Get a reduced rate by arranging a direct deposit for your salary, taking out home and life insurance marketed by Openbank, setting up gas and electricity supplies with Repsol, taking out or maintaining a credit card, making subscriptions/contributing to/making transfers to Investment Funds or Pension Plans marketed through Openbank or having accumulated investment/pension contributions.
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!
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.
Subject to meeting discount conditions1
Nominal interest rate from: 12-month Euribor + 0.60%1.
From 1.60% NIR1 for the first year
Variable APR: 4.62%5
The applicable interest rate varies according to the amount you choose.
Not subject to meeting discount conditions1
Nominal interest rate from: 12-month Euribor + 1.40%1.
From 2.40% NIR1 for the first year
Variable APR: 5.00%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 discount conditions||1.60%1||12-month Euribor +0.60%1||4.62%2|
|Not subject to discount conditions||2.40%1||12-month Euribor +1.40%1||5.00%2|
*When the discount conditions are not met, a fix interest rate of 1.60% NIR shall be applied for the first 3 months, followed by a fix interest rate of 2.40% 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
Calculate your mortgage repayments
Improve the interest rate by meeting the following discount conditions1: set up a direct deposit for your salary; take out home insurance3; take out life insurance4; sign up for Repsol electricity and gas; take out or hold a credit card; make subscriptions to/contribute to/make transfers to Investment Funds or Pension Plans marketed through Openbank or have accumulated investment/pension contributions.
Find out instantly if it is pre-approved
Fast calculation. You will know right away if your mortgage has been pre-approved5 .
We’ll study your application
We analyse your details and if everything is in order, we approve your mortgage.
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.
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. However, this fee will not be charged if the early repayment (full) is made between the deed execution date and 31 December 2023. After that date, you must pay Openbank the percentage indicated here, if applicable, and in accordance with the terms and conditions of your mortgage loan deed.
The amount charged for full prepayment will not exceed financial loss6.
Discover how to improve the cost of your mortgage with our discounts:
Obtain a 0.80% discount on the initial fixed 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 salary:
- If your mortgage is for a main 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:
- 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.
- 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.
- Sign up for Repsol S.A. energy services:
- By signing up for and maintaining Repsol S.A. electricity and gas supply services for your mortgaged home, you will be eligible for a 0.05% discount on the non-reduced mortgage interest rate for each supply service.
- Each of the mortgage holders must take out or hold an Openbank credit card and use it at least once a month, within the settlement period for each card. Doing so gives you a 0.10% discount on the non-reduced mortgage interest rate.
- Funds and pension plans:
- Make subscriptions, contribute to or make external transfers to Investment Funds or Pension Plans marketed through Openbank for a net annual amount of at least €600, or accumulate contributions totalling a net amount of at least €600 for each current year of the mortgage, to receive a 0.10% discount on the non-reduced mortgage interest rate.
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?
- 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. However, this fee will not be charged if the early repayment (full) is made between the mortgage arrangement date and 31 December 2023. After that date, you must pay Openbank the percentage indicated here, if applicable, and in accordance with the terms and conditions of your mortgage loan deed.contributions.
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 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 80 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 each mortgage holder does not take out or hold a valid card and use it once a month, 0.10% will be added; if you do not take out, contribute to or make external transfers to Investment Funds or Pension Plans marketed through Openbank worth a net annual amount of at least €600, or accumulated contributions worth a total net amount of at least €600 for each current year of the mortgage, 0.10% will be added, and if none of the products entitling you to a reduction on your mortgage payments are in force, 0.80% 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, signing up for Repsol electricity and/or gas supplies, taking out or holding a valid credit card for each mortgage holder, and using them once a month; and making subscriptions to, making contributions or external transfers to Investment Funds or Pension Plans marketed through Openbank for a net annual amount of at least €600, or accumulated contributions worth a net amount of at least €600 for each current year of the mortgage.
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, credit card, Investment Funds or Pension Plans of a net annual amount of at least €600. 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, sign up for Repsol electricity and gas supplies, take out or hold a valid credit card for each mortgage holder and use it at least once per month within each monthly card settlement period, and make subscritions, contribute to or make transfers for a net annual amount of at least €600 or accumulated contributions worth a net amount of at least €600 for each year of the mortgage, you will receive an additional discount of 0.80% 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 24 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 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.
Eligible mortgage debtors may:
a) Extend the total term of their loan up to a maximum of 7 years.
b) Convert the interest rate calculation formula for the initial loan from a variable rate formula that is periodically repayable to a fixed rate.
How can I benefit from the measures of the Code of Good Practice?
To apply for the benefits of the Code 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
For further information on Royal Decree-Law 19/2022, please use the following link
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. (iv) The mortgage holder(s) must sign up for electricity supplies for the mortgaged property(ies) with Repsol, S.A and continue to pay for this service by direct debit through their Openbank account using the link provided by Openbank at all times. (v) The mortgage holder(s) must sign up for and maintain a Repsol S.A. gas supply service for the mortgaged property(ies), and continue to pay for this service by direct debit through their Openbank account using the link provided by Openbank at all times. (vi) Each mortgage holder must take out or hold a credit card issued by Openbank in their own name, and this card must be linked to an Openbank account held by them. They must also use this card at least once a month within each monthly card settlement period. Each credit card will be understood to have been used when any of the following transactions or services are performed: ATM cash withdrawal, retail purchases and transfers from the card credit limit to the associated account. Money transfers to the card are not included in this definition; and (vii) The mortgage holder(s) must sign up for/contribute to/or make external transfers to Investment Funds or Pension Plans marketed through Openbank for a net annual amount of at least €600, or pay in accumulated contributions totalling a net amount of at least €600 for each current year of the mortgage. Net subscriptions/net contributions/net external transfers are understood to be the difference between incoming subscriptions/contributions/external transfers and outgoing redemptions/external transfers.
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); 0.05% will be added if you do not meet discount condition (iv); 0.05% will be added if you do not meet discount condition (v); 0.10% if you do not meet the discount conditions, (vi) 0.10% if you do not meet the discount conditions, (vii) and 0.80% will be be added if you do not meet any of the above discount conditions. 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); (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]).
If the discount conditions are not met, an initial period of 3 months of fixed interest at 1.60% NIR, and monthly repayments of €606.98, will begin. This will be followed by a fixed rate of 2.40% NIR and monthly repayments of €664.84, from month 4 to month 12. After this initial fixed-interest period, the variable interest-rate period will commence according to the 12-month Euribor interest rate published in May 2023 (3.757%) + 1.40% NIR. There will be 288 monthly repayments of €881.38, the total cost of which will be €111,956.50. The total amount to pay will be €261,956.50. APR: 5.00%.
If the discount conditions are met, an initial 12-month period of fixed interest at 1.60% NIR and monthly repayments of €606.98 will begin. After this initial fixed period, the variable interest-rate period will commence according to the 12-month Euribor interest rate published in May 2023 (3.757%) + 0.60% NIR. There will be 288 monthly repayments of €813.05, the total cost of which will be €101,851.51. The total amount to pay will be €251,851.51. APR: 4.62%.
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 2023 (3.757%). 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 2023 (ok_token:hipoteca:euribor:en) 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 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.