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Applicable interest rate |
Up to 15 years |
16-20 years |
21-25 years |
26-30 years |
Subject to discount conditions | 2.02% NIR^{1} (2.32% APR^{2}) | 2.07% NIR^{1} (2.37% APR^{2}) | 2.17% NIR^{1} (2.46% APR^{2}) | 2.22% NIR^{1} (2.50% APR^{2}) |
Not subject to discount conditions | 2.42% NIR^{1} (2.43% APR^{2}) | 2.47% NIR^{1} (2.49% APR^{2}) | 2.57% NIR^{1} (2.59% APR^{2}) | 2.62% NIR^{1} (2.64% APR^{2}) |
The interest rates shown in this table correspond to the highest percentage of applications. You should bear in mind that they may vary depending on the amount and, where applicable, the term finally requested.
No valuation fees^{3} or:
- arrangement fees
- partial prepayment fees
- subrogation fees
- fees for amending conditions
Applicable fee for full prepayment:
- 2% of the remaining mortgage balance repaid early (full prepayment) during the first 10 years of the mortgage term; or,
- 1.5% when the full prepayment is made after the first 10 years
The amount charged for full prepayment will not exceed financial loss^{4}.
Amounts
Maximum amount: €3,000,000.
- Primary residence purchase: 80% of the lowest of the following amounts: (i) valuation price or (ii) purchase price.
- Second residence purchase: 70% of the lowest of the following amounts (i) valuation price or (ii) purchase price.
Minimum amount: €30,000.
Term
The minimum mortgage term is 5 years and the maximum 30 years for a primary residence, and 25 years for a second residence as long as the sum of the applicant's age and the mortgage term does not exceed 80 years for a primary residence and 75 years for a secondary residence.
Insurance
Taking out Home Insurance with us is not compulsory; however, if you take out a Home Insurance policy through Openbank^{5}, you will pay less for your mortgage.
Conditions
(i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into Openbank. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with Openbank, or a deposit must be made from another bank into Openbank each month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, must be equal to or greater than €900 per month. If there are two or more holders, the minimum amount is €1,800 per month.
(ii) The property/properties subject to the mortgage must be insured with the Home Insurance marketed by Openbank, S.A., Linked Bancassurance Operator.
If you do not meet any of the above discount conditions, the applicable interest rate that arises from failure to comply will vary and will be the result of an additional margin of 0.30% being added to the discounted annual nominal interest if you do not meet the discount condition (i), 0.10% if you do not meet the discount condition (ii) and 0.40% if you do not meet either of the above conditions to be eligible for the discount.
All holders must have their tax residence in Spain and be the holder of a current account in Openbank from which repayments of the mortgage loan will be made. No arrangement or maintenance fees. Mortgage subject to Openbank's approval.
Valuation fees
Openbank will bear the valuation and land registry verification fees^{4} as long as they are requested through Openbank and the mortgage agreement is ultimately signed with the bank. These expenses will be paid by the customer in advance and will be refunded by Openbank, after signing, once the mortgage file settlement has been completed.
Legal information
^{1} Interest rates subject to the following discount conditions: (i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into Openbank. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with Openbank, or a deposit must be made from another bank into Openbank each month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, must be equal to or greater than €900 per month. If there are two or more holders, the minimum amount is €1,800 per month (ii) the property/properties subject to the mortgage must be insured with the Home Insurance marketed by Openbank, S.A., Linked Bancassurance Operator.
If you do not meet any of the above discount conditions, the applicable interest rate that arises from failure to comply will vary and will be the result of an additional margin of 0.30% being added to the discounted annual nominal interest if you do not meet the discount condition (i), 0.10% if you do not meet the discount condition (ii) and 0.40% if you do not meet either of the above conditions to be eligible for the discount. All holders must have their tax residence in Spain and be the holder of a current account in Openbank from which repayments of the mortgage loan will be made. No arrangement or maintenance fees. Mortgage subject to Openbank's approval.
^{2} The APR has been calculated for a representative example of a total mortgage loan of €100,000 over 15, 20, 25 and 30 years, to be repaid in 180, 240, 300 and 360 monthly payments, respectively, and under the assumption that the mortgage agreement shall be in effect for the agreed period of time and that Openbank and the applicant will fulfil their obligations under the conditions stipulated in the contract. Furthermore, the following has been considered for the calculation, to meet the discount conditions: (i) home insurance marketed by Openbank S.A, the Linked Bancassurance Operator, based on an estimated premium of €153.79 euros on a 100 m2 property located in Madrid, with a total value of €87,800.00 euros and a contents value of €22,000.00 euros (the premium for the first year was taken as a reference. Insurance premiums corresponding to the following annuities will be updated on an annual basis, as set forth in the individual terms of the applicable policy). Taking out the insurance is optional; however, policyholders will be eligible for more beneficial conditions.
This shall be a fixed-interest rate loan for the entire term of the loan for a 1st or 2nd house purchase. The interest rate will vary based on the term of the mortgage. The total payable amount indicated in the representative examples includes: capital, interest and insurance premium, the latter in order to meet discount conditions. The total cost indicated in the representative examples includes all expenses, including interest, fees, taxes, and any other type of expenses that you have to pay in relation to the loan contract and that are known to Openbank.
Representative example for a mortgage of €100,000 over 15 years:
There would be 180 monthly payments, the first 3 of which would be at 2.02% NIR: monthly payment of €644.43. If you do not meet discount conditions, the following fixed rate would apply to the remaining 177 payments: 2.42% NIR (2.43% APR), with monthly payments of €662.74, the total cost of €19,237.43 and the total amount payable of €119,237.43. If you do meet discount conditions, there would be 180 payments at he fixed rate: 2.02% NIR (2.32% APR), with monthly payments of €644.43, the total cost of €18,304.26 and the total amount payable of €118,304.26.
Representative example of a mortgage of €100,000 over 20 years:
There would be 240 monthly payments, the first 3 of which would be at 2.07% NIR: monthly payment of €509.21. If you do not meet discount conditions, the following fixed rate would apply to the remaining 237 payments: 2.47% NIR (2.49% APR), with monthly payments of €528.22, the total cost of €26,715.35 and the total amount payable of €126,715.35. If you do meet discount conditions, there would be 240 payments at the fixed rate: 2.07% NIR (2.37% APR), with monthly payments of €509.21, the total cost of €25,285.04 and the total amount payable of €125,285.04.
Representative example for a mortgage of €100,000 over 25 years:
There would be 3000 monthly payments, the first 3 of which would be at 2.17% NIR: monthly payment of €432,18. If you do not meet discount conditions, the following fixed rate would apply to the remaining 297 payments: 2.57% NIR (2.59% APR), with monthly payments of €451.97, the total cost of €35,531.15 and the total amount payable of €135,531.15. If you do meet discount conditions, there would be 300 payments at the fixed rate: 2.17% NIR (2.46% APR), with monthly payments of €432.18, the total cost of €33,498.56 and the total amount payable of €133,498.56.
Representative example for a mortgage of €100,000 over 30 years:
There would be 360 monthly payments, the first 3 of which would be at 2.22% NIR: monthly payment of €380.72. If you do not meet discount conditions, the following fixed rate would apply to the remaining 357 payments: 2.62% NIR (2.64% APR), with monthly payments of €401.24, the total cost of €43,383.16 and the total amount payable of €143,383.16. If you do meet discount conditions, there would be 360 payments at the fixed rate: 2.22% NIR (2.50% APR), with monthly payments of €380.72, the total cost of €41,672.09 and the total amount payable of €141,672.09.
Interest rates offered for mortgage loans intended for house purchases.
French repayment system, whereby the loan principal and interest are repaid through regular scheduled monthly instalments, i.e. of the same amount, provided that the interest rate applicable during the settlement period does not change and no early repayments are made. Since interest accrues on the outstanding principal amount, as time passes the amount of the instalment used to repay the principal increases, while the interest payment portion will decrease, as the outstanding principal is reduced.
The following mathematical formula is used to determine the amount of each monthly payment:
P= (i x c) x (1-(1+i)-n)-1, where "p" is the monhtly payment, "i" the annual nominal interest rate divided by 12, "c" the outstanding principal of the mortgage loan and “n” the number of outstanding months of the repayment period.
We use this formula to calculate interest on outstanding capital: I= (i x c), where "I" is the interest, "i" is the annual nominal interest rate divided by 12 and "c" is the outstanding principal of the mortgage loan.
The amount repaid by customers is the monthly payment minus interest.
^{3 }Openbank will bear the valuation and land registry verification fees (land registry report) as long as they are requested through Openbank and the mortgage agreement is ultimately signed with the bank. These expenses will be paid by the customer in advance and will be refunded by Openbank, after signing, once the mortgage file settlement has been completed. The abovementioned expenses relate to the arrangement of the mortgage loan and under no circumstances to the home purchase transaction.
^{4 } The financial loss suffered by OPENBANK, if any, shall be calculated, in proportion with the reimbursed capital, by a negative difference between the outstanding capital at the time of the early redemption and the present market value of the loan.
The present market value will be calculated as the sum of the current value of the outstanding fees up to the next interest rate review and the current value of the outstanding capital at the time of the review had it not been cancelled early. The update interest rate will be the market rate that applies to the remaining time period until the next review. The applicable index for calculating market value will be the Interest Rate Swap (IRS) at 2, 3, 4, 5, 7, 10, 15, 20, and 30 year periods that will be published by the Bank of Spain and which a spread will be added. This spread will be fixed as the existing difference, at the time the transaction is signed, between the transaction interest rate and the IRS at the next closest installment to that time, until the next interest rate review date or until its maturity date.
The reference interest rate of the above that is closest to the outstanding period of the loan term from the early termination until the next interest rate review date or until its maturity date shall be applied.
The amount will be paid to Openbank when the reimbursement is formalised.
If you decide to pay the loan off early, please contact us in order to determine the exact level of compensation at that time.
^{5 }Home Insurance provided by Zurich Insurance Plc, Spain Branch, marketed by Open Bank, S.A., Linked Bancassurance Operaror, with Tax ID Number (NIF) A-28021079, through its distribution network. Open Bank, S.A., Linked Bancassurance Operator is registered in the D.G.S.F.P. [Directorate General for Insurance and Pension Funds] Registry, with nº OV-0081 and has valid agency contracts with Zurich Insurance Plc, Spain Branch; and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.
Applicable interest rate | Fixed NIR for 1st year | Variable NIR for remainder of term | Variable APR |
Subject to discount conditions | 1.69%^{1} | 12-month Euribor +0.89%^{1} | 1.98%^{2} |
Not subject to discount conditions | 2.09%^{1} | 12-month Euribor +1.29%^{1} | 2.10%^{2} |
The interest rates shown in this table correspond to the highest percentage of applications. You should bear in mind that they may vary depending on the amount finally requested.
No valuation fees^{3} or:
- arrangement fees
- partial prepayment fees
- subrogation fees
- fees for amending conditions
Applicable fee for full prepayment:
- 0.25% of the outstanding mortgage balance repaid early (full prepayment) during the first three years of the term, which shall not exceed financial loss^{4}.
Amounts
Maximum amount: €3,000,000.
- Primary residence purchase: 80% of the lowest of the following amounts: (i) valuation price or (ii) purchase price.
- Second residence purchase: 70% of the lowest of the following amounts: (i) valuation price or (ii) purchase price.
Minimum amount: €30,000.
Term
The minimum mortgage term is 5 years and the maximum 30 years for a primary residence, and 25 years for a second residence as long as the sum of the applicant's age and the term of the mortgage does not exceed 80 years for a primary residence and 75 years for a secondary residence.
Insurance
Taking out Home Insurance at Openbank is not compulsory, but if you take out a Home Insurance policy through us^{5}, you will pay less on your mortgage.
Conditions
(i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into Openbank. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with Openbank, or a deposit must be made from another bank into Openbank each month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, must be equal to or greater than €900 per month. If there are two or more holders, the minimum amount is €1,800 per month.
(ii) The property/properties subject to the mortgage must be insured with the Home Insurance marketed by Openbank, S.A., Linked Bancassurance Operator..
If you do not meet any of the above discount conditions, the applicable interest rate that arises from failure to comply will vary and will be the result of an additional margin of 0.30% being added to the discounted annual nominal interest if you do not meet the discount condition (i), 0.10% if you do not meet the discount condition (ii) and 0.40% if you do not meet either of the above conditions to be eligible for the discount.
All holders must have their tax residence in Spain and be the holder of a current account in Openbank from which repayments of the mortgage loan will be made. No arrangement or maintenance fees. Mortgage subject to Openbank's approval.
Valuation fees
Openbank will bear the valuation and land registry verification fees^{3} as long as they are requested through Openbank and the mortgage agreement is ultimately signed with the bank. These expenses will be paid by the customer in advance and will be refunded by Openbank, after signing, once the mortgage file settlement has been completed.
Legal information
^{1} Interest rates subject to the following discount conditions: (i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into Openbank. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with Openbank, or a deposit must be made from another bank into Openbank each month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, must be equal to or greater than €900 per month. If there are two or more holders, the minimum amount is €1,800 per month (ii) the property/properties subject to the mortgage must be insured with the Home Insurance marketed by Openbank, S.A., Linked Bancassurance Operator.
If you do not meet any of the above discount conditions, the applicable interest rate that arises from failure to comply will vary and will be the result of an additional margin of 0.30% being added to the discounted annual nominal interest if you do not meet the discount condition (i), 0.10% if you do not meet the discount condition (ii) and 0.40% if you do not meet either of the above conditions to be eligible for the discount. All holders must have their tax residence in Spain and be the holder of a current account in Openbank from which repayments of the mortgage loan will be made. No arrangement or maintenance fees. Mortgage subject to Openbank's approval.
^{2} The Variable APR has been calculated for a representative example of a total mortgage loan of €100,000 and a term of 25 years, to be repaid in 300 monthly payments, and under the assumption that the mortgage agreement shall be in effect for the agreed period of time and that Openbank and the applicant will fulfil their obligations under the conditions stipulated in the contract. Furthermore, the following has been considered for the calculation, to meet the discount conditions: (i) home insurance marketed by Openbank S.A, the Linked Bancassurance Operator, based on an estimated premium of €153.79 euros on a 100 m2 property located in Madrid, with a total value of €87,800.00 euros and a contents value of €22,000.00 euros (the premium for the first year was taken as a reference. Insurance premiums corresponding to the following annuities will be updated on an annual basis, as set forth in the individual terms of the applicable policy). Taking out the insurance is optional; however, policyholders will be eligible for more beneficial conditions. Variable APR 2.10% calculated under the assumption that the applicant does not meet the conditions to be eligible for a discount. A 1.69% NIR is applied to the first 3 months and a rate of 2.09% is applied to the rest of the mortgage term. On this basis, there would be 3 monthly payments of €418.93 and 297 monthly payments of €428.07, at a total cost of €28,363.58 and the total amount payable of €128,363.58 (including capital and interest). If the applicant meets discount conditions, the applicable interest rate for the entire mortgage term would be 1.69 NIR (1.98% variable APR), with 300 monthly payments of €408.93, and a total cost of €26,520.87 and a total amount payable of €126,520.87.
The total amount payable in the representative examples includes: principal, interest and the insurance premium (the latter applies if discount conditions are met).
The total cost payable indicated in the representative examples includes all expenses, including interest, fees, taxes, and any other expenses that you have to pay in relation to the loan contract and that are known to Openbank.
These VariableAPR calculations, the repayment amount, total cost and total amount have been calculated assuming that the interest rate is maintained throughout the validity of the contract at the level fixed for the initial period [1st year], since the variable interest rate to be applied during the variable period at the current date, 12-month Euribor May 2022 (0.013% plus spread), is less than the fixed rate of the initial period, therefore this Variable APR will vary with the interest rate reviews. Half-yearly review.
During the period in which the variable interest rate is applicable, if the sum of the benchmark interest rate (12-month Euribor) plus the differential applied in each case to the mortgage loan were to be negative, the mortgage loan would not involve interest payments in favour of the borrowers, although during that period of time the borrowers will not be required to pay interest.
However, please note that after the first year it is a variable-rate loan and that the amount of each mortgage repayment will vary from the expiry date of the period in which the initial fixed interest rate is applied (12 months), and then on a six-monthly basis, at the time of each interest rate review. At the time of each review the applicable mortgage payment will be calculated based on the benchmark index, 12-month Euribor, or a substitute benchmark index, if applicable, from the second calendar month prior to the date of the interest rate review, plus the corresponding spread.
Interest rates offered for mortgage loans intended for house purchases.
French repayment system, whereby the loan principal and interest are repaid through regular scheduled monthly instalments, i.e. of the same amount, provided that the interest rate applicable during the settlement period does not change and no early repayments are made. Since interest accrues on the outstanding principal amount, as time passes the amount of the instalment used to repay the principal increases, while the interest payment portion will decrease, as the outstanding principal is reduced.
The following mathematical formula is used to determine the amount of each monthly payment:
P= (i x c) x (1-(1+i)-n)-1, where "p" is the monhtly payment, "i" the annual nominal interest rate divided by 12, "c" the outstanding principal of the mortgage loan and “n” the number of outstanding months of the repayment period.
We use this formula to calculate interest on outstanding capital: I= (i x c), where "I" is the interest, "i" is the annual nominal interest rate divided by 12 and "c" is the outstanding principal of the mortgage loan.
The amount repaid by customers is the monthly payment minus interest.
^{3 }Openbank will bear the valuation and land registry verification fees (land registry report) as long as they are requested through Openbank and the mortgage agreement is ultimately signed with the bank. These expenses will be paid by the customer in advance and will be refunded by Openbank, after signing, once the mortgage file settlement has been completed. The abovementioned expenses relate to the arrangement of the mortgage loan and under no circumstances to the home purchase transaction.
^{4 } The financial loss suffered by Openbank, if any, shall be calculated, in proportion with the reimbursed capital, by a negative difference between the outstanding capital at the time of the early redemption and the present market value of the loan.
The present market value will be calculated as the sum of the current value of the outstanding fees up to the next interest rate review and the current value of the outstanding capital at the time of the review had it not been cancelled early. The update interest rate will be the market rate that applies to the remaining time period until the next review. The applicable index for calculating market value will be the Interest Rate Swap (IRS) at 2, 3, 4, 5, 7, 10, 15, 20, and 30 year periods that will be published by the Bank of Spain and which a spread will be added. This spread will be fixed as the existing difference, at the time the transaction is signed, between the transaction interest rate and the IRS at the next closest installment to that time, until the next interest rate review date or until its maturity date.
The reference interest rate of the above that is closest to the outstanding period of the loan term from the early termination until the next interest rate review date or until its maturity date shall be applied.
The amount will be paid to Openbank when the reimbursement is formalised.
If you decide to pay the loan off early, please contact us in order to determine the exact level of compensation at that time.
^{5 }Home Insurance provided by Zurich Insurance Plc, Spain Branch, marketed by Open Bank, S.A., Linked Bancassurance Operaror, with Tax ID Number (NIF) A-28021079, through its distribution network. Open Bank, S.A., Linked Bancassurance Operator is registered in the D.G.S.F.P. [Directorate General for Insurance and Pension Funds] Registry, with nº OV-0081 and has valid agency contracts with Zurich Insurance Plc, Spain Branch; and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.
Applicable interest rate, when discount conditions^{1} are met
Fixed NIR for the first 10 years | Variable NIR for the remainder of the term | Variable APR | |
5 - 15 years | 1.97%^{1} | 12-month Euribor + 0,65%^{1} | 2.27%^{2} |
16 - 20 years | 2.02%^{1} | 12-month Euribor + 0.65%^{1} | 2.32%^{2} |
21 - 25 years | 2.12%^{1} | 12-month Euribor + 0.65%^{1} | 2.41%^{2} |
26 - 30 years | 2.17%^{1} | 12-month Euribor + 0.65%^{1} | 2.45%^{2} |
Applicable interest rate, when discount conditions^{1} are not met
Fixed NIR for the first 10 years | Variable NIR for the remainder of the term | Variable APR | |
5 - 15 years | 2.37%^{1} | 12-month Euribor + 1.05%^{1} | 2.38%^{2} |
16 - 20 years | 2.42%^{1} | 12-month Euribor + 1.05%^{1} | 2.44%^{2} |
21 - 25 years | 2.52%^{1} | 12-month Euribor + 1.05%^{1} | 2.54%^{2} |
26 - 30 years | 2.57%^{1} | 12-month Euribor + 1.05%^{1} | 2.59%^{2} |
The interest rates shown in this table correspond to the highest percentage of applications. You should bear in mind that they may vary depending on the amount and, where applicable, the term finally requested.
No valuation fees^{3} or:
- arrangement fees
- partial prepayment fees
- subrogation fees
- fees for amending conditions
Applicable fee for full prepayment:
- 2% of the remaining mortgage balance repaid early (full prepayment) during the first ten years of the mortgage term; or,
- 0% when the full prepayment is made during the remainder of the mortgage term.
The amount charged for full prepayment will not exceed financial loss^{4}.
Amounts
Maximum amount: €3,000,000.
- Primary residence purchase: 80% of the lowest of the following amounts: (i) valuation price or (ii) purchase price.
- Second residence purchase: 70% of the lowest of the following amounts (i) valuation price or (ii) purchase price.
Minimum amount: €30,000.
Term
The minimum mortgage term is 11 years and the maximum 30 years for a primary residence, and 25 years for a second residence as long as the sum of the applicant's age and the mortgage term does not exceed 80 years for a primary residence and 75 years for a secondary residence.
Insurance
Taking out Home Insurance at Openbank is not compulsory, but if you take out a Home Insurance policy through us^{5}, you will pay less on your mortgage.
Conditions
(i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into Openbank. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with Openbank, or a deposit must be made from another bank into Openbankeach month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, must be equal to or greater than €900 per month. If there are two or more holders, the minimum amount is €1,800 per month.
(ii) The property/properties subject to the mortgage must be insured with the Home Insurance marketed by Openbank, S.A., Linked Bancassurance Operator.
If you do not meet any of the above discount conditions, the applicable interest rate that arises from failure to comply will vary and will be the result of an additional margin of 0.30% being added to the discounted annual nominal interest if you do not meet the discount condition (i), 0.10% if you do not meet the discount condition (ii) and 0.40% if you do not meet either of the above conditions to be eligible for the discount.
All holders must have their tax residence in Spain and be the holder of a current account in Openbank from which repayments of the mortgage loan will be made. No arrangement or maintenance fees. Mortgage subject to Openbank's approval.
Valuation fees
Openbank will bear the valuation and land registry verification fees^{3} as long as they are requested through Openbank and the mortgage agreement is ultimately signed with the bank. These expenses will be paid by the customer in advance and will be refunded by Openbank, after signing, once the mortgage file settlement has been completed.
Legal information
^{1} Interest rates subject to the following discount conditions: (i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into Openbank. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with Openbank, or a deposit must be made from another bank into Openbank each month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, must be equal to or greater than €900 per month. If there are two or more holders, the minimum amount is €1,800 per month (ii) the property/properties subject to the mortgage must be insured with the Home Insurance marketed by Openbank, S.A., Linked Bancassurance Operator.
If you do not meet any of the above discount conditions, the applicable interest rate that arises from failure to comply will vary and will be the result of an additional margin of 0.30% being added to the discounted annual nominal interest if you do not meet the discount condition (i), 0.10% if you do not meet the discount condition (ii) and 0.40% if you do not meet either of the above conditions to be eligible for the discount. All holders must have their tax residence in Spain and be the holder of a current account in Openbank from which repayments of the mortgage loan will be made. No arrangement or maintenance fees. Mortgage subject to Openbank's approval.
^{2}The APR has been calculated for a representative example of a total mortgage loan of €100,000 over 15, 20, 25 and 30 years, to be repaid in 180, 240, 300 and 360 monthly payments, respectively, and under the assumption that the mortgage agreement shall be in effect for the agreed period of time and that Openbank and the applicant will fulfil their obligations under the conditions stipulated in the contract. Furthermore, the following has been considered for the calculation, to meet the discount conditions: (i) home insurance marketed by Openbank S.A, the Linked Bancassurance Operator, based on an estimated premium of €153.79 euros on a 100 m2 property located in Madrid, with a total value of €87,800.00 euros and a contents value of €22,000.00 euros (the premium for the first year was taken as a reference. Insurance premiums corresponding to the following annuities will be updated on an annual basis, as set forth in the individual terms of the applicable policy). Taking out the insurance is optional; however, policyholders will be eligible for more beneficial conditions. These Variable APR calculations, the repayment amount, total cost and total amount have been calculated assuming that the interest rate is maintained throughout the validity of the contract at the level fixed for the initial period, the first 10 years, since the variable interest rate to be applied during the variable period at the current date, 12-month Euribor May 2022 (0.013% plus spread), is less than the fixed rate of the initial period, therefore this Variable APR will vary with the interest rate reviews. Annual review.
However, please note that once the first 10 years have passed, it is a variable-rate loan and that the amount of each mortgage repayment will vary from the expiry date of the period in which the initial fixed interest rate is applied (120 months), and then on an annual basis, at the time of each interest rate review. At the time of each review the applicable premium will be calculated based on the benchmark index, 12-month Euribor, or a substitute benchmark index, if applicable, from the second calendar month prior to the date of the interest rate review, plus the corresponding spread.
Representative example for a mortgage of €100,000 over 15 years:
There would be 180 monthly payments, the first 3 of which would be at 1.97% NIR: monthly payment of €642.13. If you do not meet discount conditions, the following fixed rate would apply to the remaining 177 payments: 2.37% NIR, with monthly payments of €660.39, the total cost of €18,815.42 and the total amount payable of €118,815.42. APR: 2.38%. If you meet discount conditions, there would be 180 repayments at the fixed rate of 1.97% for the amount of €642.13, with the total cost of €17,889.65 and the total amount payable of €117,889.65. APR: 2.27%
Representative example for a mortgage of €100,000 over 20 years:
There would be 240 monthly payments, the first 3 of which would be at 2.02% NIR: monthly payment of €506.83. If you do not meet discount conditions, the following fixed rate would apply to the remaining 237 payments: 2.42% NIR, with monthly payments of €525.79, the total cost of €26,132.72 and the total amount payable of €126,132.72. APR: 2.44%. If you meet discount conditions, there would be 240 repayments at the fixed rate of 2.02% for the amount of €506.83, the total cost of €24,715.00 and the total amount payable of €124,715.00. APR: 2.32%
Representative example for a mortgage of €100,000 over 25 years:
There would be 300 monthly payments, the first 3 of which would be at 2.12% NIR: monthly payment of €429.72. If you do not meet discount conditions, the following fixed rate would apply to the remaining 297 payments: 2.52% NIR, with monthly payments of €449.44, the total cost of €34,772.84 and the total amount payable of €134,772.84. APR: 2.54%. If you meet discount conditions, there would be 300 repayments at the fixed rate of 2.12% for the amount of €429.72, the total cost of €32,760.75 and the total amount payable of €132,760.75. APR: 2.41%
Representative example for a mortgage of €100,000 over 30 years:
There would be 360 monthly payments, the first 3 of which would be at 2.17% NIR: monthly payment of €378.18. If you do not meet discount conditions, the following fixed rate would apply to the remaining 357 payments: 2.57% NIR, with monthly payments of €398.62, the total cost of €43,441.88 and the total amount payable of €143,441.55. APR: 2.59%. If you meet discount conditions, there would be 360 repayments at the fixed rate of 2.17% for the amount of €378.18, the total cost of €40,758.50 and the total amount payable of €140,758.50. APR: 2.45%
The total amount payable in the representative examples includes the principal, interest and the insurance premium. The insurance premium is only applicable if discount conditions are met. The total amount payable in the representative examples includes all expenses, including interests, fees, taxes and any other expenses that you have to pay in relation to the loan contract and that are known to Openbank.
During the period in which the variable interest rate is applicable, if the sum of the benchmark interest rate (12-month Euribor) plus the differential applied in each case to the mortgage loan were to be negative, the mortgage loan would not involve interest payments in favour of the borrowers, although during that period of time the borrowers will not be required to pay interest.
Interest rates offered for mortgage loans intended for house purchases.
French repayment system, whereby the loan principal and interest are repaid through regular scheduled monthly instalments, i.e. of the same amount, provided that the interest rate applicable during the settlement period does not change and no early repayments are made. Since interest accrues on the outstanding principal amount, as time passes the amount of the instalment used to repay the principal increases, while the interest payment portion will decrease, as the outstanding principal is reduced.
The following mathematical formula is used to determine the amount of each monthly payment:
P= (i x c) x (1-(1+i)-n)-1, where "p" is the monhtly payment, "i" the annual nominal interest rate divided by 12, "c" the outstanding principal of the mortgage loan and “n” the number of outstanding months of the repayment period.
We use this formula to calculate interest on outstanding capital: I= (i x c), where "I" is the interest, "i" is the annual nominal interest rate divided by 12 and "c" is the outstanding principal of the mortgage loan.
The amount repaid by customers is the monthly payment minus interest.
^{3 }Openbank will bear the valuation and land registry verification fees (land registry report) as long as they are requested through Openbank and the mortgage agreement is ultimately signed with the bank. These expenses will be paid by the customer in advance and will be refunded by Openbank, after signing, once the mortgage file settlement has been completed. The abovementioned expenses relate to the arrangement of the mortgage loan and under no circumstances to the home purchase transaction.
^{4 } The financial loss suffered by OPENBANK, if any, shall be calculated, in proportion with the reimbursed capital, by a negative difference between the outstanding capital at the time of the early redemption and the present market value of the loan.
The present market value will be calculated as the sum of the current value of the outstanding fees up to the next interest rate review and the current value of the outstanding capital at the time of the review had it not been cancelled early. The update interest rate will be the market rate that applies to the remaining time period until the next review. The applicable index for calculating market value will be the Interest Rate Swap (IRS) at 2, 3, 4, 5, 7, 10, 15, 20, and 30 year periods that will be published by the Bank of Spain and which a spread will be added. This spread will be fixed as the existing difference, at the time the transaction is signed, between the transaction interest rate and the IRS at the next closest installment to that time, until the next interest rate review date or until its maturity date.
The reference interest rate of the above that is closest to the outstanding period of the loan term from the early termination until the next interest rate review date or until its maturity date shall be applied.
The amount will be paid to Openbank when the reimbursement is formalised.
If you decide to pay the loan off early, please contact us in order to determine the exact level of compensation at that time.
^{5 }Home Insurance provided by Zurich Insurance Plc, Spain Branch, marketed by Open Bank, S.A., Linked Bancassurance Operaror, with Tax ID Number (NIF) A-28021079, through its distribution network. Open Bank, S.A., Linked Bancassurance Operator is registered in the D.G.S.F.P. [Directorate General for Insurance and Pension Funds] Registry, with nº OV-0081 and has valid agency contracts with Zurich Insurance Plc, Spain Branch; and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.
Pre-approval will be issued on the presumption of accuracy of the information provided to date and will be subject to the subsequent performance of a comprehensive risk analysis by the Openbank risk department, once the necessary information and supporting documentation has been obtained. Accordingly, pre-approval is of an indicative nature and in no way constitutes a Binding Offer nor a confirmation that the mortgage loan will be granted. Accordingly, Openbank shall not be liable for the final rejection of the mortgage loan or the terms of a subsequent Binding Offer other than those described depending on market conditions or having obtained additional information about their preferences and financial conditions; therefore, the applicant or any other recipient must take all necessary precautions before using the data contained in the pre-approval letter, which they use at their own risk.
Please note that the personal details you provided have allowed us to analyse the financial soundness and risk of the transaction you have simulated. On sending you the email, we will keep and process your data in order to inform you of the result of your Open Mortgage simulation, and to allow you to continue with your application at any time. If you prefer not to continue with the application and contractual process, your data will be kept for a period of 6 months for the purposes indicated above. After this period, your data will be deleted.
Further information on your rights and data protection.
Sorry, we cannot offer you a mortgage based on the information provided.
You can get in touch with us at any time to discuss your needs on +34 91 276 22 56.
Please note that the personal details you provided have allowed us to analyse the financial soundness and risk of the transaction you have simulated. On sending you the email, we will keep and process your data in order to inform you of the result of your Open Mortgage simulation, and to allow you to continue with your application at any time. If you prefer not to continue with the application and contractual process, your data will be kept for a period of 6 months for the purposes indicated above. After this period, your data will be deleted.
Further information on your rights and data protection.