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Openbank lowers its fixed and mixed-rate mortgages

20 January 2021  

Openbank, Grupo Santander’s 100% digital bank, lowers the interest rates for its fixed and mixed-rate mortgages, strengthening its position as one of the most competitive options in the market for this product segment. 

In the case of fixed-rate mortgages, the bank offers its customers the following options: 1.25% NIR (1.45% APR) for those who finance up to 50% of the value of the property for a maximum term of ten years; from 1.40% NIR (1.60% APR) for those who apply for between 51% and 70% of the value of the property; and 1.50% NIR (1.70% APR) for those who wish to finance between 71% and 80% of the value. 

As for mixed-rate mortgages, Openbank offers a mortgage loan with a fixed-rate tranche for the first ten years at 1.15% (1.35% APR) for mortgages from 11 to 15 years; at 1.30% (1.50% APR) from 16 to 20 years; at 1.40% (1.59% APR) from 21 to 25 years; and at 1.50% (1.69% APR) from 26 to 30 years. From the eleventh year onwards, the interest on the loan for all cases is set at Euribor + 0.49%, when discount conditions are met. 

In all cases, Openbank mortgages are exempt from arrangement fees, early repayment fees and fees for subrogation or change of term. Within a few minutes, customers can get a pre-approval letter for their mortgage with no need to open an account at the bank until the loan has been formalised. Plus, the application and procedures for taking out a mortgage can be completed entirely online with the support of a personal mortgage advisor, who will accompany the customer throughout the process until they put pen to paper and sign for the home purchase. In order to take advantage of these conditions, mortgage holders must have arranged a direct deposit for their salary or pension of at least €900 per person or make a deposit for the same amount into their account. 

Openbank has more than 1.4 million customers who manage their account activity through its app and website, and have customer service available 24 hours a day, 7 days a week. In 2017, Openbank revamped its technology platform and expanded its catalogue of products and services. 

 

 

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