Open Mortgage
Variable Open Mortgage with nominal interest rate of Euribor + 0.99% (1). Variable APR: 0.96% (2).
With Open Mortgage you don´t pay any fees. There are no fees for opening, partial or full repayment, switching your mortgage or changing the conditions.
We offer three options to compare, you can choose the mortgage that suits your circumstances best; Variable, Mixed or Fixed rate.
The application process is online, and to make it as straightforward as possible, you will have a personal relationship manager to guide you through until your house purchase is complete.
Calculate your installment
How does it work?
Calculate your mortgage payment
Select the quantity and term. We calculate your monthly repayment for three mortgage options. Choose the one that best suits you.
You will know instantly if it is pre-approved
The simulation is very quick. You will know straight away if your mortgage is pre-approved (3).
We will grant you your mortgage
We will analyse your data and if everything is correct we will grant you the mortgage.
And you sign
Sign the loan and the purchase agreement at the Notary. You can now enjoy your new home!
Do you want to know more about 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.
With Open Mortgage you won't pay commissions, whichever option you choose; Variable, Mixed or Fixed rate:
- No opening fee.
- No partial or full repayment fee.
- No fee to change/move your mortgage.
- No fee to change conditions.
It is fast and straightforward. You can do it all online, for example completing information, uploading documentation, etc. Additionally you will have a personal relationship manager throughout the whole process, to make it even easier.
Up to two title 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) Providing that you meet the following requirement: to have directly deposited into Openbank the payroll, pension, any other type of periodic benefit received by transfer in retributive concept, or to make each month a deposit in Openbank from an account of another entity. 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. 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.
(2) You have to bear in mind that 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 August 2017 published in the Official State Gazette in September 2017: -0.156%). The Variable APR will vary annually with the interest rate adjustments.
Variable APR 0.96% calculated for a 25 year mortgage for a 1st or 2nd home costing €150,000 including for calculation purposes: (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 Stamp Tax (€1,342.53 calculated for a mortgage liability of €179,004 at 0.75%, although you must bear in mind that Stamp Tax varies between Autonomous Communities), and (v) Property Registry registration fees (€0). No opening fee. Applicable interest rate: Euribor + 0.99%. Annual adjustment. Monthly payments. All expenditures mentioned above refer to the formalisation of the mortgage loan and in no case 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 conditions and within the periods established in this agreement. In particular: (i) To have directly deposited into Openbank the payroll, pension, any other type of periodic benefit received by transfer in retributive concept, or to make each month a deposit in Openbank from an account of another entity. 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.
Openbank bears the cost of the Property Registry fees and, therefore, for the purposes of calculating the APR they are €0.
(3) The pre-approval will be calculated on the assumption of the accuracy of the information you have provided us so far, and will be subject to the completion of a thorough risk analysis by Openbank’s risk department once the information needed and the supporting documentation is obtained. Thus, this pre-approval must be taken only as a guideline and shall under no circumstances constitute a Binding Offer or a confirmation of the granting of the mortgage loan. Accordingly, Openbank will not be liable in the event of a final denial of the mortgage loan or if the terms of any subsequent Binding Offer differ from those described depending on market conditions or obtaining additional information about your preferences and financial conditions, and so the applicant, or any other recipients must take all necessary precautions before using the data contained in the pre-approval Letter, which they use at their own risk.
