Open Variable Mortgage Euribor + 0.89% ¹
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Open Variable-Rate Mortgage
No valuation fees


Get a better interest rate
by meeting discount
conditions.1
Variable interest rate mortgage

Apply for your mortgage & only open your account once approved

Calculate your repayments

No fees

Meeting discount conditions1

Nominal interest rate from: 12-month Euribor +0.95%1.

1.95% NIR for the first year 

Variable APR: 2.15%2

Arranging for your salary to be paid into an Openbank account and taking out Home Insurance through us3.

No charges

Without meeting discount conditions1

Nominal interest rate from: 12-month Euribor +1.35%1.

2.35% NIR for the first year;

Variable APR: 2.37%2

no fees

No valuation fees

We cover your mortgage valuation fees and there are no arrangement, partial prepayment, subrogation or change of conditions fees4.

Applicable full prepayment fee*.

 

 

With personal manager

Instant pre-approval and assistance from a personal mortgage advisor

Quickly and easily calculate your mortgage payment. You'll know right away if your mortgage is pre-approved5

You will be assigned a personal mortgage advisor who will assist you throughout the whole process until you purchase your home.

Calculate your 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
MÁX. 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

 

Applicable interest rate Fixed NIR for 1st year  Variable NIR for remainder of term Variable APR
Subject to discount conditions 1.95% 12-month Euribor +0.95%1 2.15%2
Not subject to discount conditions 2.35% 12-month Euribor +1.35%1 2.37%2
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Applying for your mortgage is simple

1

Calculate your mortgage repayments

Without meeting discount conditions or meeting discount conditions to improve your interest rate, if you arrange for your salary to be paid directly into your account or take out home insurance with us3.

2

Find out instantly if it is pre-approved

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

3

We grant your mortgage!

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

 

4

Time to sign

You sign for the mortgage loan at a notary's office. It's now time to enjoy your new home!

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 75 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 happens with the fees and charges?

No matter which option you choose, Variable, Mixed or Fixed:

Openbank covers the valuation fees for your mortgage.

That's it. Forget about valuation and land registry report fees.

In order for us to pay the valuation and land registry verification fees, you must have requested them through our us and take out the mortgage loan with Openbank. In this case, Openbank will return the corresponding amount, after signing, when the mortgage file is settled.

Please note that these fees refer to the signing of the mortgage loan agreement and under no circumstances to the home purchase process.

No:

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

Applicable fee for full prepayment:

- For variable interest loan agreements, or variable interest tranches of any other loan: 0.25% of the mortgage balance repaid early (full prepayment) during the first three years of the loan term. - For fixed interest loan agreements or fixed interest tranches of any other loan: 2% of the mortgage balance repaid early (full prepayment) during the first 10 years of the loan term. 1.5% when the full prepayment is made from the 11th year onwards. 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 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 €3,00,000.

You can apply for up to 80% for a primary residence and 70% for a second residence. This percentage will be applied to the lowest of the following amounts: valuation price or purchase price.

Is it cumpulsory to take out Home Insurance marketed by Openbank with my Open Mortgage?

Taking out Home Insurance with Openbank is not cumpulsory, but if you arrange for your salary to be paid directly into your account and take out a Home Insurance policy from Zurich Insurance plc3 and marketed by Open Bank, S.A, Linked Bancassurance Operator, making sure that all payments are up to date,  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.

With which insurer do you take out the Home Insurance marketed by Openbank?

Coverage and guarantees for this insurance are insured by Zurich Insurance PLC, Spanish Branch, whilst Open Bank S.A, Operador de Banca-Seguros Vinculado, with NIF (Tax ID Number) A28021079, acts as an insurance mediator through its distribution network. It is registered in the Directorate General of Insurance and Pension Funds with No. OV-0081 and has current agency contracts with Zurich Insurance plc, Spanish Branch and Zurich Vida, Compañía de Seguros y Reaseguros, S.A.

What happens to my Discounted Open Mortgage if I cancel or do not renew my Home Insurance marketed by Openbank or cancel the direct deposit for my salary into Openbank?

The interest rate will vary. 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 the Home Insurance marketed by Open Bank, S.A., Operador de Banca-Seguros Vinculado, or it is not up to date with payment, then 0.10% is added; and in the event you have not arranged for your salary to be paid directly into Openbank and have not taken out home insurance with us, 0.40% is added to the nominal interest. You can meet or fail to meet conditions throughout the term of the mortgage, and we will adapt the interest rate to what you decide at any time.

What is the difference between meeting or failing to meet discount conditions?

Meeting discount conditions improves your interest rate and helps you save on your monthly payment as you have set up a direct deposit for your salary or pension and you have insured your new house with the Home Insurance by Zurich Insurance plc3 and marketed by Openbank.

Failing to meet discount conditions means you do not need to set up a direct deposit for your salary or take out any insurance; however, in exchange, you will not be eligible for a discount on your mortgage. In other words, it is not cumpulsory to set up a direct deposit for your salary or take out the home insurance through us.

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 75 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 happens with the fees and charges?

No matter which option you choose, Variable, Mixed or Fixed:

Openbank covers the valuation fees for your mortgage.

That's it. Forget about valuation and land registry report fees.

In order for us to pay the valuation and land registry verification fees, you must have requested them through our us and take out the mortgage loan with Openbank. In this case, Openbank will return the corresponding amount, after signing, when the mortgage file is settled.

Please note that these fees refer to the signing of the mortgage loan agreement and under no circumstances to the home purchase process.

No:

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

Applicable fee for full prepayment:

- For variable interest loan agreements, or variable interest tranches of any other loan: 0.25% of the mortgage balance repaid early (full prepayment) during the first three years of the loan term. - For fixed interest loan agreements or fixed interest tranches of any other loan: 2% of the mortgage balance repaid early (full prepayment) during the first 10 years of the loan term. 1.5% when the full prepayment is made from the 11th year onwards. 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 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 €3,00,000.

You can apply for up to 80% for a primary residence and 70% for a second residence. This percentage will be applied to the lowest of the following amounts: valuation price or purchase price.

Is it cumpulsory to take out Home Insurance marketed by Openbank with my Open Mortgage?

Taking out Home Insurance with Openbank is not cumpulsory, but if you arrange for your salary to be paid directly into your account and take out a Home Insurance policy from Zurich Insurance plc3 and marketed by Open Bank, S.A, Linked Bancassurance Operator, making sure that all payments are up to date,  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.

With which insurer do you take out the Home Insurance marketed by Openbank?

Coverage and guarantees for this insurance are insured by Zurich Insurance PLC, Spanish Branch, whilst Open Bank S.A, Operador de Banca-Seguros Vinculado, with NIF (Tax ID Number) A28021079, acts as an insurance mediator through its distribution network. It is registered in the Directorate General of Insurance and Pension Funds with No. OV-0081 and has current agency contracts with Zurich Insurance plc, Spanish Branch and Zurich Vida, Compañía de Seguros y Reaseguros, S.A.

What happens to my Discounted Open Mortgage if I cancel or do not renew my Home Insurance marketed by Openbank or cancel the direct deposit for my salary into Openbank?

The interest rate will vary. 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 the Home Insurance marketed by Open Bank, S.A., Operador de Banca-Seguros Vinculado, or it is not up to date with payment, then 0.10% is added; and in the event you have not arranged for your salary to be paid directly into Openbank and have not taken out home insurance with us, 0.40% is added to the nominal interest. You can meet or fail to meet conditions throughout the term of the mortgage, and we will adapt the interest rate to what you decide at any time.

What is the difference between meeting or failing to meet discount conditions?

Meeting discount conditions improves your interest rate and helps you save on your monthly payment as you have set up a direct deposit for your salary or pension and you have insured your new house with the Home Insurance by Zurich Insurance plc3 and marketed by Openbank.

Failing to meet discount conditions means you do not need to set up a direct deposit for your salary or take out any insurance; however, in exchange, you will not be eligible for a discount on your mortgage. In other words, it is not cumpulsory to set up a direct deposit for your salary or take out the home insurance through us.