(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 single owner, the amount of any of the above concepts 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 mortgage formalization to domicile your payroll 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. All holders must have their fiscal residence in Spain.
(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 january 2018 published in the Official State Gazette in february 2018: -0,189). The Variable APR will vary annually with the interest rate adjustments.
Variable APR 0,93% 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 (1.341,04€ , calculated for a mortgage liability of 178.806€ 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.