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Openbank reduces its mortgage to Euribor + 0.89% for operations with up to 50% financing

21 June 2018

Openbank, Santander Group's 100% digital bank, reduces the interest rate on its variable-rate mortgage to Euribor + 0.89% (0.89% NIR for the first year) for customers who need financing for up to 50% of the purchase or appraisal value of their home. The Open Mortgage, one of the most competitive mortgages in the market, is thus reinforced as a benchmark product in its category while keeping the interest rate of Euribor + 0.99% (0.99% NIR for the first year ) for operations requiring up to 80% financing.

On the other hand, Openbank's fixed-rate mortgage is consolidated as one of the best alternatives in its segment with a NIR interest rate of 1.75% (1.98% APR) for loans for up to 15 years, 2% for up to 20 years, 2.25% for up to 25 years and 2.50% for up to 30 years. Those customers who apply for financing for up to 50% of the purchase or appraisal value will receive an additional reduction of 10 basis points on the spread for all instalments.

These conditions also apply to the mixed mortgage, which places the interest rate for operations with less than 50% financing at 1.65% NIR for the first ten years (1.75% NIR between 50.1% and 80%). After the initial fixed tranche, the spread starts at Euribor + 0.89%.

All Openbank mortgages are exempt from fees for opening, partial or total redemption and subrogation and do not have an associated linkage module. In one minute, customers can obtain a pre-approval letter for their mortgage. In addition, the application and formalities for the contract can be carried out entirely online with the support of a personal manager who will support each customer throughout the process until they sign the purchase of the property. In order to qualify for these conditions, holders must set up a direct deposit for a salary or pension of at least 900 euros per person or make a deposit into an account for this amount.

Openbank has more than one million customers who manage their transactions through its app and its website and have a 24/7 customer service. In 2017, Openbank upgraded its technology platform and expanded its range of products and services.

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