Fixed-rate Mortgage
Fixed-interest rate over the course of the mortgage term1 regardless of variations in the Euribor.
From 2.02% NIR1
2.32% APR3
Arranging for your salary to be paid directly into your account and taking out home insurance marketed by Openbank4
From 2.42% NIR1
2.43% APR3
Not arranging for your salary to be paid into your account or taking out home insurance marketed by Openbank4
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%.
For mortgages above €400,000, please get in touch with us.
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.
Variable-rate Mortgage
Mortgage payments may go up or down every six months, depending on variations in the Euribor.
First year: 1.69% NIR
Rest of mortgage term:
Euribor + 0.89%1
1.98% variable APR3
Arranging for your salary to be paid directly into your account and taking out home insurance marketed by Openbank4
First year: 2.09% NIR
Rest of mortgage term:
Euribor + 1.29%1
2.10% variable APR3
Not arranging for your salary to be paid into your account or taking out home insurance marketed by Openbank4
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%.
For mortgages above €400,000, please get in touch with us.
This reduction will be applied to the interest rate resulting from the amount and option you choose, regardless of whether discount conditions are met.
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 1.97% NIR
Rest of mortgage term:
from Euribor + 0.65%1
2.27% variable APR3
Arranging for your salary to be paid directly into your account and taking out home insurance marketed by Openbank4
First 10 years: from 2.37% NIR
Rest of mortgage term:
from Euribor + 1.05%1
2.38% variable APR3
Not arranging for your salary to be paid into your account or taking out home insurance marketed by Openbank4
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).
For mortgages above €400,000, please get in touch with us.
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.
You decide
Improve your mortgage payments by setting up a direct deposit for your salary and taking out Home Insurance marketed by4.
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!
No valuation fees2
We cover valuation fees as long as you request it through Openbank, and ultimately take out the mortgage with us2.
With competitive conditions!
No arrangement, partial prepayment, or subrogation fees. No fees for amending conditions. Fee for full prepayment applies.
Why are you applying for a mortgage?

Applying for your mortgage is simple
Calculate your mortgage repayments
Without meeting discount conditions or meeting discount conditions1 to improve your interest rate, if you arrange for your salary to be paid directly into your account or take our home insurance with Openbank4.
Find out instantly if it is pre-approved
Fast calculation. You will know right away if your mortgage has been pre-approved5 .
Your mortgage is approved
We analyse your details and if everything is in order, we grant your mortgage.
Time to sign
You sign for the mortgage loan 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.
Applicable fee for full prepayment:
- In variable interest-rate loan agreements, or in variable tranches of any other loan: 0.25% of the principal repaid early, when it is a full prepayment made during the first three years of the mortgage term.
- For fixed-rate loan agreements or fixed tranches of any other loan: 2% of the principal repaid early, when it is a full prepayment made during the first 10 years of the mortgage term. 1.5% when the full prepayment is made during the rest of the mortgage term.
The amount charged for full prepayment will not exceed financial loss6.
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 are the expenses when you buy and mortgage a home?
There are two types of expenses: mortgage and home purchase costs. Both are processed at the same time at the notary's office, on the day you sign the necessary paperwork.
Mortgage costs: the customer only covers the valuation fees; all other expenses are paid by the bank.
Home purchase costs: these include notary, registration and administrative fees, as well as the purchase-related taxes: VAT if it is a new home or ITP (property transfer tax) for a resale property. These costs can range between 10% and 15% of the property value.
These expenses would be charged in any case, even if no mortgage was ultimately taken out.
What happens with the fees and charges?
No matter which option you choose, Variable, Mixed or Fixed:
Openbank covers the valuation fees for your mortgage.
That's it. Forget about valuation and land registry report fees.
In order for us to pay the valuation and land registry verification fees, you must have requested them through our us and take out the mortgage loan with Openbank. In this case, Openbank will return the corresponding amount, after signing, when the mortgage file is settled.
Please note that these fees refer to the signing of the mortgage loan agreement and under no circumstances to the home purchase process.
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 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 through Openbank with my Open Mortgage?
Taking out Home Insurance with us is not cumpulsory, but if you arrange for your salary to be paid directly into your account and take out a Home Insurance4 marketed by Open Bank, S.A, Operador de Banca-Seguros Vinculado, making sure that all payments are up to date, 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.
With which insurer do you take out the Home Insurance marketed by Openbank?
Coverage and guarantees for this insurance are insured by Zurich Insurance PLC, Spanish Branch, whilst Open Bank S.A, Operador de Banca-Seguros Vinculado, with NIF (Tax ID Number) A28021079, acts as an insurance mediator through its distribution network. It is registered in the Directorate General of Insurance and Pension Funds with No. OV-0081 and has current agency contracts with Zurich Insurance plc, Spanish Branch and Zurich Vida, Compañía de Seguros y Reaseguros, S.A.
Civil liability and financial capacity covered under existing legislation.
What happens to my Discounted Open Mortgage if I cancel or do not renew my Home Insurance marketed by Openbank or cancel the direct deposit for my salary into Openbank?
The interest rate will vary. 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 the Home Insurance marketed by Open Bank, S.A., Operador de Banca-Seguros Vinculado, or it is not up to date with payment, then 0.10% is added; and in the event you have not arranged for your salary to be paid directly into Openbank and have not taken out home insurance with us, 0.40% is added to the nominal interest. You can meet or fail to meet conditions throughout the term of the mortgage, and we will adapt the interest rate to what you decide at any time.
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 will be to provide the necessary documentation. Your personal advisor will get in touch to let you know which documents are required to switch your mortgage to Openbank.
In addition, Openbank bears the administration, notary and registration fees arising from the cancellation of your current mortgage at another bank provided that you take out an Open Fixed-rate Mortgage or Open Mixed-rate Mortgage for at least €150,000 before 30 June 2022 (included). Plus, if you qualify, by arranging for your salary to be paid directly into your account, and by taking out Home Insurance marketed by Openbank, you will be eligible for a 0.40% reduction on your mortgage rate. Openbank will not cover the possible cancellation fee applicable at your other bank, although it may be financed by Openbank.
For mortgages that are at least 1 year old. The mortgage holder must have a 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.
1 Interest rates subject to the following discount conditions: (i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into OPENBANK. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with OPENBANK, or a deposit must be made from another bank into OPENBANK each month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, 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 (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 (12-month 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 term you choose (Open Mixed-Rate and Fixed-Rate), and compliance with the terms and conditions.
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 12-month Euribor published in June 2022 (0.287% 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 June 2022 (0.287%).
During the period in which the variable interest rate is applicable, if the sum of the benchmark interest rate (1-year 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.
2 Openbank 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.
3 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.
The total amount payable in the representative examples includes: principal, interest and the insurance premium (the latter applies if discount conditions are met).
The total cost payable indicated in the representative examples includes all expenses, including interest, fees, taxes, and any other expenses that you have to pay in relation to the loan contract and that are known to Openbank.
Representative example for a fixed mortgage of €100,000 over 15 years:
There would be 180 monthly payments, the first 3 of which would be at 2.02% NIR: monthly payment of €644.43. If you do not meet discount conditions, the following fixed rate would apply to the remaining 177 payments: 2.42% NIR (2.43% APR), with monthly payments of €662.74, the total cost of €19,237.43 and the total amount payable of €119,237.43. If you do meet discount conditions, there would be 180 payments at he fixed rate: 2.02% NIR (2.32% APR), with monthly payments of €644.43, the total cost of €18,304.26 and the total amount payable of €118,304.26.
Representative example for a fixed mortgage of €100,000 over 25 years:
There would be 3000 monthly payments, the first 3 of which would be at 2.17% NIR: monthly payment of €432,18. If you do not meet discount conditions, the following fixed rate would apply to the remaining 297 payments: 2.57% NIR (2.59% APR), with monthly payments of €451.97, the total cost of €35,531.15 and the total amount payable of €135,531.15. If you do meet discount conditions, there would be 300 payments at the fixed rate: 2.17% NIR (2.46% APR), with monthly payments of €432.18, the total cost of €33,498.56 and the total amount payable of €133,498.56.
Representative example for a mixed mortgage of €100,000 over 15 years:
There would be 180 monthly payments, the first 3 of which would be at 1.97% NIR: monthly payment of €642.13. If you do not meet discount conditions, the following fixed rate would apply to the remaining 177 payments: 2.37% NIR, with monthly payments of €660.39, the total cost of €18,815.42 and the total amount payable of €118,815.42. APR: 2.38%. If you meet discount conditions, there would be 180 repayments at the fixed rate of 1.97% for the amount of €642.13, with the total cost of €17,889.65 and the total amount payable of €117,889.65. APR: 2.27%
Representative example for a mixed mortgage of €100,000 over 25 years:
There would be 300 monthly payments, the first 3 of which would be at 2.12% NIR: monthly payment of €429.72. If you do not meet discount conditions, the following fixed rate would apply to the remaining 297 payments: 2.52% NIR, with monthly payments of €449.44, the total cost of €34,772.84 and the total amount payable of €134,772.84. APR: 2.54%. If you meet discount conditions, there would be 300 repayments at the fixed rate of 2.12% for the amount of €429.72, the total cost of €32,760.75 and the total amount payable of €132,760.75. APR: 2.41%
Representative example for a variable mortgage of €100,000 over 25 years:
Variable APR 2.10% calculated under the assumption that the applicant does not meet the conditions to be eligible for a discount. A 1.69% NIR is applied to the first 3 months and a rate of 2.09% is applied to the rest of the mortgage term. On this basis, there would be 3 monthly payments of €408.93 and 297 monthly payments of €428.07, at a total cost of €28,363.58 and the total amount payable of €128,363.58 (including capital and interest). If the applicant meets discount conditions, the applicable interest rate for the entire mortgage term would be 1.69 NIR (1.98% variable APR), with 300 monthly payments of €408.93, and a total cost of €26,520.87 and a total amount payable of €126,520.87.
However, please note that after the first year it is a variable-rate loan and that the amount of each mortgage repayment will vary from the expiry date of the period in which the initial fixed interest rate is applied (12 months), and then on a six-monthly basis, at the time of each interest rate review. At the time of each review the applicable mortgage payment will be calculated based on the benchmark index, 12-month Euribor, or a substitute benchmark index, if applicable, from the second calendar month prior to the date of the interest rate review, plus the corresponding spread.
French repayment system, whereby the loan principal and interest are repaid through regular scheduled monthly instalments, i.e. of the same amount, provided that the interest rate applicable during the settlement period does not change and no early repayments are made. Since interest accrues on the outstanding principal amount, as time passes the amount of the instalment used to repay the principal increases, while the interest payment portion will decrease, as the outstanding principal is reduced. If the interest rate applicable to the loan increases due to an interest rate adjustment, then the amount of the instalment payable shall be increased. If, on the other hand, the interest rate which is applied falls, the amount of the instalment shall decrease.
The following mathematical formula is used to determine the amount of each monthly payment:
P= (i x c) x (1-(1+i)-n)-1, where "p" is the monhtly payment, "i" the annual nominal interest rate divided by 12, "c" the outstanding principal of the mortgage loan and “n” the number of outstanding months of the repayment period.
We use this formula to calculate interest on outstanding capital: I= (i x c), where "I" is the interest, "i" is the annual nominal interest rate divided by 12 and "c" is the outstanding principal of the mortgage loan.
The amount repaid by customers is the monthly payment minus interest.
4 Home Insurance provided by Zurich Insurance Plc, Sucursal en España, marketed by Open Bank, S.A., Linked Bancassurance Operaror, with Tax ID Number (NIF) A-28021079, through its distribution network. Open Bank, S.A., Linked Bancassurance Operator is registered in the D.G.S.F.P. [Directorate General for Insurance and Pension Funds] Registry, with nº OV-0081 and has valid agency contracts with Zurich Insurance Plc, Spain Branch; and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.
5 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.
6 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.