed period with 3 monthly payments at 2.74% NIR of €691.20. From month 4 to 120, at 3.24% NIR, with a monthly payment of €729.84. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in February 2024 (3.609%) + 1.05% NIR would apply. There would be 180 monthly payments of €803.59, a total cost of €87,477.88, and a total amount payable of €237,477.88. 3.97% APR.

If you meet discount conditions, the following fixed rate would apply to the first 120 payments: 2.74% NIR, with monthly payments of €691.20. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in February 2024 (3.609%) + 0.55% NIR would apply. There would be 180 monthly payments of €762.07, the total cost of €81,732.95 and the total amount payable of €231,732.95. APR: 3.75%.

Representative example for a mortgage of €150,000 over 30 years:

If you do not meet discount conditions, there would be an initial fixed period with 3 monthly payments at 2.76% NIR of €613.16. From month 4 to 120, at 3.26% NIR, with a monthly payment of €653.34. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in February 2024 (3.609%) + 1.05% NIR would apply. There would be 240 monthly payments of €738.00, a total cost of €111,778.08, and a total amount payable of €261,778.08. 4.07% APR.

If you meet discount conditions, the following fixed rate would apply to the first 120 payments: 2.76% NIR, with monthly payments of €613.16. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in February 2024 (3.609%) + 0.55% NIR would apply. There would be 240 monthly payments of €694.20, the total cost of €104,063.90 and the total amount payable of €254,063.90. APR: 3.84%.

The total amount payable in the representative examples includes the principal, interest and the home and life insurance premiums. 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.

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 Life insurance by Zurich Vida, Compañía de Seguros y Reaseguros, S.A., sold through Open Bank, S.A., Linked Bancassurance Operator, with NIF [Numero de Identificación Fiscal (Spanish Tax Identification Number)] A-28021079, through its distribution network. Openbank is registered in the D.G.S.F.P. Registry under No. OV-0081 and has valid agency contracts 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.

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.