Mortgage for a second home
Beach or mountains?
If you're thinking about buying a second home, find out how an Open Mortgage can help.
What are the mortgage conditions for a second home?
Openbank finances second-home purchases without increasing the interest rate offered on a mortgage for a primary home.
- Choose between a fixed-, mixed- or variable-rate mortgage.
- Get a discount of up to 0.50%1 on your monthly repayments by setting up a direct deposit for your salary and taking out home and life insurance2, sold through Openbank.
There are a number of aspects that you need to consider:
Clear up any doubts! Calculate your mortgage for a second home
and find out in a few minutes if it has been pre-approved.
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.
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); 0.50% will be added if you do not meet any of the above discount conditions.
All holders must have their tax residence in Spain and hold an Openbank current account from which mortgage loan repayments will be made. No opening or maintenance fees. Mortgage subject to Openbank approval.
2 Home Insurance provided by Zurich Insurance plc, Sucursal en España, and sold through Open Bank S.A., Operador de Banca-Seguros Vinculado, with Spanish Tax Identification Number (NIF) A-28021079, through its distribution network. Openbank is registered at the Registry of the Directorate General for Insurance and Pension Funds (D.G.S.F.P) under number OV-0081 and has valid agency agreements 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.
Life Insurance provided by Zurich Vida, Compañía de Seguros y Reaseguros, S.A., sold through Open Bank, S.A., Operador de Banca-Seguros Vinculado, with Spanish Tax Identification Number (NIF) A-28021079, through its distribution network. Openbank is registered at the Registry of the Directorate General for Insurance and Pension Funds (D.G.S.F.P) under number OV-0081 and has valid agency agreements 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.