1 These interest rates will apply providing you meet the following requirement: Have 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 owners, the minimum amount is €1,800 per month. You will have 3 months from the time the loan is arranged to have your salary, pension or any other regular payment received by transfer as remuneration paid directly into Openbank. If you do not meet the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding a spread of 1.20% to the annual nominal interest rate. All holders must have their tax residence in Spain.
The interest rate will be fixed, during the initial period, both for the Open Variable Mortgage (first year) and the Mixed Mortgage (first 10 years). Once the initial period has elapsed, a resulting variable interest rate (Euribor plus differential) will be applied, with a six-monthly review for the Open Variable Mortgage and an annual review for the Open Mixed Mortgage. In the Open Fixed Mortgage, a fixed interest rate will be applied for the entire life of the loan.
The applicable interest rate will vary depending on the percentage of financing and the fulfilment of the conditions. Lending subject to approval by Openbank.
During periods when the variable interest rate is applied, the VariableAPR is provided for information purposes and is calculated under the theoretical assumption that the initial benchmark interest rate remains constant throughout the life of the operation, based on the one-year Euribor published in in May 2019 (-0.112%). This VariableAPR has been calculated on the assumption that the benchmark indexes do not vary; therefore, this VariableAPR will vary due to interest rate adjustments.
2 The APR and the Variable APR were calculated based on the assumption that the mortgage agreement will remain in force for the agreed term and that Openbank and the applicant will comply with their obligations in accordance with the terms of the agreement. The following has also been taken into account: (i) compulsory insurance against fire and other damage: €150/year (approximate amount as its cost will depend on the company you choose to arrange it with). They do not include the charges for arranging the mortgage loan that will be covered by Openbank.
3 Openbank will cover the charges of arranging the mortgage loan: the appraisal and registry verification, registry, notary, agency and document duty (IAJD). All charges mentioned above refer to the arrangement of the mortgage loan and never to the purchase and sale transaction. The charges for appraisal and verification of the registration status of the home that are requested through Openbank, will be paid by the customer, before completion. Openbank will proceed to refund them, provided that the mortgage loan is arranged with the bank. This refund will take place, after the signature, when the mortgage process is closed.
4 The pre-approval will be issued assuming the veracity of the information provided to date and will be subject to a subsequent comprehensive risk analysis by Openbank's risk department, once the necessary information and supporting documentation have been obtained. Therefore, the pre-approval is indicative and does not in any case represent a binding offer or a confirmation of granting the mortgage loan. Consequently, Openbank shall not be liable if final denial of the mortgage loan application takes place or if the terms of a subsequent Binding Offer differ from those described based on market conditions or the obtaining of additional information on the applicant's preferences and financial conditions; thus the applicant, or any other addressees, must take all necessary precautions before using the information contained in the pre-approval letter, which they use at their own risk.