Young First-Time Buyer Mortgage
✔ For first-time buyers under 45, with no guarantor required
✔ Up to 95% financing
✔ Or a repayment term of up to 40 years
Your first home, closer than ever
You've got the ambition. Don’t let the deposit hold you back.
More time. More breathing room.
Need both?
You can combine up to 90% financing with a repayment term of up to 40 years. Log in to your Customer Area to calculate your mortgage repayments.
Calculate your mortgage repayments
Do you have an Openbank account?
Property purpose
Property type
And everything you need to take the next step
Save 0.50% on your interest rate
0.30% when your salary is paid into your Openbank account, 0.10% when you take out Openbank Home Insurance and 0.10% when you take out Openbank Life Insurance1.
No guarantor or arrangement fees
No arrangement fee or partial early repayment fee. A full early repayment fee applies2.
A dedicated mortgage adviser
Supporting you every step of the way, right up to completion.
For your first home
Available for main residences only.
The Young First-Time Buyer Mortgage is for you if...
✔ You're 45 or under
✔ You've been an Openbank customer for at least 6 months, or your salary is paid into your Openbank account
✔ We assess every application individually to offer the option that best suits you and your circumstances
Everyday banking, with the zeros you’ll love
Big step. The right support.Speak to our mortgage specialists: 📞 + 34 91 276 22 56 📞 + 34 900 81 18 55 Monday to Friday 9:00 a.m. to 9:00 p.m. |
If you can picture it, calculate it.
Calculate your Young First-Time Buyer Mortgage repayments, complete your details and find out instantly if you're pre-approved.
Can I apply for the Young First-Time Buyer Mortgage if I'm not an Openbank customer?
No. The Openbank Young First-Time Buyer Mortgage is exclusively available to customers who have been with Openbank for at least 6 months or have their salary paid into their Openbank account.
Is there an age limit for applying for the Young First-Time Buyer Mortgage?
Yes. You must be aged 45 or under.
How much can I borrow with the Young First-Time Buyer Mortgage?
You can borrow up to 95% of the property's value. Every application is assessed individually to offer the option that best suits your profile.
Do I need a guarantor to apply for the Young First-Time Buyer Mortgage?
No. One of the key benefits is that you don't need a guarantor.
What's the maximum mortgage term?
The repayment term can be up to 40 years.
Does the Young First-Time Buyer Mortgage have an arrangement fee?
No. There are no arrangement fees or partial early repayment fees. A full early repayment fee applies.
1 Open Bank S.A., Linked Bancassurance Operator, registered with the Directorate-General for Insurance and Pension Funds under no. OV-0089, markets Home Insurance from Zurich Insurance Europe AG, Sucursal en España, and Life Insurance from Zurich Vida, Compañía de Seguros y Reaseguros, S.A., through its distribution network. Civil liability and financial capacity are covered in accordance with current legislation. Open Bank S.A. has agency agreements in force with Zurich Insurance Europe AG, Sucursal en España and Zurich Vida, Compañía de Seguros y Reaseguros, S.A.
2 In variable interest-rate loan agreements, or in the variable-rate tranches of any other loan: 0.25% of the principal repaid early where the loan is repaid in full during the first three years of the loan term.
In fixed interest-rate loan agreements, or in the fixed-rate tranches of any other loan: 2% of the principal repaid early where the loan is repaid in full during the first 10 years of the loan term. 1.5% of the principal repaid early where the loan is repaid in full during the remainder of the loan term.
The amount charged for full prepayment will not exceed financial loss.
Any financial loss incurred by OPENBANK shall, where applicable, be calculated in proportion to the amount of principal repaid, as the negative difference between the outstanding principal at the time of the early repayment and the present market value of the loan.
The present market value shall be calculated as the sum of the present value of the outstanding instalments due up to the next interest rate review date and the present value of the outstanding principal that would remain at the time of the review if early repayment had not taken place. The discount rate applied shall be the market rate applicable to the remaining term until the next interest rate review date. The index used to calculate the market value shall be the Interest Rate Swap (IRS) for maturities of 2, 3, 4, 5, 7, 10, 15, 20 and 30 years, as published by the Bank of Spain, plus a spread. This spread shall be determined as the difference, at the time the loan agreement is entered into, between the interest rate applicable to the loan and the IRS with the maturity that most closely corresponds, at that time, to the period remaining until the next interest rate review date or, where applicable, until the loan's maturity date.
The reference interest rate referred to above that most closely corresponds to the remaining term of the loan from the date of early repayment until the next interest rate review date or, where applicable, until the loan's maturity date shall apply.
Any amount payable shall be paid to Openbank when the early repayment is completed.
If you decide to repay your loan early, please contact us so that we can calculate the exact amount of compensation payable at that time.
3 0% APR and annual NIR.
Representative example of the interest earned with a constant balance of €10,000 during the first year at a nominal annual interest rate of 0% (0% APR): gross annual interest of €0. Please refer to the pre-contractual information document for details of the fees applicable to the main services associated with the payment account.
4 See the Pre-contractual Information for the Open Debit Card.
5 If the source and destination accounts are in different currencies, the exchange rate shown on our website will apply. Currency conversion may incur a fee.