Fee-Free Open Mortgages
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Open Discounted Mortgage
Only with a direct deposit and home insurance

Choose your mortgage at a fixed, mixed or variable rate

Mortgage without valuation fees at a fixed, mixed or variable interest rate
 

Calculate your repayments

¿Cómo funciona la Hipoteca Fija de Openbank?
  

How does it work?

Mortgage payments will always remain the same over the term of the loan1 regardless of variations in the Euribor.
 

  

Fixed interest rate

Applicable rate meeting discount conditions1

Improve your interest rate when you arrange for your salary to be paid directly into your account and take out home insurance with us1.

From 1.30% NIR1 (1.50% APR2 ).

The applicable interest rate varies depending on the percentage of financing you apply for and the term you choose.

 

 

Applicable rate without meeting discount conditions1

From 1.70% NIR1 (1.70% APR2).

 

 

 

  

Term for primary residence
 5 - 30 years.

  

No valuation fees3 or:

• arrangement fees.

• partial prepayment fees.

• subrogation fees.

• fees for amending conditions.

Applicable fee for full prepayment:

   2% of the remaining mortgage balance repaid early (full prepayment) during the first 10 years of the mortgage term.

   1.5% when the full prepayment is made after the first 10 years.

The amount charged for full prepayment will not exceed financial loss5.

 



More information   

Calculate your repayments

¿Cómo funciona la Hipoteca Variable de Openbank?
  

How does it work?

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

  

Variable interest rate

Applicable rate meeting discount conditions1

Improve your interest rate when you arrange for your salary to be paid directly into your account and take out home insurance with us1.

Nominal interest rate from: Euribor + 0.79%1.

1.99% NIR for the first year 

Variable APR: 2.19%2

The applicable interest rate varies depending on the percentage of financing you apply for.

Applicable rate without meeting discount conditions1

Nominal interest rate from: Euribor + 1.19%1.

2.39% NIR for the first year  

Variable APR: 2.41%2
 

  

Term for primary residence
 5 - 30 years.

  

No valuation fees3 or:

• arrangement fees.

• partial prepayment fees.

• subrogation fees.

• fees for amending conditions.

Applicable fee for full prepayment:

   0.25% of the remaining mortgage balance repaid early (full prepayment) during the first three years of the mortgage term.

The amount charged for full prepayment will not exceed financial loss5.

 

 

 

More information   

Calculate your repayments

Hipoteca Mixta de Openbank
  

How does it work?

Mortgage payments will remain fixed for the first ten years of the term. From then on, they will be updated according to the current Euribor rate.

  

Mixed interest rate

Applicable rate meeting discount conditions1

Improve your interest rate when you arrange for you salary to be paid directly into your account and take out home insurance with us1.

From 1.45% NIR for the first 10 years and from Euribor + 0%1 for the remainder of the term.

Variable APR: 1.65%2

The applicable interest rate varies depending on the term you choose.

 

Applicable rate without meeting discount conditions1

From 1.85% NIR for the first 10 years and from Euribor + 0.40%1 for the remainder of the term.

Variable APR: 1.85%2
 

  

Term for primary residence
 11 - 30 years.

  

No valuation fees3 or:

• arrangement fees.

• partial prepayment fees.

• subrogation fees.

• fees for amending conditions.

Applicable fee for full prepayment:

   2% of the remaining mortgage balance repaid early (full prepayment) during the first 10 years of the term, or

   0% when the full prepayment is made after the first 10 years.

The amount charged for full prepayment will not exceed financial loss5.


 


More information   

Calculate your repayments

Solicitar hipoteca

Applying for your mortgage is simple

1

Calculate your mortgage repayments

Without meeting discount conditions or meeting discount conditions to improve your interest rate, if you arrange for your salary to be paid directly into your account or take our home insurance with us

2

Find out instantly if it is pre-approved

Fast calculation. You will know right away if your mortgage has been pre-approved4 .

3

We can grant your mortgage!

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

 

4

You sign

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

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 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.

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:

  • 0.25% of the remaining mortgage balance repaid early (full prepayment) during the first three years of the mortgage term, with a limit that will not exceed financial loss.

How does the Euribor affect my mortgage payment?

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 plus the corresponding spread. Your mortgage payment can go up or down depending on the prevailing 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 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 €3,00,000.

You can apply for up to 80% for a primary residence and 70% for a second residence. This percentage will be applied to the lowest of the following amounts: valuation price or purchase price.

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 Insurance 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.

Which insurer do you take out the Openbank Home Insurance with?

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.

What happens to my Discounted Open Mortgage if I cancel or do not renew my Openbank Home Insurance 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 payment as you have set up a direct deposit for your salary or pension and you have insured your new house with our Home Insurance.

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.

Who can apply for a 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.

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:

  • 0.25% of the remaining mortgage balance repaid early (full prepayment) during the first three years of the mortgage term, with a limit that will not exceed financial loss.

How does the Euribor affect my mortgage payment?

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 plus the corresponding spread. Your mortgage payment can go up or down depending on the prevailing 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 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 €3,00,000.

You can apply for up to 80% for a primary residence and 70% for a second residence. This percentage will be applied to the lowest of the following amounts: valuation price or purchase price.

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 Insurance 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.

Which insurer do you take out the Openbank Home Insurance with?

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.

What happens to my Discounted Open Mortgage if I cancel or do not renew my Openbank Home Insurance 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 payment as you have set up a direct deposit for your salary or pension and you have insured your new house with our Home Insurance.

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.

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