Openbank pays the charges for the appraisal of your mortgage3.
Term for main residence: from 5 to 30 years.
Your mortgage at a variable interest rate without fees for opening, partial or total repayment, subrogation or amendment to terms.
The simulation is very quick. In less than 2 minutes, you’ll find out if your mortgage is pre-approved4.
With personal manager
The application and follow-up of your variable mortgage is online and to make it even easier for you, you will have a personal manager who will be with you until you sign to buy your house.
Applicable interest rate depending on the percentage of financing you apply for
|Fixed NIR 1st year||Variable NIR rest of years||Variable APR|
|Up to 50%||1.99%||Euribor +0.79%1||0.75%2|
|Up to 70%||1.99%||Euribor +0.89%1||0.84%2|
|Up to 80%||1.99%||Euribor +0.99%1||0.94%2|
Applying for your mortgage is this easy
Calculate your mortgage repayment
Select the amount and term. We calculate your monthly repayment for three mortgage options. Choose the one that suits you best.
You find out immediately if it's pre-approved
The simulation is very quick. You'll find out straight away if your mortgage is pre-approved 4.
We grant you your mortgage
We analyse your data and if everything's correct we grant you the mortgage.
And you sign
You sign the loan and the purchase agreement at the Notary. You can now enjoy your new home!
Want to learn more about the Open Variable Mortgage?
Anybody residing in Spain and of legal age, who, when his/her age and the term of the loan are added together, is not over 75 years, and who is the holder of a Current Account with Openbank. At least one of the mortgage holders must have a fixed income from employment, self-employment or pension.
The interest rate of the Open Variable Mortgage will be reviewed every six months and the payment will be updated with the current Euribor rate. Your mortgage payment can go up or down depending on the interest rate review with the corresponding Euribor.
Whichever option you choose, Variable, Mixed or Fixed:
Openbank pays all the costs of appraisal.
That's right. Forget about the costs of the appraisal and registry verification.
For us to pay the appraisal and the registry verification you will need to have requested them through Openbank and arrange the mortgage loan with us. In this case, Openbank will refund the corresponding amount, after the signature, when the mortgage arrangement process is settled.
Please note that: charges mentioned above refer to the arrangement of the mortgage loan and, in no case, to the sale transaction.
You don't pay fees either.
- No opening fee.
- No partial or total repayment fee.
- No subrogation fee.
- No fee to amend the terms.
It is fast and straightforward. You can do it all online, for example completing information, uploading documentation, etc. Additionally you will have a personal manager throughout the whole process, to make it even easier.
The minimum amount is €30,000 and the maximum amount is 80% of one of the two following amounts, whichever is lower: (i) appraisal value or (ii) purchase and sale value, in a habitual residence; and 70% of the lesser of these amounts in a second residence, up to €3,000,000.
1 These interest rates will apply providing you meet the following requirement: Have your salary, pension or any other regular payment received by transfer as remuneration paid directly into Openbank, or make a deposit every month into Openbank from an account in another bank. For a sole holder, the amount of any of the above payments must be equal to or greater than €900 per month. If there are two or more owners, the minimum amount is €1,800 per month. You will have 3 months from the time the loan is arranged to have your salary, pension or any other regular payment received by transfer as remuneration paid directly into Openbank. If you do not meet the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding a spread of 1.20% to the annual nominal interest rate. All holders must be tax residents of Spain and hold a current account with Openbank as an operational medium for the mortgage loan. No arrangement or maintenance fees. Lending subject to approval by Openbank.
2 The Variable APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term and that Openbank and the applicant will comply with their obligations in accordance with the terms of the agreement. The following has also been taken into account: (i) compulsory insurance against fire and other damage: €150/year (approximate amount as its cost will depend on the company you choose to arrange it with).
Please note that after the first year, it is a variable interest rate loan. The Variable APR is calculated based on the one-year Euribor published in in September 2019 (-0.356%). This VariableAPR has been calculated on the assumption that the benchmark indexes do not vary; therefore, this VariableAPR will vary due to interest rate adjustments. The interest rate is reviewed every six months. The VariableAPR has been calculated for a representative example for a mortgage loan to purchase a first or second home of €150,000.00, to be repaid over 25 years in 300 monthly instalments. With a mortgage for up to 50% of the property value, applying the fixed rate indicated in the table during the initial period, there would be 12 monthly instalments of €635.05, after which the variable rate would be applied, which would consist of 288 monthly instalments of €531.42, taking the total amount payable to 164,419.56€. With a mortgage for up to 70% of the property value, applying the fixed rate indicated in the table during the initial period, there would be 12 monthly instalments of €635.05, after which the variable rate would be applied, which would consist of 288 monthly instalments of €537.73, taking the total amount payable to €166,236.84. With a mortgage for up to 80% of the property value, applying the fixed rate indicated in the table during the initial period, there would be 12 monthly instalments of €635.05, after which the variable rate would be applied, which would consist of 288 monthly instalments of 544.09€, taking the total amount payable to €168,068.52 The total amount payable indicated in the representative examples includes: capital, interest and insurance premium.
If the requirement indicated in (1) is not met, for a home purchase (1st and 2nd) transaction of €150,000.00 over 25 years to be repaid in 300 monthly instalments: Borrowing up to 50%, a fixed rate of 3.19% would apply in the 1st year, except for the first 3 months that the fixed rate would apply 1.99%. After the first year: Euribor + 1.99% and Variable APR 1.93%. Applying the fixed rate during the initial period, there would be 3 first monthly instalments of 635,05€ and 9 monthly instalments of € 725.37. The ensuing variable period would consist of 288 monthly instalments of €612.50, the total amount payable being €188,583.48 Borrowing up to 70%, a fixed rate of 3.19% would apply in the 1st year., except for the first 3 months that the fixed rate would apply 1.99%.After the first year: Euribor + 2.09% and Variable APR 2.02%. Applying the fixed rate during the initial period, there would be 3 first monthly instalments of €635.05 and 9 monthly instalments of € 725.37. The ensuing variable period would consist of 288 monthly instalments of €619.41, the total amount payable being € 190,573.56. Borrowing up to 80%, a fixed rate of 3.19% would apply in the 1st year., except for the first 3 months that the fixed rate would apply 1.99%. After the first year: Euribor + 2.19% and Variable APR 2.12%. Applying the fixed rate during the initial period, there would be 3 first monthly instalments of €635.05 and 9 monthly instalments of € 725.37. The ensuing variable period would consist of 288 monthly instalments of 626.37€, the total amount payable being €192,578.04
Interest rates offered on mortgage loans 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 instalment:
P= (i x c) x (1-(1+i)-n)-1, where “p” is the instalment, “i” is the nominal annual interest rate divided by 12, “c” is the outstanding capital of the mortgage loan and “n” is the number of months of the repayment period outstanding.
We use the following formula to calculate the interest based on the outstanding capital: I= (i x c), where “I” is the interest, “i” is the nominal annual interest rate divided by 12 and “c” is the outstanding principal of the mortgage loan.
The amount repaid by customers is the instalment minus the interests.
3 Openbank will cover cost of the property valuations and land registration checks (summary report) provided that they are requested through Openbank, and the applicants eventually take out a mortgage loan with the entity. These expenses will be paid by the customer upfront, before the services are provided, and will be reimbursed by Openbank after the loan contract has been signed, when the mortgage application is liquidated. All the fees and charges indicated above refer to the arrangement of the mortgage loan and in no case to the purchase and sale transaction.
Openbank will pay €230 to customers who provide a valid appraisal carried out by an appraisal company approved by the Bank of Spain, provided that the customer signs the mortgage loan at Openbank between 22 July and 30 September 2019, has not applied for the appraisal through Openbank and ultimately signs the loan with Openbank. This payment will be equivalent to the appraisal costs if the customer had asked for an appraisal in Openbank (€230 VAT not included). Customers will be paid this discount after signing the mortgage loan, when the mortgage file is settled.
4 The pre-approval will be issued assuming the veracity of the information provided to date and will be subject to a subsequent comprehensive risk analysis by Openbank's risk department, once the necessary information and supporting documentation have been obtained. Therefore, the pre-approval is indicative and does not in any case represent a binding offer or a confirmation of granting the mortgage loan. Consequently, Openbank shall not be liable if final denial of the mortgage loan application takes place or if the terms of a subsequent Binding Offer differ from those described based on market conditions or the obtaining of additional information on the applicant's preferences and financial conditions; thus the applicant, or any other addressees, must take all necessary precautions before using the information contained in the pre-approval letter, which they use at their own risk.