Openbank lowers its fixed-rate mortgage for customers who can provide all supporting documents within ten days
21 June 2021
Openbank, the 100% digital bank belonging to Grupo Santander, is cutting the interest rate of its fixed-rate mortgages by up to 0.15 percentage points for customers who provide the documentation required to analyse the risk of the loan within less than ten days. This measure, which also applies to those who switch an existing mortgage to Openbank, is intended to speed up processing timeframes for products taken out through 100% digital channels up to the point where customers sign before a notary.
Customers who provide the necessary documents, such as their latest payslips, proof of payments or the ID documents of the holders, among others, will obtain a reduction of 0.10 percentage points on the usual price of the mortgage. Those who also apply for a property appraisal (the cost of which will be reimbursed at a later stage) and a land registry extract within the following ten days will be eligible for a further deduction of 0.05 percentage points from the nominal interest rate of the fixed-rate mortgage.
Openbank has one of the most competitive mortgage offerings on the market, with a fixed interest rate from 1.30% NIR (1.50% APR) and a variable interest rate from 1.95% the first year and Euribor +0.95% from the second (in both cases, subject to certain conditions). Anyone can calculate their repayments and get preapproval of their mortgage instantly on the bank's website.
In addition, until 30 September, customers who refer a friend who takes out a mortgage at Openbank will receive 100 euros (up to a maximum of ten friends). Meanwhile, referees who ultimately become new customers will obtain 300 euros. To sign up for this promotion, customers must share their personal code via the app or website.