Open Variable Mortgage
from Euribor + 0.79% ¹
1.99% NIR first year
VariableAPR 0.98%²
No charges
Openbank pays the charges for arranging your mortgage3, including the appraisal.
Term for main residence: from 5 to 30 years.
No fees
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 | 0.98%2 |
| Up to 70% | 1.99% | Euribor +0.89%1 | 1.07%2 |
| Up to 80% | 1.99% | Euribor +1.09%1 | 1.26%2 |
Calculate your repayments
If you've already started an application, click here.
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 arranging your mortgage.
That's right. Forget about the costs of the appraisal, registry verification, registry, notary, agency and document duty (IAJD).
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: all 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 have their tax residence in Spain. 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). They do not include the charges for arranging the mortgage loan that will be covered by Openbank.
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 March 2019 (-0,108%). 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 mortgage loan to purchase a first or second home of €150,000.00 over 25 years. Monthly repayments.
3 Openbank will cover the charges of arranging the mortgage loan: the appraisal and registry verification, registry, notary, agency and document duty (IAJD). All charges mentioned above refer to the arrangement of the mortgage loan and never to the purchase and sale transaction. The charges for appraisal and verification of the registration status of the home that are requested through Openbank, will be paid by the customer, before completion. Openbank will proceed to refund them, provided that the mortgage loan is arranged with the bank. This refund will take place, after the signature, when the mortgage process is closed.
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.
