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 in August 2019 (-0.283%). 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 between 22 July and 30 September 2019, 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..