Open Variable Mortgage Euribor + 0.89% ¹
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Open Variable-Rate Mortgage

Get a better interest rate with your salary
home and life insurance, and utilities (electricity and gas supplies)1

Variable interest rate mortgage

You can now get €300 when you take out your mortgage
by 31/10/22 (incl.). Take it out online now!


Calculate your repayments

Transparency
You decide

Set up electricity and gas with Repsol through Openbank and get a lower monthly payment on your variable-rate mortgage. Continue paying less with the other reduced rate conditions!

More simple

Instant pre-approval

Calculate your repayments and find out in 2 minutes if your mortgage is pre-approved4. Plus, no need to open an account at Openbank until you sign!

Personal mortgage advisor

A personal mortgage advisor will be with you every step of the way until you put pen to paper.

Save on fees!

No fees for arrangement, partial prepayment, subrogration or for changing conditions​. Full prepayment fees apply*.

Calculate your mortgage repayments

If you've already started an application, click here.

Property purpose

Property type

Where is the house located?

Please select a location

How much does the home cost tax-free?

MIN. €40,000
MAX. €500,000
Importe de vivienda: 40.000 a 500.000€

How much do you want to borrow?

MIN. €30,000
MAX. €3,000,000

How long do you want to repay it over?

MIN. 5 years
MAX. 30 years
Term from 5 to 30 years.
Calculate
In order to apply for your mortgage, your tax residence must be in Spain

Subject to meeting discount conditions1

Nominal interest rate from: 12-month Euribor + 0.70%1.

From 1.70% NIR1 for the first year

Variable APR: 2.67%2

The applicable interest rate varies according to the amount you choose.

Not subject to meeting discount conditions1

Nominal interest rate from: 12-month Euribor + 1.30%1.

From 2.30% NIR1 for the first year

Variable APR: 2.57%2

The applicable interest rate varies according to the amount you choose.

If you finance between €150,000 and €400,000, 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, regardless of whether discount conditions are met.

 

Applicable interest rate Fixed NIR for 1st year Spread Variable APR
Subject to discount conditions 1.70%1 12-month Euribor +0.70%1 2.67%2
Not subject to discount conditions 2.30%1 12-month Euribor +1.30%1 2.57%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.

Solicitar hipoteca

Applying for your mortgage is simple

1

Calculate your mortgage repayments

Use our mortgage calculator and get a better interest rate by meeting the discount terms and conditions1: set up a direct deposit for your salary, take out home insurance3, life insurance4, or sign up for Repsol electricity and gas supplies.

2

Find out instantly if it is pre-approved

Fast calculation. You will know right away if your mortgage has been pre-approved5 .

3

Your mortgage is approved!

We analyse your details and if everything is in order, we approve your mortgage.

 

4

Put pen to paper

You need to visit the notary's office twice, once to sign the deeds of sale, and then the mortgage loan.

Want to learn more about the Open Variable-Rate Mortgage?

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 mortgae must not exceed 80 years. You can apply for our variable-rate mortgage following a simple registration process and with no need to open an account until the mortgage agreement has been signed.

What about the fees?

No:

  • arrangement fees.
  • partial prepayment fees.
  • subrogation fees.
  • fees for amending conditions

Applicable fee for full prepayment:

0.25% of the mortgage balance repaid early (full prepayment) during the first 3 years of the loan term. The fee 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 payments will be updated with the current 12-month Euribor rate plus the corresponding spread. Your mortgage payment can go up or down depending on the interest rate review with the corresponding 12-month 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 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 holders can the mortgage have?

Up to two holders per mortgage loan.

What is the minimum and maximum amount you can apply for?

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% of a second residence. This percentage will be applied to the lowest of the following two 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 the monthly mortage payment. The age of the youngest of the applicants plus the mortgage term cannot exceed 75 years. 

This information is general and, of course, exceptions always apply. 

The purpose of these three criteria is to ensure you can meet your mortage payment obligations as well as other fixed expenses throughout the entire mortgage term. 

Is it cumpulsory to take out home insurance and life insurance marketed by Openbank with my Open Mortgage?

Taking out Home Insurance with Openbank is not cumpulsory, but if you take out the Home Insurance3 and Life Insurance4 from Zurich and marketed by Open Bank, S.A., you will pay less 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 insurers provide the Home and Life Insurance marketed by Openbank?

Home Insurance coverage and guarantees are provided by Zurich Insurance plc, Sucursal en España, while Life Insurance coverage and guarantees are provided by Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Open Bank S.A., Linked Bancassurance Operator, with NIF [Numero de Identificación Fiscal (Spanish Tax Identification Number)] A28021079, acting as the broker for both kinds of insurance through its distribution network. The company is registered in the Registry of the Directorate General of Insurance and Pension Funds (Dirección General de Seguros y Fondos de Pensiones, D.G.S.F.P.) 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.

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.A., 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; if you do not renew the Repsol electricity service, 0.05% is added; if you do not renew the Repsol gas service, 0.05% is added; and if none of the products entitling you to a reduction on your mortgage payments are in force, 0.60% 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 plc Home Insurance3 sold through Openbank, taking out the Zurich Life Insurance4 sold through Openbank, and signing up for Repsol electricity and/or gas supplies.

Not meeting discount conditions means: not setting up a direct deposit for your salary, or taking out any insurance, or signing up for any electricity and/or gas supplies. As a result, you will not be eligible for a lower 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. You 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, take out Home Insurance and Life Insurance through Openbank, and sign up for Repsol electricity and gas supplies, you will receive an additional discount of 0.60% 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.

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 mortgae must not exceed 80 years. You can apply for our variable-rate mortgage following a simple registration process and with no need to open an account until the mortgage agreement has been signed.

What about the fees?

No:

  • arrangement fees.
  • partial prepayment fees.
  • subrogation fees.
  • fees for amending conditions

Applicable fee for full prepayment:

0.25% of the mortgage balance repaid early (full prepayment) during the first 3 years of the loan term. The fee 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 payments will be updated with the current 12-month Euribor rate plus the corresponding spread. Your mortgage payment can go up or down depending on the interest rate review with the corresponding 12-month 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 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 holders can the mortgage have?

Up to two holders per mortgage loan.

What is the minimum and maximum amount you can apply for?

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% of a second residence. This percentage will be applied to the lowest of the following two 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 the monthly mortage payment. The age of the youngest of the applicants plus the mortgage term cannot exceed 75 years. 

This information is general and, of course, exceptions always apply. 

The purpose of these three criteria is to ensure you can meet your mortage payment obligations as well as other fixed expenses throughout the entire mortgage term. 

Is it cumpulsory to take out home insurance and life insurance marketed by Openbank with my Open Mortgage?

Taking out Home Insurance with Openbank is not cumpulsory, but if you take out the Home Insurance3 and Life Insurance4 from Zurich and marketed by Open Bank, S.A., you will pay less 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 insurers provide the Home and Life Insurance marketed by Openbank?

Home Insurance coverage and guarantees are provided by Zurich Insurance plc, Sucursal en España, while Life Insurance coverage and guarantees are provided by Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Open Bank S.A., Linked Bancassurance Operator, with NIF [Numero de Identificación Fiscal (Spanish Tax Identification Number)] A28021079, acting as the broker for both kinds of insurance through its distribution network. The company is registered in the Registry of the Directorate General of Insurance and Pension Funds (Dirección General de Seguros y Fondos de Pensiones, D.G.S.F.P.) 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.

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.A., 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; if you do not renew the Repsol electricity service, 0.05% is added; if you do not renew the Repsol gas service, 0.05% is added; and if none of the products entitling you to a reduction on your mortgage payments are in force, 0.60% 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 plc Home Insurance3 sold through Openbank, taking out the Zurich Life Insurance4 sold through Openbank, and signing up for Repsol electricity and/or gas supplies.

Not meeting discount conditions means: not setting up a direct deposit for your salary, or taking out any insurance, or signing up for any electricity and/or gas supplies. As a result, you will not be eligible for a lower 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. You 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, take out Home Insurance and Life Insurance through Openbank, and sign up for Repsol electricity and gas supplies, you will receive an additional discount of 0.60% 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.