Open Mortgages

You can get €300 to spend at IKEA when you take out a mortgage*

Need help? Call us on 91 276 22 56 or 900 81 18 56 Mon – Fri from 9 a.m. to 9 p.m. Or, if you prefer,…
Fixed-rate Mortgage

Fixed interest rate over the course of the mortgage term1 regardless of variations in the Euribor.





From 2.66% NIR1
3.27% APR2

Subject to meeting discount conditions1





From 3.06% NIR1
3.46% APR2


Not subject to meeting discount conditions



The applicable interest rate varies according to the term and amount you choose. Term for primary home: 5 - 30 years.


If you finance more than €150,000, the applicable interest rate is reduced by 0.10%.



This reduction will be applied to the interest rate resulting from the amount, term and option you choose, whether or not discount conditions are met.

Mixed-rate Mortgage

Mortgage payments remain fixed for the first ten years. From then on, they will be updated in line with current 12-month Euribor +0.55%1. 

First 10 years: from 2.66% NIR1  
Rest of mortgage term:
from Euribor + 0.60%1  
3.74% variable APR2

Subject to meeting discount conditions1.



First 10 years: from 3.16%  NIR1
Rest of mortgage term:
from Euribor + 1.10%1  
3.96% variable APR2


Not subject to meeting discount conditions



The applicable interest rate varies according to the term and amount you choose. Term for primary home: 11 - 30 years. 


If you finance more than €150,000, the applicable interest rate is reduced by 0.10% (for the fixed-rate term).


This reduction will be applied to the interest rate resulting from the amount and option you choose, whether or not 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: from 2.37% NIR1
Rest of mortgage term:
Euribor + 0.77%1
4.85% variable APR2

Subject to meeting discount conditions1.



First year: from 2.87% NIR1   
Rest of mortgage term:
Euribor + 1.27%1  
5.09% variable APR2



Not subject to meeting discount conditions



The applicable interest rate varies according to the amount you choose. Term for primary home: 5 - 30 years.


If you finance more than €150,000, the applicable interest rate is reduced by 0.10%.



This reduction will be applied to the interest rate resulting from the amount and option you choose, regardless of whether discount conditions are met.

Need help? Call us on 91 276 22 56 or 900 81 18 56 Mon – Fri from 9 a.m. to 9 p.m. Or, if you prefer,…
You decide
You decide
Get a reduced rate by arranging a direct deposit for your salary and taking out home and life insurance sold by Openbank.
preaprobacion
Instant pre-approval
Calculate your repayments and find out if your mortgage has been pre-approved4 in just 2 minutes. Plus, no need to open an account at Openbank until you sign!
gestor
Personal mortgage advisor
A personal mortgage advisor will be with you every step of the way until you put pen to paper.
comisiones
Save on fees!
No fees for arrangement, partial prepayment, subrogation or for changing conditions​. Full prepayment fees apply. ⃰ ⃰

Why are you applying for a mortgage?

Applying for your mortgage is simple

1
Work out your repayments with our calculator
Get a lower interest rate by meeting the following discount conditions1: set up a direct deposit for your salary, take out home insurance3 and life insurance4 sold by Openbank.
2
Find out instantly if it is pre-approved
Fast calculation. You will know right away if your mortgage has been pre-approved5 .
3
We'll study your application
We analyse your details and if everything is in order, we approve your mortgage.
4
Time to sign
You sign the mortgage loan and deeds of sale at a notary's office. It's now time to enjoy your new home!

Calculate your mortgage repayments

Retrieve pre-approval

Property purpose

Primary homeSecond home

Property type

New homeResale home
Min. €40,000Max. €4,000,000
Min. €30,000Max. 3,000,000.00 €
Min. 5 yearsMax. 30 years
In order to apply for your mortgage, your tax residence must be in Spain. *You can apply for up to 80% of the value of the property for a primary home and up to 70% for a second home.
Need help? Call us on 91 276 22 56 or 900 81 18 56 Mon – Fri from 9 a.m. to 9 p.m. Or, if you prefer,…

Discover how to improve the cost of your mortgage with our discounts:

Get a 0.50% discount on the non-reduced fixed interest rate when you take out or sign up for the following products and services. This is optional, but it can help you pay less for your mortgage:

Set up a direct deposit for your income
You can get the following benefits when you set up a direct deposit for your income.
  • If your mortgage is for your primary residence, you must set up a direct deposit for your salary, pension or any other type of social benefit greater than or equal to €900 when there is one holder, and greater than or equal to €1,800 in the case of two holders.
  • If the mortgage is for a second home or you are self-employed, you must set up a direct deposit for your salary, pension or any other benefit paid by bank transfer, or set up a recurring monthly deposit from an account at another bank to your Openbank account. For a single holder, the value of this transfer must be greater than or equal to €900 per month. If there are two or more holders, the minimum amount is €1,800 per month.

In this case, 30% discount will be applied to the non-reduced interest rate.

Home Insurance
You can get the following benefits when you set up a direct deposit for your income.Find out more
Life Insurance
You can get the following benefits when you set up a direct deposit for your income.Find out more
Hipoteca Ikea

* You can get €300 to spend at IKEA when you take out an Open Mortgage

Make sure you join the promotion!

  • You must be an individual over 18 years old and a resident in Spain with an address for correspondence purposes in the country.
  • The main holder of the mortgage must join the promotion.
  • Take out an Open Mortgage of at least €100,000 by 22 July 2024 (inclusive).
Conditions apply

** 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. However, this fee will not be charged if the early repayment (full) is made between the deed execution date and 31 December 2024. After that date, you must pay Openbank the percentage indicated here, if applicable, and in accordance with the terms and conditions of your mortgage loan deed.
  • 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.

Information of interest on the Code of Good Practice

Code of Good Practices

RD-Law 6/2012

For the feasible restructuring of mortgage-backed debt.

Code of Good Practices

RD-Law 19/2022

Regarding urgent measures for mortgage debtors at risk of vulnerability.

Want to learn more about Open Mortgages?

Who can apply for the Open Mortgage?

What about the fees?

How does the Euribor affect my mortgage payment?

How is the application process?

How long does it take to sign for a mortgage?

How many mortgage holders are allowed?

What is the minimum and maximum mortgage loan amount available and what should my ability to repay be?

Is it compulsory to take out home insurance and life insurance marketed by Openbank with my Open Mortgage?

What is home insurance?


What is life insurance?

Which insurance company provides the home insurance and life insurance sold by Openbank?

What happens to my Discounted Open Mortgage if I cancel or do not renew the products that provide a reduced interest rate?

What is the difference between meeting or failing to meet discount conditions?


And if I already have a mortgage, how can I switch it to Openbank?

Can I cancel or switch my mortgage to another bank?

Is Openbank adhered to the Code of Good Practice?

How can I benefit from the measures of the Code of Good Practice?

Get in touch with our mortgage specialists
Plus, if your mortgage is at least €100,000, you can get €300 at IKEA*

Get in touch with our mortgage specialists
Plus, if your mortgage is at least €100,000, you can get €300 at IKEA*

Whether you’re a customer or not, we have a team of mortgage experts on hand Monday to Friday from 09:00 a.m. to 09:00 p.m. to answer all your questions.

91 276 22 98 or 900 81 18 55

+34

By pressing “Send”, you accept that Openbank may contact you using the number and name you have provided, with the sole purpose of responding to your request. We will not store or use the information you have provided for any other purpose. You may exercise your rights at any time and in accordance with current legislation by emailing: privacy@openbank.es. For further information on data protection, visit: www.openbank.es/en/privacy-cookies.

By pressing “Send”, you accept that Openbank may contact you using the number and name you have provided, with the sole purpose of responding to your request. We will not store or use the information you have provided for any other purpose. You may exercise your rights at any time and in accordance with current legislation by emailing: privacy@openbank.es. For further information on data protection, visit: www.openbank.es/en/privacy-cookies.

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. (iii) The mortgage holder(s) must be covered by the life insurance sold with their mortgage through Open Bank, S.A. Linked Bancassurance Operator. This life insurance policy must be current, arranged by direct deposit through an Openbank account held by the mortgage holders, and must insure 100% of the capital financed by one or between all of the holders.

When you do not meet any of the above discount conditions, the applicable interest rate will vary: 0.30% will be added to the discounted annual nominal interest if you do not meet discount condition (i); 0.10% will be added if you do not meet discount condition (ii); ‭‬0.10% will be added if you do not meet discount condition (iii); 0.50% will be added if you do not meet any of the above discount conditions.

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. If you do not already have or take out the Home Insurance sold by Open Bank S.A., Linked Bancassurance Operator, the borrower will need to take out obligatory property damage insurance with the insurer of their choice. 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 periods of application of the variable interest rate, the variable APR is provided for information purposes and is calculated on the theoretical assumption that the benchmark interest rate over the variable period, (in the variable mortgage) the 12-month Euribor, remains constant at the last known rate; to which the relevant spread is added, given that the variable interest rate for the variable period is higher than the initial fixed rate at the time this information is provided. This variable APR has been calculated on the assumption that the benchmarks do not vary; therefore, this variable APR will be updated in line with the interest rate revisions.

In the mixed-rate mortgage, the Variable APR is provided for information purposes and is calculated under the theoretical assumption that the initial benchmark 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 rate published in April 2024 (3.718% plus a spread) is less than the initial interest rate. This Variable APR has been calculated under 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 12-month Euribor published in April 2024 (3.718%).

2 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 €202.07 on a 100 m2 property located in Madrid, with a total value of €92,400 and a contents value of €23,100 (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); (iii) life insurance sold through Open Bank, S.A., Linked Bancassurance Operator, for a 36-year-old holder, who has insured 100% of the loan amount, with an estimated annual premium of €250 (taking the first year premium as the benchmark. The insurance premiums will be updated annually in following years. This amount will vary depending on the age of the customer, the outstanding capital and the related coverage and services). - Home and life insurance are optional, but taking out these policies gives you more beneficial conditions.

The Variable APR indicated includes the valuation amount. The estimated charges for this item are €314.60 (including VAT, and any applicable IGIC - Impuesto General Indirecto Canario [General Indirect Tax in the Canary Islands] or IPSI - Impuesto sobre la Producción, los Servicios y la Importación [Tax on Production, Services and Imports in Ceuta and Melilla]).

The calculation of the APR and Variable APR without meeting discount conditions includes compulsory property damage insurance: €202.07/year. Openbank does not sell property damage insurance, so the amount indicated here is for guidance purposes only and has taken into account the premium resulting from calculating home insurance sold by Openbank (with greater cover than damage insurance) on a home located in Madrid of 100 m2, with a building value of €92,400 and a contents value of €23,100. This amount is an initial estimate that may vary depending on the cover and associated services that are actually taken out; therefore, the amount set out in your policy at the time it is taken out will apply. Likewise, you must bear in mind that the amount indicated in this section is an estimate for the first year's premium. Openbank cannot determine the premium for the remaining years, as it will vary according to the policy taken out and the technical conditions of the insurance company, without implying any link to Openbank.

The total amount payable in the representative examples includes: principal, interest and the home and life insurance premiums (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-rate mortgage of €150,000 over 15 years:

There would be 180 monthly payments, the first 3 of which would be at 2.66% NIR: monthly payment of €1,011.52. If you do not meet discount conditions, the following fixed rate would apply to the remaining 177 payments: 3.16% NIR (3.46% APR), with monthly payments of €1,046.89, the total cost of €41,680.59 and the total amount payable of €191,680.59.20. If you do meet discount conditions, there would be 180 payments at the fixed rate: 2.66% NIR (3.27% APR), with monthly payments of €1,011.52, the total cost of €39,169.41 and the total amount payable of €189,169.41.

Representative example for a fixed-rate mortgage of €150,000 over 25 years:

There would be 300 monthly payments, the first 3 of which would be at 2.72% NIR: monthly payment of €689.66. If you do not meet discount conditions, the following fixed rate would apply to the remaining 297 payments: 3.22% NIR (3.50% APR), with monthly payments of €728.25, the total cost of €73,727.05 and the total amount payable of €223,727.05. If you do meet discount conditions, there would be 300 payments at the fixed rate: 2.72% NIR (3.28% APR), with monthly payments of €689.66, the total cost of €68,515.83 and the total amount payable of €218,515.83.

Representative example for a mixed-rate mortgage of €150,000 over 25 years:

If you do not meet discount conditions, there would be an initial fixed period with 3 monthly payments at 2.66% NIR of €685.08. From month 4 to 120, at 3.16% NIR, with a monthly payment of €723.52. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in May 2024 (3.703%) + 1.10% NIR would apply. There would be 180 monthly payments of €808.76, a total cost of €87,649.21, and a total amount payable of €237,649.21. 3.96% APR.

If you meet discount conditions, the following fixed rate would apply to the first 120 payments: 2.66% NIR, with monthly payments of €685.08. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in May 2024 (3.703%) + 0.60% NIR would apply. There would be 180 monthly payments of €766.97, the total cost of €81,880.55 and the total amount payable of €231,880.55. APR: 3.74%.

Representative example for a variable-rate mortgage of €150,000 over 25 years:

If the discount conditions are not met, there would be 2 monthly payments of €663.15. This will be followed by 9 monthly repayments of €700.87 from month 4 to month 12. After this initial period, the variable interest-rate period will commence according to the 12-month Euribor interest rate published in May 2024 (3.703%) + 1.27% NIR. There will be 288 monthly repayments of €867.80, the total cost of which will be €113,588.93. The total amount to pay will be €263,588.93. APR: 5.09%.

If the discount conditions are met, there would be 12 monthly repayments of €663.15. After this initial period, the variable interest-rate period will commence according to the 12-month Euribor interest rate published in May 2024 (3.703%) + 0.77% NIR. There will be 288 monthly repayments of €825.13, the total cost of which will be €107,211.59. The total amount to pay will be €257,211.59. APR: 4.85%.

The variable APR is provided for information purposes and is calculated on the theoretical assumption that the initial benchmark interest rate remains constant, according to the 12-month Euribor published in May 2024 (3.703%). This variable APR has been calculated on the assumption that the benchmarks do not vary; therefore, this variable APR will be updated in line with interest rate revisions on a semi-annual basis.

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 monthly 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.

3 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.

4 Life insurance by Zurich Vida, Compañía de Seguros y Reaseguros, S.A., sold through Open Bank, S.A., Linked Bancassurance Operator, with NIF [Numero de Identificación Fiscal (Spanish Tax Identification Number)] A-28021079, through its distribution network. Openbank is registered in the D.G.S.F.P. Registry under No. OV-0081 and has valid agency contracts with Zurich Insurance plc, Sucursal en España, and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity are 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 moment.