[cantidad] alternatives for your mortgage of [importeVivienda] to pay in [plazo]

The final approval of your mortgage is subject to analysis of additional information that will be requested during the application process, and that holders have their fiscal residence in Spain. In order to apply for an Open Mortgage, you must be an Openbank customer.

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Fixed interest rate

The interest rate will not change during the lifetime of the mortgage. We offer you different options depending on the term of your mortgage:

  • From 5 to 15 years:      1.75% NIR (2.17% APR (1)).
  • From 16 to 20 years:    2.00% NIR (2.37% APR (1)).
  • From 21 to 25 years:    2.25% NIR (2.59% APR (1)).
  • From 26 to 30 years:    2.50% NIR (2.82% APR (1)).

No fees

  • No opening fee.
  • No partial or full repayment fee.
  • No subrogation fee.
  • No fee to amend the conditions.

Amounts

Maximum amount: €3,000,000.

  • Purchase of primary home: 80% of the lesser of the following amounts: (i) valuation price or (ii) purchase price.
  • Purchase of second home. 70% of the lesser of the following amounts: (i) valuation price or (ii) purchase price.

Minimum amount: €30,000.

Period

The minimum term of the mortgage is 5 years and the maximum is 30 years for the first home and 25 years for the second.

Insurance

It is only necessary to have a valid fire insurance policy in place on the mortgaged property, which you may contract with the company of your choice.

Requirements

To have directly deposited into Openbank the payroll, pension, any other type of periodic benefit received by transfer in retributive concept, or to make each month a deposit in Openbank from an account of another entity. For a single holder, the amount of any of the above items 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. If you do not fulfil the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding an additional margin of 1.20% to the annual nominal interest rate.

Arrangement costs

Openbank will take care of the fees arising from registering the mortgage in the Land Registry and the notary fees relating to the non-certified and enforceable copy for Openbank.

The remaining costs will be borne by the customer.

Legal Information

(1) APR 2.17% – 2.37% – 2.59% – 2.82% calculated for a 15 – 20 – 25 – 30 year mortgage for a 1st or 2nd home, located in the Community of Madrid, costing €150,000 including for calculation purposes: (i) the estimated cost of verifying the registry status of the home (€15), (ii) appraisal (€447.70), (iii) administrative services (€459.80), (iv) Community of Madrid Stamp Duty (€1,383.75 – €1,395.00 – €1,406.25 – €1,417.50 calculated for a mortgage liability of €184,500 – €186,000 – €187,500 – €189,000 at 0.75%, although you must bear in mind that Stamp Duty varies between Autonomous Communities), (v) Property Registry registration fees (€0), and (vi) including compulsory insurance against fire and other damage: €150/year (this amount is indicative and will depend on the insurance company you choose). No formalization fee. Fixed interest rate for the entire life of the loan: 1.75% – 2.00% – 2.25% – 2.50%. Monthly payments. All expenses mentioned above refer to the formalization of the mortgage loan and in no case to the sales transaction.

The APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term (15 – 20 – 25 - 30 years) and that Openbank and the applicant will accurately fulfil their obligations under the conditions and within the periods established in this agreement. In particular: (i) To have directly deposited into Openbank the payroll, pension, any other type of periodic benefit received by transfer in retributive concept, or to make each month a deposit in Openbank from an account of another entity. For a single owner, the amount of any of the above concepts must be equal to or greater than €900 per month for a single owner and a minimum of €1,800 if there are two or more owners.

Openbank bears the cost of the Property Registry fees and, therefore, for the purpose of calculating the APR these are €0.

Variable interest rate

Variable nominal interest rate: Euribor + 0.99%. This interest rate will be reviewed annually. Variable APR: 1.12% APR (1).

No fees

  • No opening fee.
  • No partial or full repayment fee.
  • No subrogation fee.
  • No fee to amend the conditions.

Amounts

Maximum amount: €3,000,000.

  • Purchase of primary home: 80% of the lesser of the following amounts: (i) valuation price or (ii) purchase price.
  • Purchase of second home. 70% of the lesser of the following amounts: (i) valuation price or (ii) purchase price.

Minimum amount: €30,000.

Period

The minimum term of the mortgage is 5 years and the maximum is 30 years for the first home and 25 years for the second.

Insurance

It is only necessary to have a valid fire insurance policy in place on the mortgaged property, which you may contract with the company of your choice.

Requirements

To have directly deposited into Openbank the payroll, pension, any other type of periodic benefit received by transfer in retributive concept, or to make each month a deposit in Openbank from an account of another entity. For a single holder, the amount of any of the above items 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. If you do not fulfil the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding an additional margin of 1.20% to the annual nominal interest rate.

Arrangement costs

Openbank will take care of the fees arising from registering the mortgage in the Land Registry and the notary fees relating to the non-certified and enforceable copy for Openbank.

The remaining costs will be borne by the customer.

Legal Information

(1) You have to bear in mind that it is a variable interest rate loan. Since it is impossible to know the future behavior of interest rates, the Variable APR is provided for informational purposes and is calculated based on the assumption that the reference interest rate will remain constant throughout the term of the transaction, at the initial value at the time calculation (Euribor of may 2018 published in the Official State Gazette in june 2018: -0.188%). The Variable APR will vary annually with the interest rate adjustments.

Variable APR 1.12% calculated for a 25 year mortgage for a 1st or 2nd home, located in the Community of Madrid, costing €150,000 including for calculation purposes: (i) the estimated cost of verifying the registry status of the home (€15), (ii) appraisal (€447.70), (iii) administrative services (€459.80), (iv) Community of Madrid Stamp Duty (€1,341.00 calculated for a mortgage liability of €178,812 at 0.75%, although you must bear in mind that Stamp Duty varies between Autonomous Communities), (v) Property Registry registration fees (€0), and (vi) including compulsory insurance against fire and other damage: €150/year (this amount is indicative and will depend on the insurance company you choose). No formalization fee. Applicable interest rate: Euribor + 0.99%. Annual adjustment. Monthly payments. All expenses mentioned above refer to the formalization of the mortgage loan and in no case to the sales transaction.

The Variable APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term (25 years) and that Openbank and the applicant will accurately fulfil their obligations under the conditions and within the periods established in this agreement. In particular: (i) To have directly deposited into Openbank the payroll, pension, any other type of periodic benefit received by transfer in retributive concept, or to make each month a deposit in Openbank from an account of another entity. For a single owner, the amount of any of the above concepts must be equal to or greater than €900 per month for a single owner and a minimum of €1,800 if there are two or more owners.

Openbank bears the cost of the Property Registry fees and, therefore, for the purpose of calculating the APR these are €0.

Mixed Open Mortgage Conditions

Fixed nominal interest rate for the first 10 years: 1.75%.

Variable nominal variable interest rate for the remaining period: Euribor + 0.99%. This interest rate will be reviewed annually. Variable APR: 1.76% (1).

No fees

  • No opening fee.
  • No partial or full repayment fee.
  • No subrogation fee.
  • No fee to amend the conditions.

Amounts

Maximum amount: €3,000,000.

  • Purchase of primary home: 80% of the lesser of the following amounts: (i) valuation price or (ii) purchase price.
  • Purchase of second home. 70% of the lesser of the following amounts: (i) valuation price or (ii) purchase price.

Minimum amount: €30,000.

Period

The minimum term of the mortgage is 11 years and the maximum is 30 years for the first home and 25 years for the second.

Insurance

It is only necessary to have a valid fire insurance policy in place on the mortgaged property, which you may contract with the company of your choice.

Requirements

To have directly deposited into Openbank the payroll, pension, any other type of periodic benefit received by transfer in retributive concept, or to make each month a deposit in Openbank from an account of another entity. For a single holder, the amount of any of the above items 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. If you do not fulfil the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding an additional margin of 1.20% to the annual nominal interest rate.

Arrangement costs

Openbank will take care of the fees arising from registering the mortgage in the Land Registry and the notary fees relating to the non-certified and enforceable copy for Openbank.

The remaining costs will be borne by the customer.

Legal Information

(1) You have to bear in mind that from the tenth year it is a variable interest rate loan. Since it is impossible to know the future behavior of interest rates, the Variable APR is provided for informational purposes and is calculated based on the assumption that the reference interest rate will remain constant throughout the term of the transaction, at the initial value at the time calculation (Euribor of mayo 2018 published in the Official State Gazette in abril 2018: -0.188%). The Variable APR will vary annually with the interest rate adjustments.

Variable APR 1.76% calculated for a 25 year mortgage for a 1st or 2nd home, located in the Community of Madrid, costing €150,000 including for calculation purposes: (i) the estimated cost of verifying the registry status of the home (€15), (ii) appraisal (€447.70), (iii) administrative services (€459.80), (iv) Community of Madrid Stamp Duty (€1,383.75 calculated for a mortgage liability of €184,500 at 0.75%, although you must bear in mind that Stamp Duty varies between Autonomous Communities), (v) Property Registry registration fees (€0), and (vi) including compulsory insurance against fire and other damage: €150/year (this amount is indicative and will depend on the insurance company you choose). No formalization fee. Applicable interest rate: First 10 years: 1,75%, from eleventh year: Euribor + 0.99%. Annual adjustment. Monthly payments. All expenses mentioned above refer to the formalization of the mortgage loan and in no case to the sales transaction.

The Variable APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term (25 years) and that Openbank and the applicant will accurately fulfil their obligations under the conditions and within the periods established in this agreement. In particular: (i) To have directly deposited into Openbank the payroll, pension, any other type of periodic benefit received by transfer in retributive concept, or to make each month a deposit in Openbank from an account of another entity. For a single owner, the amount of any of the above concepts must be equal to or greater than €900 per month for a single owner and a minimum of €1,800 if there are two or more owners.

Openbank bears the cost of the Property Registry fees and, therefore, for the purpose of calculating the APR these are €0.

Your mortgage of [importeVivienda] to pay in [plazo]