Open Mortgages
free of charges or fees
and only with your salary or income
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How does it work? The payment may increase or decrease every six months, depending on changes in Euribor. Term for main residence: from 5 to 30 years.
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Variable interest rate Nominal interest rate from: Euribor + 0.79%1. Variable APR: 0.90%2. The applicable interest rate varies |
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No charges or fees • €0 appraisal charges3. • €0 opening fee. • €0 partial or total repayment. • €0 subrogation. • €0 amendment to terms. |
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How does it work? The payment will always be the same throughout the term of the loan. Regardless of whether Euribor increases or decreases. Term for main residence: from 5 to 30 years.
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Fixed interest rate From 1.65% NIR1 (1.85% APR2). Up to 2.45% NIR1 (2.64% APR2). The applicable interest rate varies |
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No charges or fees • €0 appraisal charges3. • €0 opening fee. • €0 partial or total repayment. • €0 subrogation. • €0 amendment to terms. |
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How does it work? For the first ten years your payment always remains fixed. From then on it will be updated annually with the applicable Euribor from Euribor + 0.79%1. Term for main residence: from 11 to 30 years. |
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Mixed interest rate NIR from 1.65% for the first 10 years and the rest Euribor + 0.79%1. Variable APR 1.48%2 The applicable interest rate varies
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No charges or fees • €0 appraisal charges3. • €0 opening fee. • €0 partial or total repayment. • €0 subrogation. • €0 amendment to terms. |
Applying for your mortgage is this easy
Calculate your mortgage repayment
Select the amount and term. We calculate your monthly repayment for three mortgage options. Choose the one that suits you best.
You find out immediately if it's pre-approved
The simulation is very quick. You'll find out straight away if your mortgage is pre-approved 4.
We grant you your mortgage
We analyse your data and if everything's correct we grant you the mortgage.
And you sign
You sign the loan and the purchase agreement at the Notary. You can now enjoy your new home!
Want to learn more about the Open Mortgage?
Anyone who is over 18 years old and resident in Spain with a Current Account in Openbank. The sum of the applicant's age and the term of the mortgage must not exceed 75 years. At least one of the holders must prove fixed income from employment, self-employed or pension.
Whichever option you choose, Variable, Mixed or Fixed:
Openbank pays all the costs of appraisal your mortgage.
That's right. Forget about the costs of the appraisal and registry verification.
For us to pay the appraisal and the registry verification you will need to have requested them through Openbank and arrange the mortgage loan with us. In this case, Openbank will refund the corresponding amount, after the signature, when the mortgage arrangement process is settled.
Please note that: charges mentioned above refer to the arrangement of the mortgage loan and, in no case, to the sale transaction.
You don't pay fees either.
- No opening fee.
- No partial or total repayment fee.
- No subrogation fee.
- No fee to amend the terms.
The interest rate of the Open Variable Mortgage will be reviewed every six months and the payments will be updated with the current Euribor rate. Your mortgage payment can go up or down depending on the interest rate review with the corresponding Euribor.​​​​​​​
It is fast and straightforward. You can do it all online, for example completing information, uploading documentation, etc. Additionally you will have a personal manager throughout the whole process, to make it even easier.
Up to two holders per mortgage.​​​​​​​
The minimum loan amount is € 30,000 and the maximum is 80% of the lower of the following amounts: (i) appraised property value or (ii) agreed purchase price, for first property; and 70% of the lower of these amounts for a second property, up to € 3,000,000.
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 July 2019 (-0.190%). 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.
4 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.
