Openbank lowers its variable-rate mortgage and reimburses €300


Openbank, the 100% digital bank of the Santander Group, is lowering the interest rate on its variable-rate mortgage to Euribor + 0.60% (1.60% NIR for the first year) for amounts over 150,000 euros and is launching two new commercial proposals for those who take out a mortgage loan with the bank or transfer their mortgage across from another bank.

Firstly, Openbank has launched a campaign in which it reimburses the first 300 euros to customers who take out a new mortgage of over 100,000 euros before 31 October. This amount, which will be paid into their account after one month, increases to 500 euros for customers who transfer their mortgage from another bank before the aforementioned date.

Secondly, the bank is offering customers new combination possibilities for which they can get a reduction on the price of their variable, fixed or mixed mortgage. In line with the bank’s commitment to supporting the green transition, Openbank has entered into an agreement with Repsol whereby customers can get a 5 basis-point reduction if they get their gas through the bank on advantageous terms and a further 5 basis points for their electricity. The latter comes from 100% renewable sources that are environmentally friendly.

At the same time, customers can take advantage of an additional 10 basis-point reduction if they take out life insurance with Zurich that covers the principal of their loan through one or two holders and/ or policies. This insurance covers a range of eventualities, such as death or total permanent disability.

These new reductions are in addition to the existing payroll direct debit (-30 points) and home insurance (-10 points), whereby customers can get a maximum mortgage rate reduction of up to 60 basis points.

Openbank is offering its customers three options to choose the mortgage that works best for them. It offers a fixed-rate mortgage with interest starting at 2.02% NIR (2.83% APR), a mixed-rate mortgage with interest starting at 1.97% NIR for the first 10 years and Euribor + 0.65%, and a variable-rate mortgage from Euribor + 0.60% (1.60% NIR first year).

In all cases, Openbank mortgages are exempt from arrangement fees, early repayment fees and fees for subrogation or condition amendments. In a matter of 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 up until they put pen to paper and sign the house purchase documents. To qualify for these conditions, applicants must have a monthly salary or pension of at least €900 per person and must take out home insurance through Openbank, in addition to the aforementioned life insurance with Zurich, and electricity and gas with Repsol.

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