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.
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 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*.
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.
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 |
*Applicable full prepayment fee:
0.25% of the remaining mortgage balance repaid early (full prepayment) during the first three years of the mortgage term.
The amount charged for full prepayment will not exceed financial loss6.

Applying for your mortgage is simple
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.
Find out instantly if it is pre-approved
Fast calculation. You will know right away if your mortgage has been pre-approved5 .
We grant your mortgage!
We analyse your details and if everything is in order, we grant your mortgage.
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?
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.
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 €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 €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 2.37% calculated under the assumption that the applicant does not meet the conditions to be eligible for a discount. A 1.95% NIR is applied to the first 3 months and a rate of 2.35% is applied to the rest of the mortgage term. On this basis, there would be 3 monthly payments of €632.14 and 297 monthly payments of €661.38, at a total cost of €48,326.28 and the total amount payable of €198,326.28 (including capital and interest). If the applicant meets discount conditions, the applicable interest rate for the entire mortgage term would be 1.95 NIR (2.15% variable APR), with 300 monthly payments of €632.14, and a total cost of €43,486.75 and a total amount payable of €193,486.75.
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 April 2021 (-0.487% plus the 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.
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.
4Openbank 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.
In addition, Openbank will issue a rebate of €230 for customers who provide a valid valuation by an appraisal firm accredited by the Bank of Spain, provided that the mortgage agreement with Openbank is signed before 30 June 2021, the valuation is not carried out through Openbank and the loan is ultimately signed with the bank. This rebate will be equivalent to the valuation charges as if it had been requested from Openbank (€230.00 excluding VAT) and will be made, after signing, when the mortgage file settlement has been completed.
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 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.
If you decide to pay the loan off early, please contact us in order to determine the exact level of compensation at that time.