Fee-Free Open Mortgages

¹ Provided that you meet the following requirements: (i) Having 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 holders, the minimum amount is €1,800 per month. You will have 3 months from the arrangement of the loan to start directly paying in your salary or pension. If you do not fulfil the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding an additional margin of 1.20% to the annual nominal interest rate. (ii) The amount requested for the loan must not exceed 50% of the lowest of the following values: the purchase price or the appraised value of the property. Otherwise the rate will be increased by an additional 0.10%. (iii) All holders must have their tax residence in Spain.

² Please note that from the second year onwards, it is a variable interest rate loan. Since it is impossible to know the future behaviour of interest rates, the Variable APR is provided for information purposes and is calculated based on the assumption that the initial reference interest rate will remain constant throughout the term of the transaction, at the value at the time calculation (Euribor of June 2018 published in the Spanish Official Gazette in July 2018: -0.181%). The Variable APR will vary annually with interest rate adjustments.
Variable APR: 1.04% calculated for a mortgage loan operation for purchasing a 1st or 2nd home, located in the Autonomous Community of Madrid and valued at €300,000, for an amount of €150,000 at 25 years, including for its calculation: (i) the estimated cost of verifying the registry status of the home (€15), (ii) valuation (€447.70), (iii) administrative services (€459.80), (iv) Community of Madrid Document Duty (€1,379.25 calculated for a mortgage liability of €179,340 at 0.75%, although you must bear in mind that Document Duty varies between Autonomous Communities), (v) Property Registry registration fees (€0), and (vi) including a compulsory fire and damages insurance policy: €150/year (approximate amount as its cost will depend on the company you choose to contract it with). No opening fee. Applicable interest rate: First years: 0.89%, for the rest of the years Euribor + 0.89% with annual adjustments. Annual adjustment. Monthly repayments. All costs mentioned above refer to the arrangement of the mortgage loan and never to the purchase and sale transaction. The Variable APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term (25 years) and that Openbank and the applicant will accurately fulfil their obligations under the terms and within the periods established in this agreement. In particular: (i) Having 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 holders, the minimum amount is €1,800 per month.

³ APR 2.07% - 2.27% - 2.49% - 2.72% corresponding to a mortgage loan operation for the purchase of a main residence, located in the Community of Madrid and valued at €300,000, for an amount of €150,000 at 15 - 20 - 25 - 30 years, including for its calculation: (i) the estimated cost of verifying the registry status of the home (€15), (ii) valuation expenses (€447.70), (iii) administrative services (€459.80), (iv) Community of Madrid Document Duty (€1,379.25 - €1,390.50 - €1,401.75 - €1,413.00, calculated for a mortgage liability of €183,900 - €185,400 - €186,900 - €188,400 at 0.75%, although you must bear in mind that Document Duty varies between Autonomous Communities), and (v) Property Registry registration fees (€0), and (vi) including a compulsory fire and damages insurance policy: €150/year (approximate amount as its cost will depend on the company you choose to contract it with). No opening fee. Fixed nominal interest rate throughout the term of the loan: 1.65% - 1.90% - 2.15% - 2.40%. Monthly repayments. All costs mentioned above refer to the arrangement of the mortgage loan and never to the purchase and sale transaction. The APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term (15 - 20 - 25 - 30 years) and that Openbank and the applicant will accurately fulfil their obligations under the terms and within the periods established in this agreement. In particular: (i) Having 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 holders, the minimum amount is €1,800 per month.

⁴ Please note that from the tenth year onwards, it is a variable interest rate loan. Since it is impossible to know the future behaviour of interest rates, the Variable APR is provided for information purposes and is calculated based on the assumption that the initial reference interest rate will remain constant throughout the term of the transaction, at the value at the time calculation (Euribor of June 2018 published in the Spanish Official Gazette in July 2018: -0.181%). The Variable APR will vary annually with the interest rate adjustments.

Variable APR 1.66% calculated for a mortgage loan operation for purchasing a 1st or 2nd home, located in the Autonomous Community of Madrid and valued at €300,000, for an amount of €150,000 at a term of 25 years, including for its calculation : (i) the estimated cost of verifying the registry status of the home (€15), (ii) valuation (€447.70), (iii) administrative services (€459.80), (iv) Community of Madrid Document Duty (€1,379.25 calculated for a mortgage liability of €183,900 at 0.75%, although you must bear in mind that Document Duty varies between Autonomous Communities), (v) Property Registry registration fees (€0), and (vi) including a compulsory fire and damages insurance policy: €150/year (approximate amount as its cost will depend on the company you choose to contract it with). No opening fee. Applicable interest rate: First 10 years: 1.65%, from year 11 Euribor + 0.89% with annual adjustments. Monthly repayments. All costs mentioned above refer to the arrangement of the mortgage loan and never to the purchase and sale transaction .
The Variable APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term (25 years) and that Openbank and the applicant will accurately fulfil their obligations under the terms and within the periods established in this agreement. In particular: (i) Having 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 holders, the minimum amount is €1,800 per month.

The costs of the Property Registry fees are €0 for the purposes of calculating the APR as these are borne by Openbank.