Variable-Rate Mortgage
Meeting discount conditions1:
Nominal interest rate from: Euribor +0.79%1.
1.99% NIR for the first year.
Variable APR: 2.19%2.
Arranging for your salary to be paid into an Openbank account and taking out Home Insurance through us.
Without meeting discount conditions1:
Nominal interest rate from: Euribor +1.19%1.
2.39% NIR for the first year
Variable APR: 2.41%2.
The applicable interest rate varies depending on the percentage of financing you apply for. Find out more
Fixed-Rate Mortgage
Meeting discount conditions1:
From 1.30% NIR1 ( 1.50% APR2).
Arranging for your salary to be paid into an Openbank account and taking out Home Insurance through us.
Without meeting discount conditions1:
From 1.70% NIR1 ( 1.70% APR2).
The applicable interest rate varies depending on the percentage of financing you apply for and the term you choose. Find out more
Mixed-Rate Mortgage
Meeting discount conditions1:
From 1.45% NIR for the first 10 years.
and from Euribor + 0%1 for the remainder of the term.
Variable APR: 1.65%2.
Arranging for your salary to be paid into an Openbank account and taking out Home Insurance through us.
Without meeting discount conditions1:
From 1.85% NIR for the first 10 years.
and from Euribor + 0.40%1 for the remainder of the term.
Variable APR: 1.85%2.
The applicable interest rate varies depending on the term you choose. Find out more
With a personal mortgage advisor
To make it even easier for you, you will be assigned a personal mortgage advisor who will assist you throughout the process until you purchase your home. You can apply for and track the progress of your mortgage online.
Applicable fee for full prepayment:
- For variable-rate mortgages, or during variable-rate tranches of any other mortgage: 0.25% of the remaing mortgage balance repaid early (full prepayment) during the first three years of the mortgage term.
- For fixed-rate mortgages, or fixed-rate tranches of any other mortgage:
2% of the remaining mortgage balance repaid early (full prepayment) during the first 10 years of the mortgage term; or,
1.5% when the full prepayment is made during the remainder of the mortgage term.
The amount charged for full prepayment will not exceed financial loss5.
Calculate your repayments
If you've already started an application, click here.
Want to know more about the mortgage calculator?
How do you calculate your mortgage?
When buying a home it is important to know which options are available to you as a customer. Our online mortgage calculator allows you to:
- Apply for your online mortgage in just a few minutes, no matter where you are.
- Consult the amount of your monthly repayment and the fees and expenses associated with your home purchase.
How does our mortgage calculator work?
Simply choose from the available options according to the house you would like to purchase:
- Primary home or second home.
- If it is new or resale home.
- The Autonomous Region where it is located.
Next, you will need to enter:
- The cost of the property. Bear in mind that if it is new, you should enter the amount withou VAT in the field "how much does the home cost tax-free?".
- The amount you would like to borrow.
- How long you would like to repay it over.
Lastly, click on “Calculate” and the tool will simulate your online mortgage with the different options available (with a fixed, variable or mixed-rate mortgage) so that you can decide which type best meets your needs.
What type of Discounted Mortgage do you prefer?
- Open Fixed-Rate Mortgage: The monthly mortgage payment will remain the same over the term of the loan, regardless of variations in the Euribor.
- Open Variable-Rate Mortgage: The monthly mortgage payment may go up or down every six months, depending on variations in the Euribor.
- Open Mixed-Rate Mortgage: The monthly mortgage payment will remain fixed for the first 10 years. From then on, it will be updated according to the current Euribor rate at the time.
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.
The interest rate will be fixed during the initial period, both for the Open Variable-Rate Mortgage (first year) and the Mixed-Rate Mortgage (first 10 years). After the initial period, a resulting variable interest rate (Euribor plus spread), with semi-annual review for the Open Variable-Rate Mortgage and annual review for the Open Mixed-Rate Mortgage, will be applied. For the Open Fixed-Rate Mortgage, a fixed interest rate will be applied for the entire term of the loan.
The interest rate to be applied will vary depending on the percentage of financing you apply for (Open Fixed-Rate and Variable-Rate Mortgages), the term you choose (Open Mixed-Rate and Fixed-Rate), and compliance with the terms and conditions.
During the period in which the variable interest rate is applicable, if the sum of the benchmark interest rate (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.
During the application periods of the variable interest rate, the Variable APR is provided for information purposes and is calculated under the theoretical assumption that the initial reference interest rate remains constant, throughout the term of the mortgage, given that the rate resulting from the revision carried out in subsequent years (the 1-year Euribor published in October 2020 (-0.415% plus a spread) is less than the initial interest rate. This Variable APR has been calculated on the assumption that the benchmark rates do not vary; therefore, this Variable APR will vary according to the revisions of the interest rate.
Notwithstanding the foregoing, you must be aware that when the fixed interest rate applicable during the initial interest period is less than the sum of the agreed spread and the benchmark index in effect on the date on which the mortgage is taken out, the APR will be calculated under the theoretical assumption that the initial reference rate remains constant, throughout the entire term of the mortgage, according to the 1-year Euribor published in October 2020 (-0.415%).
2 The APR and Variable APR have been calculated on the assumption that the mortgage agreement will be in effect for the agreed period of time, that there is no partial or full prepayment made, and that Openbank and the applicant will fulfil their obligations under the terms and conditions stipulated in the contract. Furthermore, the following has been considered in order to meet the discount conditions: (i) home insurance marketed by Openbank, S.A., Linked Bancassurance Operator, based on an estimated annual premium of €153.79 on a 100 m2 property located in Madrid, with a total value of €87,800.00 and a contents value of €22,000.00 (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.
3Openbank 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 December 2020, the valuation has not been requested through Openbank and the loan is ultimately signed with the bank. This rebate will be equivalent to the valuation fees as if it had been requested through Openbank (€230.00 excluding VAT) and will be made, after signing, when the mortgage file settlement has been completed.
4 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.
5 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, if any, 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.