Openbank lowers the price of its mortgages over €150,000


Openbank, the 100% digital bank of Grupo Santander, is lowering the price of its fixed, mixed and variable-rate mortgages of over €150,000 by 0.10 percentage points. The bank, which doubled its mortgage take-up in 2021, is strengthening its offering as one of the most attractive on the market for all product segments.

Bank customers who take out a fixed-rate loan of more than €150,000 will have the following options: NIR from 1.05% (1.25% APR) for home loans of up to 15 years; 1.15% NIR (1.35% APR) from 16 to 20 years; 1.20% NIR (1.39% APR) from 21 to 25 years and 1.25% NIR (1.44% APR) for loans with a term of between 26 and 30 years, provided they meet the discount conditions.

As for mixed-rate mortgages, the reduction in the spread will be applied to the fixed-rate stage, corresponding to the first ten years and resulting in interest of 0.95% (1.15% APR). As of year 11, the interest rate is set at Euribor + 0.49%, when discount criteria are met.

With regards to the variable-rate mortgage, the bank offers loans from Euribor + 0.85% (1.85% NIR the first year) provided that the pre-requisites are met.

In addition, any customers who transfer their mortgage from another bank before 31 March, Openbank will bear all the expenses related to the arrangement of the loan (cost of notary fees, registration, administration and valuation) provided that the amount of the financing is over €150,000 and only when fixed and mixed-rate mortgages are taken out. 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 and submit the mortgage application with no need 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 actually sign on the dotted line for the house purchase. 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 through Openbank.

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