Openbank once again lowers interest rates on its fixed- and mixed-rate mortgages

Openbank, Santander Group’s fully digital bank, has once again lowered the price of its fixed- and mixed-rate mortgages, reinforcing its position as one of the most competitive options in the market for this kind of product. In recent months, fixed-rate mortgages have continued to gain ground among customers and already account for nearly 70% of the bank’s new mortgages.

In the case of fixed-rate mortgages, customers will have the following options: NIR from 1.15% (1.35% APR) for home loans for up to 15 years; 1.25% NIR (1.45% APR) for 16 to 20 years; 1.30% NIR (1.49% APR) for 21 to 25 years, and 1.35% NIR (1.49% APR) for loans with a term of 26 to 30 years.

As for mixed-rate mortgages, Openbank offers a loan with fixed payments for the first ten years at 1.05% NIR (1.25% APR) for mortgages with a term of less than 15 years; 1.15% NIR (1.35% APR) for 16 to 20 years; 1.20% NIR (1.39% APR) for 21 to 25 years, and 1.25% NIR (1.44% APR) for 26 to 30 years. As of year 11, the interest on the loan for all cases is set at Euribor + 0.49%, when discount conditions are met.

These conditions apply both to customers seeking new mortgages and to those who switch their mortgage at another bank to Openbank. What’s more, customers who take out a fixed-rate loan of more than €150,000 and provide the necessary documents, such as their most recent payslips, proof of direct debits or relevant ID documents within ten days will also get a reduction of 0.05 percentage points off the usual price. If they also apply for a property valuation (the cost of which will be reimbursed later) and the land registry extract within the following ten days, a further 0.05 points will be deducted from the mortgage’s nominal interest rate (NIR).

In all cases, Openbank mortgages are exempt from arrangement fees, early repayment fees and fees for subrogation or amending conditions. Within a few minutes, customers can get a pre-approval letter for their mortgage without having to open an account at the bank until it is formalised. 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 house purchase. In order to qualify for these conditions, applicants must have a monthly salary or pension of at least €900 per person and they must take out home insurance with Openbank.

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