Variable Mortgage
Without the conditions:
From Euribor + 1.991%.
3.19% TIN 1st year
Variable APR: 3.38%2
Meeting conditions:
From Euribor + 0.79%1.
1.99% TIN 1st year
Variable APR: 0.94%2
The applicable interest rate varies depending on the percentage of financing you apply for. View more
Fixed Mortgage
Without the conditions:
From 2.65%TIN1 (2.83% APR2).
Meeting conditions:
From 1.45% TIN1 (1.65% APR2).
The applicable interest rate varies depending on the percentage of financing you apply for and the term you choose. View more
Mixed Mortgage
Without the conditions:
From 2.65% TIN in the first 10 years
From Euribor + 1.99%1 rest.
Variable APR: 2.83%2.
Meeting conditions:
From 1.45% TIN in the first 10 years
From Euribor + 0.79%1 rest.
Variable APR: 1.36%2.
The applicable interest rate varies depending on the percentage of financing you apply for. View more
With a personal manager
The application and follow-up of your mortgage is online and to make it even easier for you, you will have a personal manager who will be with you until you sign to buy your house.
Calculate your repayments
If you've already started an application, click here.
Want to know more about the mortgage calculator?
When buying a home it's important to know the options you have as a customer. With our online mortgage calculator you can:
- Apply for your mortgage online in just a few minutes, from anywhere.
- Find out the amount of your repayments and the costs involved in the purchase of your home.
You only have to choose the options based on the home you want to buy:
- Primary home or second home.
- Whether it's a new home or a resale home.
- The Autonomous Community where it's located.
Then you must enter:
- The price of the home. Please note that if it's a new home, you must include the price without VAT in the field "How much does the home cost?”.
- The amount you need to finance the purchase.
- How long you want to repay this amount.
Finally, click on "Calculate" and the calculator will calculate your mortgage online with the different alternatives (fixed, variable or mixed interest rates) so you can decide which one suits your preferences best.
Any person who meets the following requirements:
- A resident in Spain.
- Of legal age, but currently under the age of 75, plus the time period requested for the mortgage.
- To prove fixed income from a job as an employee, self-employed person or from a pension held by of either mortgage holder.
- We examine your application without study charges and without you having to open an Openbank account until you decide to sign your mortgage.
- You will have a personal adviser who will keep you informed, at all times, about the status of your application until it is signed.
- In addition, if you enter into the mortgage with us, you recover the expenses of the valuation and the land registry extract as long as you have applied for it through Openbank.
- Open Fixed Mortgage: the peace of mind of always paying the same.
- Open Variable Mortgage: adapted to Euribor. During the variable interest rate application period, the amount of your repayment may increase or decrease.
- Open Mixed Mortgage: you will pay the same for an agreed period of time and then adapt to the Euribor.
Calculate your payments online and discover how much your Open Mortgage payments would be for any of the available options.
Repayment of your Open Fixed Mortgage will always be the same. It doesn’t matter if the Euribor increases or decreases because the interest rate is the same throughout your mortgage period.
After the first year, the interest rate of the Open Variable Mortgage will be reviewed every six months depending on the Euribor applicable at the time of revision, therefore the repayment may increase or decrease depending on what happens to the index.
Yes, the Euribor can affect the repayment of an Open Mixed Mortgage, only during the variable period. For the first 10 years, the interest rate is fixed and the repayment is always the same. After the first 10 years, the Open Mixed Mortgage will be reviewed on an annual basis and your repayment will be updated according to the Euribor applicable at the time of revision plus the spread you have signed.
There are a number of non-mortgage related charges you must consider when buying your new home.
If you want to know the approximate purchase and sale charges, use the calculator by entering the following details:
- If you are buying a first or second home.
- If the property is new or second hand.
- The autonomous community in which it is located.
- The property price without tax.
- The money you want to apply for in your mortgage agreement.
- The time you wish to take to repay it.
Once these details have been entered, press “Calculate” and click the “View APR charges and conditions” option to find out the estimated purchase and sale charges.
Furthermore, you can check whether, if you take the mortgage out with us, you will recover the expenses of the valuation and the land registry extract, as long as you have applied for it through Openbank. The completion of a valuation is a requirement to take out a mortgage with any bank.
Of course, before you sign the mortgage, the administrative office will provide a detailed breakdown of all the fees for your new home. However, to start familiarising yourself with the terms of the charges associated with the purchase of a house, we provide you with additional information:
Charges associated with a purchase and sale deed that you must take on:
- Property Registry: the charges associated with putting the house that you have purchased in your name.
- Notary: the charges for the public deed related to the purchase of the property.
- Administrative office: the administrative office fees for arranging the purchase and sale signature.
- LDA or Legal Documented Acts: this is a tax payable on the purchase and sale price of the property. Its amount varies according to the autonomous community.
- VAT or IGIC/ITP: if the property you purchase is new you’ll have to pay VAT (or IGIC, if you live in the Canary Islands) and if it is second hand, you will pay the Impuesto de Transmisiones Patrimoniales (ITP) [Spanish Tax on Property Transfers].
Charges associated with arranging the Open mortgage:
- Arrangement fee: 0%
- Charges currently associated with arranging the Open mortgage: Registration, Notary, Administrative office and Tax are assumed by the bank in accordance with applicable regulations. Below you can see the breakdown:
- Property Registry: 0 Euros
- Notary: 0 Euros
- Administrative office: 0 Euros
- Legal Documented Acts (LDA): 0 Euros
- Valuation and land registry extract expenses will be assumed by Openbank in the event that the valuation is requested through Openbank and you arrange the mortgage with us.
Very easy and fast. Request your Open Mortgage anytime, via the website, with minimal details and no need to open an account until your mortgage is approved.
In addition, you will have a personal adviser who will track the entire process, from your mortgage application to the signature, and who you can consult with regarding any queries.
There may be up to two mortgage holders.
The minimum amount for the Open Mortgage is €30,000 and the maximum amount is €3,000,000.
However, please note that you can request a maximum of 80% for a main residence and 70% for a second residence below the following values:
- Valuation price.
- Purchase and sale price.
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.
The interest rate will be fixed, during the initial period, both for the Open Variable Mortgage (first year) and the Mixed Mortgage (first 10 years). Once the initial period has elapsed, a resulting variable interest rate (Euribor plus differential) will be applied, with a six-monthly review for the Open Variable Mortgage and an annual review for the Open Mixed Mortgage. In the Open Fixed Mortgage, a fixed interest rate will be applied for the entire life of the loan.
The applicable interest rate will vary depending on the percentage of financing and the fulfilment of the conditions.
Interest rates offered on mortgage loans for house purchases.
During periods when the variable interest rate is applied, the VariableAPR is provided for information purposes and is calculated under the theoretical assumption that the initial benchmark interest rate remains constant throughout the life of the operation, based on the one-year Euribor published in July 2020 (-0.147%). This VariableAPR has been calculated on the assumption that the benchmark indexes do not vary; therefore, this VariableAPR will vary due to interest rate adjustments.
2 The APR and the Variable APR were 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).
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 December 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.
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.