Open Variable-rate Mortgage
Get a lower interest rate by meeting
discount conditions1
No need to open an account until the mortgage is signed
Calculate your mortgage repayments
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Property purpose
Property type
Nominal interest rate from: 12-month Euribor + 0.65%1.
From 2.00% NIR1 for the first year
Variable APR: 3.28%2
The applicable interest rate varies according to the amount you choose.
Nominal interest rate from: 12-month Euribor + 1.15%1.
From 2.50% NIR1 for the first year
Variable APR: 3.50%2
The applicable interest rate varies according to the amount you choose.
If you finance more than €150,000, the applicable interest rate is reduced by 0.10%.
This reduction will be applied to the interest rate resulting from the amount and option you choose, whether or not discount conditions are met.
| Applicable interest rate | Fixed NIR for 1st year*** | Spread | Variable APR |
|---|---|---|---|
| Subject to meeting discount conditions | 2.00%1 | 12-month Euribor + 0.65%1 | 3.28%2 |
| Not subject to meeting discount conditions | 2.50%1 | 12-month Euribor + 1,15%1 | 3.50%2 |
***When the discount conditions are not met, a fixed interest rate of 2.00% NIR shall be applied for the first 3 months, followed by a fixed interest rate of 2.50% NIR for the following 9 months.
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.
Applying for your mortgage is simple
Discover how to improve the cost of your mortgage with our discounts:
Get a discount of up to 0.50% on the non-reduced fixed interest rate when you take out or sign up for the following products and services. This is optional, but it can help you pay less for your mortgage:
Set up a direct deposit for your income
- If your mortgage is for your primary residence, you must set up a direct deposit for your salary, pension or any other type of social benefit greater than or equal to €900 when there is one holder, and greater than or equal to €1,800 in the case of two holders.
- If the mortgage is for a second home or you are self-employed, you must set up a direct deposit for your salary, pension or any other benefit paid by bank transfer, or set up a recurring monthly deposit from an account at another bank to your Openbank account. For a single holder, the value of this transfer must be greater than or equal to €900 per month. If there are two or more holders, the minimum amount is €1,800 per month.
In this case, 30% discount will be applied to the non-reduced interest rate.
Home Insurance
- Take out home insurance through Open Bank, S.A., Linked Bancassurance Operator. If you insure your mortgaged home, you will receive a 0.10% discount on the non-reduced mortgage interest rate.
Life Insurance
- Take out life insurance through Open Bank, S.A., Linked Bancassurance Operator. If you insure 100% of the financed capital, you will receive a 0.10% discount on the non-reduced mortgage interest rate.
**Applicable fee for full prepayment:
0.25% of the principal repaid early, when it is a full prepayment made during the first three years of the mortgage term.
The amount charged for full prepayment will not exceed financial loss6.
Want to learn more about the Open Variable-rate Mortgage?
What is life insurance?
And if I already have a mortgage, how can I switch it to Openbank?
Who can apply for the variable-rate mortgage?
Any person who is over 18 years old and a resident in Spain. The sum of the applicant's age and the term of the mortgage must not exceed 80 years.
What about the fees?
No:
• Arrangement fees.
• Partial prepayment fees.
• Subrogation fdees.
• Fees for amending conditions.
Applicable fee for full prepayment:
0.25% of the capital repaid early (full prepayment) during the first 10 years of the loan term.
The amount charged for full prepayment will not exceed financial loss.
How does the Euribor affect my mortgage payment?
The interest rate of the Open Variable-rate Mortgage will be reviewed every six months and the mortgage payment will be updated in line with the current 12-month Euribor plus the corresponding spread. For the Open Mixed-rate Mortgage, the interest rate will be reviewed annually after year 5, and the mortgage payment will be updated with the current 12-month Euribor plus the corresponding spread. Therefore, your mortgage payments may go up or down based on the interest rate review with the corresponding 12-month Euribor at the time your mortgage interest rate is reviewed. For the Open Fixed-rate Mortgage, a fixed interest rate will be applied throughout the loan term; therefore, you will not be affected by the Euribor.
How is the application process?
It's quick and simple. You can apply on the website by filling out your information and uploading documents, etc. You'll also be assisted by a personal mortgage advisor throughout the whole process, making sure everything runs smoothly.
How long does it take to sign for a mortgage?
It can vary: from 25 days and upwards. It particularly depends on when the personal documentation and paperwork for the property are submitted.
The mortgage process is completed in 3 stages:
- Personal documentation: in general, you will be asked to provide proof of income, employment history report and personal income tax return.
- Property documentation: the land registry report and valuation (appraisal). The valuation may be arranged by the customer or requested through the bank.
- Signing the mortgage: by law, 2 visits must be made to the notary's office. Plus, a minimum period of 11 days is required from the date on which your mortgage is approved until you sign at the notary's office.
How many mortgage holders are allowed?
Up to two people may sign a mortgage deed.
What is the minimum and maximum mortgage loan amount available and what should my ability to repay be?
The minimum amount is €30,000 and the maximum amount is €3,000,000.
The maximum amount depends on three factors:
Percentage of financing: it is possible to apply for up to 80% of financing for a primary home and 70% for a second home. This percentage will be applied to the lowest of the following amounts: the valuation price or purchase price.
Ability to meet payments: the monthly mortgage payment plus other expenses must not exceed 40% of your monthly net income.
Mortgage term, which will also determine your monthly mortgage payment. The sum of the youngest applicant's age plus the mortgage term must not exceed 80 years.
This information is general and, of course, exceptions may apply.
The purpose of these criteria is to ensure you can meet your mortgage payment obligations as well as other fixed expenses throughout the entire mortgage term.
Is it compulsory to take out home insurance and life insurance marketed by Openbank with my Open Mortgage?
It is compulsory to take out property damage insurance with your Open Mortgage. You can take out this insurance with the insurer of your choice. However, if you decide to take out the home insurance marketed by Openbank, you be eligible for a reduced rate on your mortgage.
Taking out life insurance with Openbank is not compulsory, but if you do take out the Zurich Life Insurance marketed by Openbank, you will be eligible for a reduced rate on your mortgage.
What is home insurance?
It is the insurance that covers the risks your home may suffer from, for example: secondary effects from electric short circuits, pipe breakages, miscellaneous failures, domestic accidents, accidents caused by weather, theft, etc. It also covers civil liability caused by damage or injuries to other people or their property, such as falling objects from windows or balconies, flooding on lower floors, etc.
What is life insurance?
Life insurance gives you financial protection in the event of the policy holder's death, disability or other impediments. Life insurance is there to provide family members and close relatives with assistance when they need it most.
Which insurance company provides the home insurance and life insurance sold by Openbank?
Home Insurance cover and guarantees are provided by Zurich Insurance Europe AG, Sucursal en España; and Life Insurance cover and guarantees are provided by Zurich Vida, Compañía de Seguros y Reaseguros S.A. Open Bank, Linked Bancassurance Operator, with NIF A028021079, acts as the broker for both types of insurance through its distribution network. The company is registered in the Registry of the Directorate General for Insurance and Pension Funds Registry (D.G.S.F.P.) under number OV-0081 and has valid agency contracts with Zurich Insurance Europe AG, Sucursal en España, and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.
What happens to my Discounted Open Mortgage if I cancel or do not renew the products that provide a reduced interest rate?
The interest rate applied to your Discounted Mortgage may vary depending on the products taken out. If you cancel the direct deposit for your salary, an additional margin of 0.30% is added to the discounted annual nominal interest rate; if you do not renew Home Insurance sold through Open Bank, S.., Linked Bancassurance Operator, or you have outstanding payments due on your policy, 0.10% is added; if you do not renew Life Insurance sold in conjunction with the mortgage through Open Bank, S.A., Linked Bancassurance Operator, or outstanding payments are due, 0.10% is added; and if none of the products entitling you to a reduction on your mortgage payments are in force, 0.50% will be added to the discounted nominal interest rate. You may or may not meet the conditions throughout your mortgage term. We will adapt the interest rate to your choices at all times.
What is the difference between meeting or failing to meet discount conditions?
Meeting the discount conditions reduces your interest rate, allowing you to save on your monthly repayments, by setting up a direct deposit for your salary or pension, and insuring your new home with the Zurich Insurance PLC3 Home Insurance sold through Openbank, taking out the Zurich Life Insurance4 sold through Openbank.
Not meeting discount conditions means: not setting up a direct deposit for your salary, or taking out any insurance, although you will not be eligible for a reduced interest rate.
And if I already have a mortgage, how can I switch it to Openbank?
The first step is to provide the necessary documentation. Your personal mortgage advisor will get in touch to let you know which documents are required to switch your mortgage to Openbank.
If you then also meet the discount conditions: set up a direct deposit for your salary and take out Home Insurance and Life Insurance through Openbank, you will receive an additional discount of 0.50% on your mortgage interest rate. Openbank does not cover any applicable cancellation fees charged by your existing bank, although you can always finance the amount you need to cover them through Openbank.
For mortgages that are at least 1 year old and minimum monthly income of €1,500 (1 holder) and €2,000 (2 holders).
Can I cancel or switch my mortgage to another bank?
Subrogation consists of switching your mortgage from one bank to another. You can change certain aspects of the loan, including the interest or term. The amount and interest rate cannot be changed, i.e., if your mortgage is fixed, mixed or variable.
In terms of cancellation, you can change any aspect of the loan, including the amount and interest rate. In this case, you would incur several costs including notary, administrative and registration fees.
You can switch your mortgage to Openbank by cancellation and save money each month. The process is simple, quick, online, and you will be accompanied by a personal mortgage advisor throughout the entire process.
Is Openbank adhered to the Code of Good Practice?
OPENBANK is adhered to the Code of Good Practice for Mortgage Debtors, which is effective for 36 months and aims to implement urgent measures for vulnerable mortgage debtors who have debt in real estate loans or loans on their primary residence.
The duration of the Code will be extended to 42 months for individuals residing in any of the areas affected by the damage caused by the cut-off low (known in Spain as the DANA – Depresión Aislada en Niveles Altos).
The Code of Good Practice applies to customers who have taken out a mortgage on their main residence with OPENBANK prior to 31 December 2022 and whose purchase price does not exceed €300,000. Eligible customers are those at risk of vulnerability and must meet a number of criteria set out in the Royal Decree.
a) The mortgage debtor may apply for any or all of the following measures:
1. Extend the total term of their loan up to a maximum of 7 years.
2. Fix the instalment at its amount on 1 June 2022 or at the amount of the first instalment for loans in which it is charged after that date, for a period of 12 months from the time the novation takes place through a total or partial grace period on the principal, unless the total grace period on the principal is not sufficient to fix the instalment at that amount, in which case only a total grace period on the principal will be applied.
In any event, the outstanding principal will accrue interest at an interest rate that represents a 0.5% reduction in the current net value of the loan in accordance with current legislation, and the extension of the term will not reduce the amount of the instalment below the amount that was being paid on 1 June 2022.
b) Convert the interest rate calculation formula for the initial loan from a variable rate formula that is periodically repayable to a fixed rate.
It is also adhered to the Code of Good Practices established by Royal Decree Law 6/2012, of 9 March, on urgent measures for the protection of mortgage debtors without resources.
Customers who, having signed a mortgage on their primary residence with OPENBANK, are located in the so-called exclusion threshold, can apply. You can find out who is considered to be in the exclusion threshold, what documentation must be provided to prove that they are in this situation and the Code of Good Practices with the measures themselves at Open Mortgage or under the FAQ “How can I benefit from the measures of the Code of Good Practice?”.
How can I benefit from the measures of the Code of Good Practice?
To apply for the benefits of any of the Codes of Good Practice or for any other queries in this regard, customers may contact OPENBANK by:
Telephone: +34 912 705 743
Monday to Thursday from 9 a.m. to 6 p.m. and Fridays from 9 a.m. to 3 p.m.
Post addressed to: OPENBANK
Plaza de Santa Bárbara, 2
C.P.: 28004 – Madrid
Email: buenaspracticasprestamos@openbank.com
To find out more:
Code of Best Practices for the feasible restructuring of mortgage-backed debt
You can check the information here
Code of Good Practices regarding urgent measures for mortgage debtors at risk of vulnerability
You can check the information here
Our team will be on hand Monday to Friday from 8 a.m. to 8 p.m. to answer any of your questions so that you can find the best option for you.
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. (iii) The mortgage holder(s) must be covered by the life insurance sold with their mortgage through Open Bank, S.A. Linked Bancassurance Operator. This life insurance policy must be current, arranged by direct deposit through an Openbank account held by the mortgage holders, and must insure 100% of the capital financed by one or between all of the holders.
When you do not meet any of the above discount conditions, the applicable interest rate will vary: 0.30% will be added to the discounted annual nominal interest if you do not meet discount condition (i); 0.10% will be added if you do not meet discount condition (ii); 0.10% will be added if you do not meet discount condition (iii); and 0.50% will be be added if you do not meet any of the above discount conditions.
2 The Variable APR has been calculated for a representative example of a total mortgage loan of €150,000 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 €202.07 euros on a 100 m2 property located in Madrid, with a total value of €92,400 euros and a contents value of €23,100 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); (ii) life insurance sold through Open Bank, S.A., Linked Bancassurance Operator, for a 36-year-old holder, who has insured 100% of the loan amount, with an estimated annual premium of €250 (taking the first year premium as the benchmark. The insurance premiums will be updated annually in following years. This amount will vary depending on the age of the customer, the outstanding capital and the related coverage and services). - Home and life insurance are optional, but taking out these policies gives you more beneficial conditions.
The Variable APR indicated includes the valuation amount. The estimated charges for this item are €314.60 (including VAT, and any applicable IGIC - Impuesto General Indirecto Canario [General Indirect Tax in the Canary Islands] or IPSI - Impuesto sobre la Producción, los Servicios y la Importación [Tax on Production, Services and Imports in Ceuta and Melilla]).
The calculation of the APR and Variable APR without meeting discount conditions includes compulsory property damage insurance: €202.07/year. Openbank does not sell property damage insurance, so the amount indicated here is for guidance purposes only and has taken into account the premium resulting from calculating home insurance sold by Openbank (with greater cover than damage insurance) on a home located in Madrid of 100 m2, with a building value of €92,400 and a contents value of €23,100. This amount is an initial estimate that may vary depending on the cover and associated services that are actually taken out; therefore, the amount set out in your policy at the time it is taken out will apply. Likewise, you must bear in mind that the amount indicated in this section is an estimate for the first year's premium. Openbank cannot determine the premium for the remaining years, as it will vary according to the policy taken out and the technical conditions of the insurance company, without implying any link to Openbank.
If the discount conditions are not met, there would be 3 monthly payments of €635.78. This will be followed by 9 monthly repayments of €672.58 from month 4 to month 12. After this initial period, the variable interest-rate period will commence according to the 12-month Euribor interest rate published in May 2025 (2.143%) +1.15% NIR. There will be 288 monthly repayments of €731.79, the total cost of which will be €74.081.61. The total amount to pay will be €224,081.61. APR: 3.50%.
If the discount conditions are met, there would be 12 monthly repayments of €635.78. After this initial period, the variable interest-rate period will commence according to the 12-month Euribor interest rate published in May 2025 (2.143%) + 0.65% NIR. There will be 288 monthly repayments of €693.06, the total cost of which will be €68,846.99. The total amount to pay will be €218,846.99. APR: 3.28%.
The variable APR is provided for information purposes and is calculated on the theoretical assumption that the initial benchmark interest rate remains constant, according to the 12-month Euribor published in May 2025 (2.143%). This variable APR has been calculated on the assumption that the benchmarks do not vary; therefore, this variable APR will be updated in line with interest rate revisions on a semi-annual basis.
The total amount payable in the representative examples includes: principal, interest and the home and life insurance premiums (the latters apply 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 variable APR calculations, amount, monthly payments, total cost and total amount payable have been calculated on the basis of the fixed interest rate of the initial period and the interest rate to be applied during the variable period, based on the assumption that the benchmark interest rate during the variable period, the 12-month Euribor published in May 2025 (2.143%) remains constant at the last known rate, to which the relevant spread is added, given that the variable interest rate for the variable period is higher than the initial fixed rate at the time this information is provided.
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.
This variable APR has been calculated on the assumption that the benchmark rate does not vary; 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.
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. If the interest rate applicable to the loan increases due to an interest rate adjustment, then the amount of the instalment payable shall be increased. If, on the other hand, the interest rate which is applied falls, the amount of the instalment shall decrease.
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 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.
4 Life insurance by Zurich Vida, Compañía de Seguros y Reaseguros, S.A., sold through Open Bank, S.A., Linked Bancassurance Operator, with NIF [Numero de Identificación Fiscal (Spanish Tax Identification Number)] A-28021079, through its distribution network. Openbank is registered in the D.G.S.F.P. Registry under No. OV-0081 and has valid agency contracts with Zurich Insurance plc, Sucursal en España, and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity are covered pursuant to the applicable law.
5 Pre-approval will be issued on the presumption of the 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 does not in any event constitute a Binding Offer nor a confirmation of granting the mortgage loan. 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.
6 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 instalment 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.
If you decide to pay the loan off early, please contact us in order to determine the exact level of compensation at that time.