Fee-Free Open Mortgages
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Open Mortgages

Get a better interest rate with your salary, home and
life insurance marketed by Openbank, and setting up gas and
electricity supplies with Repsol.

Choose your mortgage at a fixed, mixed or variable rate

You can now get €300 when you take out your mortgage
by 31/10/22 (incl.). Take it out online now!


Calculate your repayments

Fixed-rate Mortgage

Fixed-interest rate over the course of the mortgage term1 regardless of variations in the Euribor.
 

From 2.29% NIR1 
3.10% APR2



Arranging for your salary to be paid directly into your account, taking out home and life insurance marketed by Openbank, and setting up electricity and gas supplies with Repsol. 

From 2.89% NIR1  
2.95% APR2
 



Not meeting discount conditions


The applicable interest rate varies according to the term and amount you choose. Term for primary home: 5 - 30 years.

If you finance between €150,000 and €400,000, the applicable interest rate is reduced by 0.10%.

 

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.
 

 

Calculate repayments

More information

Variable-rate Mortgage

Mortgage payments may go up or down every six months, depending on variations in the Euribor.
 

First year: from 1.70% NIR1
Rest of mortgage term:
Euribor + 0.70%1   
2.67% variable APR2

Arranging for your salary to be paid directly into your account, taking out home and life insurance marketed by Openbank, and setting up electricity and gas supplies with Repsol. 

First year: from 2.30% NIR1    
Rest of mortgage term:
Euribor + 1.30%1   
2.57% variable APR2


Not meeting discount conditions


The applicable interest rate varies according to the amount you choose. Term for primary home: 5 - 30 years.

If you finance between €150,000 and €400,000, the applicable interest rate is reduced by 0.10%.

 

This reduction will be applied to the interest rate resulting from the amount and option you choose, regardless of whether discount conditions are met.
 

 

Calculate repayments

More information

Mixed-rate Mortgage

Mortgage payments remain fixed for first ten years. From them on, they will be updated in line with current 12-month Euribor +0.65%1. 

First 10 years: from 2.24% NIR1   
Rest of mortgage term:
from Euribor + 0.65%1   
3.05% variable APR2

Arranging for your salary to be paid directly into your account, taking out home and life insurance marketed by Openbank, and setting up electricity and gas supplies with Repsol. 

First 10 years: from 2.84%  NIR1 
Rest of mortgage term:
from Euribor + 1.25%1   
2.90% variable APR2


Not meeting discount conditions


The applicable interest rate varies according to the term and amount you choose. Term for primary home: 11 - 30 years.  

If you finance between €150,000 and €400,000, 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.


 

Calculate repayments

More information

You decide

Get a better interest rate by arranging a direct deposit for your salary, taking out home and life insurance marketed by Openbank, and setting up gas and electricity supplies with Repsol.

Instant pre-approval

Calculate repayments and find out instantly if your mortgage is pre-approved5. No need to open an account at Openbank until you sign!

Personal mortgage advisor

A personal mortgage advisor will be with you every step of the way until you put pen to paper.

Save on fees

No arrangement, partial prepayment or subrogation fees. No fees for amending conditions. Fee for full prepayment* applies.

Why are you applying for a mortgage?

Solicitar hipoteca

Applying for your mortgage is simple

1

Work out your mortgage repayments with our calculator

Get a better interest rate by meeting discount conditions or meeting discount conditions1: arrange for your salary to be paid directly into your account, take out home insurance3, life insurance4, or set up electricity and gas supplies with Repsol.

2

Find out instantly if it is pre-approved

Fast calculation. You will know right away if your mortgage has been pre-approved5 .

3

Your mortgage is approved

We analyse your details and if everything is in order, we grant your mortgage.

 

4

Time to sign

You sign for the mortgage loan and deeds of sale at a notary's office. It's now time to enjoy your new home!

Calculate your mortgage repayments

If you've already started an application, click here.

Property purpose

Property type

Where is the house located?

Please select a location

How much does the home cost tax-free?

MIN. €40,000
MAX. €500,000
Importe de vivienda: 40.000 a 500.000€

How much do you want to borrow?

MIN. €30,000
MAX. €3,000,000

How long do you want to repay it over?

MIN. 5 years
MAX. 30 years
Term from 5 to 30 years.
Calculate
In order to apply for your mortgage, your tax residence must be in Spain

Want to learn more about the Open Mortgage?

Who can apply for a mortgage?

Anyone who is over 18 years old and resident in Spain. The sum of the applicant's age and the term of the mortgage must not exceed 80 years. Plus, you can apply by completing a simple registration process with no need to open an account until you put pen to paper and sign for the mortage.

What happens with the fees and charges?

No:

  • arrangement fees.
  • partial prepayment fees.
  • subrogation fees.
  • fees for amending conditions

Applicable fee for full prepayment:

- For variable interest loan agreements, or variable interest tranches of any other loan: 0.25% of the mortgage balance repaid early (full prepayment) during the first three years of the loan term. - For fixed interest loan agreements or fixed interest tranches of any other loan: 2% of the mortgage balance repaid early (full prepayment) during the first 10 years of the loan term. 1.5% when the full prepayment is made from the 11th year onwards. The fee for full prepayment will not exceed financial loss.

How does the Euribor affect my mortgage payment?

The interest rate of the Open Variable-Rate Mortgage will be reviewed every six months and the payments will be updated with the current 12-month Euribor rate plus the corresponding spread. Your mortgage payment can go up or down depending on the interest rate review with the corresponding 12-month Euribor.

The interest rate of the Open Mixed-rate Mortgage will be reviewed annually from year 10, and the payment will be updated with the current 12-month Euribor. Your mortgage payment can go up or down depending on the prevailing 12-month Euribor when the interest rate of your mortgage is reviewed.

How is the application process?

It's quick and simple. You can apply on the website by filling out your information and uploading documents, etc. You'll also be assisted by a personal advisor throughout the whole process, making sure everything runs smoothly.

How long does it take to sign for a mortgage?

It can vary: from 25 days and upwards. It particularly depends on when the personal documentation and paperwork for the property are submitted.

The mortgage process is completed in 3 stages:

  • Personal documentation: in general, you will be asked to provide proof of income, employment history report and personal income tax return.
  • Property documentation: the land registry report and valuation (appraisal). The valuation may be arranged by the customer or requested through the bank.
  • Signing the mortgage: by law, 2 visits must be made to the notary's office. Plus, a minimum period of 11 days is required from the date on which your mortgage is approved until you sign at the notary's office.

How many holders can the mortgage have?

 Up to two holders per mortgage.

What is the minimum and maximum amount you can apply for?

The minimum amount is €30,000 and the maximum amount is €3,000,000.

The maximum amount depends on three factors

  • Percentage of financing: it is possible to apply for up to 80% of financing for a primary home and 70% of a second residence. This percentage will be applied to the lowest of the following two amounts: the valuation price or purchase price.
  • Ability to meet payments: the monthly mortgage payment plus other expenses must not exceed 40% of your monthly net income. 
  • Mortgage term, which will also determine the monthly mortage payment. The age of the youngest of the applicants plus the mortgage term cannot exceed 75 years. 

This information is general and, of course, exceptions always apply. 

The purpose of these three criteria is to ensure you can meet your mortage payment obligations as well as other fixed expenses throughout the entire mortgage term. 

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

Taking out Home Insurance with Openbank is not cumpulsory, but if you take out the Home Insurance3 and Life Insurance4 from Zurich and marketed by Open Bank, S.A., you will pay less on your mortgage.

What is home insurance?

It is the insurance that covers the risks your home may suffer from, for example: secondary effects from electric short circuits, pipe breakages, miscellaneous failures, domestic accidents, accidents caused by weather, theft, etc. It also covers civil liability caused by damage or injuries to other people or their property, such as falling objects from windows or balconies, flooding on lower floors, etc.

What is life insurance?

Life insurance gives you financial protection in the event of the policy holder’s death, disability or other impediments. Life insurance is there to provide family members and close relatives with assistance when they need it most.

Which insurers provide the Home and Life Insurance marketed by Openbank?

Home Insurance coverage and guarantees are provided by Zurich Insurance plc, Sucursal en España, while Life Insurance coverage and guarantees are provided by Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Open Bank S.A., Linked Bancassurance Operator, with NIF [Numero de Identificación Fiscal (Spanish Tax Identification Number)] A28021079, acting as the broker for both kinds of insurance through its distribution network. The company is registered in the Registry of the Directorate General of Insurance and Pension Funds (Dirección General de Seguros y Fondos de Pensiones, D.G.S.F.P.) 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.

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

The interest rate applied to your Discounted Mortgage may vary depending on the products taken out. If you cancel the direct deposit for your salary, an additional margin of 0.30% is added to the discounted annual nominal interest rate; if you do not renew Home Insurance sold through Open Bank, S.A., Linked Bancassurance Operator, or you have outstanding payments due on your policy, 0.10% is added; if you do not renew Life Insurance sold in conjunction with the mortgage through Open Bank, S.A., Linked Bancassurance Operator, or outstanding payments are due, 0.10% is added; if you do not renew the Repsol electricity service, 0.05% is added; if you do not renew the Repsol gas service, 0.05% is added; and if none of the products entitling you to a reduction on your mortgage payments are in force, 0.60% will be added to the discounted nominal interest rate. You may or may not meet the conditions throughout your mortgage term. We will adapt the interest rate to your choices at all times.

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

Meeting discount conditions improves your interest rate and helps you save on your monthly payments as you have set up a direct deposit for your salary or pension and you have insured your new house with Zurich plc Home Insurance4 marketed by Openbank.

Failing to meet discount conditions means you do not need to set up a direct deposit for your salary or take out any insurance; however, in exchange, you will not be eligible for a discount on your mortgage. In other words, it is not cumpulsory to set up a direct deposit for your salary or take out the home insurance through us.

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

The first step is to provide the necessary documentation. You personal mortgage advisor will get in touch to let you know which documents are required to switch your mortgage to Openbank.

If you then also meet the discount conditions, set up a direct deposit for your salary, take out Home Insurance and Life Insurance through Openbank, and sign up for Repsol electricity and gas supplies, you will receive an additional discount of 0.60% on your mortgage interest rate. Openbank does not cover any applicable cancellation fees charged by your existing bank, although you can always finance the amount you need to cover them through Openbank.

For mortgages that are at least 1 year old and minimum monthly income of €1,500 (1 holder) and €2,000 (2 holders).

Can I cancel or switch my mortgage to another bank?

Subrogation consists of switching your mortgage from one bank to another. You can change certain aspects of the loan, including the interest or term.  The amount and interest rate cannot be changed, i.e., if your mortgage is fixed, mixed or variable.

In terms of cancellation, you can change any aspect of the loan, including the amount and interest rate. In this case, you would incur several costs including notary, administrative and registration fees.

You can switch your mortgage to Openbank by cancellation and save money each month. The process is simple, quick, online, and you will be accompanied by a personal mortgage advisor throughout the entire process.

Who can apply for a mortgage?

Anyone who is over 18 years old and resident in Spain. The sum of the applicant's age and the term of the mortgage must not exceed 80 years. Plus, you can apply by completing a simple registration process with no need to open an account until you put pen to paper and sign for the mortage.

What happens with the fees and charges?

No:

  • arrangement fees.
  • partial prepayment fees.
  • subrogation fees.
  • fees for amending conditions

Applicable fee for full prepayment:

- For variable interest loan agreements, or variable interest tranches of any other loan: 0.25% of the mortgage balance repaid early (full prepayment) during the first three years of the loan term. - For fixed interest loan agreements or fixed interest tranches of any other loan: 2% of the mortgage balance repaid early (full prepayment) during the first 10 years of the loan term. 1.5% when the full prepayment is made from the 11th year onwards. The fee for full prepayment will not exceed financial loss.

How does the Euribor affect my mortgage payment?

The interest rate of the Open Variable-Rate Mortgage will be reviewed every six months and the payments will be updated with the current 12-month Euribor rate plus the corresponding spread. Your mortgage payment can go up or down depending on the interest rate review with the corresponding 12-month Euribor.

The interest rate of the Open Mixed-rate Mortgage will be reviewed annually from year 10, and the payment will be updated with the current 12-month Euribor. Your mortgage payment can go up or down depending on the prevailing 12-month Euribor when the interest rate of your mortgage is reviewed.

How is the application process?

It's quick and simple. You can apply on the website by filling out your information and uploading documents, etc. You'll also be assisted by a personal advisor throughout the whole process, making sure everything runs smoothly.

How long does it take to sign for a mortgage?

It can vary: from 25 days and upwards. It particularly depends on when the personal documentation and paperwork for the property are submitted.

The mortgage process is completed in 3 stages:

  • Personal documentation: in general, you will be asked to provide proof of income, employment history report and personal income tax return.
  • Property documentation: the land registry report and valuation (appraisal). The valuation may be arranged by the customer or requested through the bank.
  • Signing the mortgage: by law, 2 visits must be made to the notary's office. Plus, a minimum period of 11 days is required from the date on which your mortgage is approved until you sign at the notary's office.

How many holders can the mortgage have?

 Up to two holders per mortgage.

What is the minimum and maximum amount you can apply for?

The minimum amount is €30,000 and the maximum amount is €3,000,000.

The maximum amount depends on three factors

  • Percentage of financing: it is possible to apply for up to 80% of financing for a primary home and 70% of a second residence. This percentage will be applied to the lowest of the following two amounts: the valuation price or purchase price.
  • Ability to meet payments: the monthly mortgage payment plus other expenses must not exceed 40% of your monthly net income. 
  • Mortgage term, which will also determine the monthly mortage payment. The age of the youngest of the applicants plus the mortgage term cannot exceed 75 years. 

This information is general and, of course, exceptions always apply. 

The purpose of these three criteria is to ensure you can meet your mortage payment obligations as well as other fixed expenses throughout the entire mortgage term. 

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

Taking out Home Insurance with Openbank is not cumpulsory, but if you take out the Home Insurance3 and Life Insurance4 from Zurich and marketed by Open Bank, S.A., you will pay less on your mortgage.

What is home insurance?

It is the insurance that covers the risks your home may suffer from, for example: secondary effects from electric short circuits, pipe breakages, miscellaneous failures, domestic accidents, accidents caused by weather, theft, etc. It also covers civil liability caused by damage or injuries to other people or their property, such as falling objects from windows or balconies, flooding on lower floors, etc.

What is life insurance?

Life insurance gives you financial protection in the event of the policy holder’s death, disability or other impediments. Life insurance is there to provide family members and close relatives with assistance when they need it most.

Which insurers provide the Home and Life Insurance marketed by Openbank?

Home Insurance coverage and guarantees are provided by Zurich Insurance plc, Sucursal en España, while Life Insurance coverage and guarantees are provided by Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Open Bank S.A., Linked Bancassurance Operator, with NIF [Numero de Identificación Fiscal (Spanish Tax Identification Number)] A28021079, acting as the broker for both kinds of insurance through its distribution network. The company is registered in the Registry of the Directorate General of Insurance and Pension Funds (Dirección General de Seguros y Fondos de Pensiones, D.G.S.F.P.) 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.

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

The interest rate applied to your Discounted Mortgage may vary depending on the products taken out. If you cancel the direct deposit for your salary, an additional margin of 0.30% is added to the discounted annual nominal interest rate; if you do not renew Home Insurance sold through Open Bank, S.A., Linked Bancassurance Operator, or you have outstanding payments due on your policy, 0.10% is added; if you do not renew Life Insurance sold in conjunction with the mortgage through Open Bank, S.A., Linked Bancassurance Operator, or outstanding payments are due, 0.10% is added; if you do not renew the Repsol electricity service, 0.05% is added; if you do not renew the Repsol gas service, 0.05% is added; and if none of the products entitling you to a reduction on your mortgage payments are in force, 0.60% will be added to the discounted nominal interest rate. You may or may not meet the conditions throughout your mortgage term. We will adapt the interest rate to your choices at all times.

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

Meeting discount conditions improves your interest rate and helps you save on your monthly payments as you have set up a direct deposit for your salary or pension and you have insured your new house with Zurich plc Home Insurance4 marketed by Openbank.

Failing to meet discount conditions means you do not need to set up a direct deposit for your salary or take out any insurance; however, in exchange, you will not be eligible for a discount on your mortgage. In other words, it is not cumpulsory to set up a direct deposit for your salary or take out the home insurance through us.

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

The first step is to provide the necessary documentation. You personal mortgage advisor will get in touch to let you know which documents are required to switch your mortgage to Openbank.

If you then also meet the discount conditions, set up a direct deposit for your salary, take out Home Insurance and Life Insurance through Openbank, and sign up for Repsol electricity and gas supplies, you will receive an additional discount of 0.60% on your mortgage interest rate. Openbank does not cover any applicable cancellation fees charged by your existing bank, although you can always finance the amount you need to cover them through Openbank.

For mortgages that are at least 1 year old and minimum monthly income of €1,500 (1 holder) and €2,000 (2 holders).

Can I cancel or switch my mortgage to another bank?

Subrogation consists of switching your mortgage from one bank to another. You can change certain aspects of the loan, including the interest or term.  The amount and interest rate cannot be changed, i.e., if your mortgage is fixed, mixed or variable.

In terms of cancellation, you can change any aspect of the loan, including the amount and interest rate. In this case, you would incur several costs including notary, administrative and registration fees.

You can switch your mortgage to Openbank by cancellation and save money each month. The process is simple, quick, online, and you will be accompanied by a personal mortgage advisor throughout the entire process.