Santander Group’s online bank It is one of the few that still offers fixed loans for the purchase of housing at an interest rate of less than 3%.
Specifically, the Openbank fixed mortgage establishes an interest rate of 2.84% (3.33% APR), practically one point below the provisional monthly average currently registered by the 12-month Euribor (which is around 3.82%).
Now, in order to qualify for these conditions it is necessary to apply the maximum bonuses; that is to say, the client has to deposit the salary or pension, take out home insurance and other life insurance, contract electricity and gas with Repsol and keep a valid bank credit card. Another of the available alternatives is to make contributions or transfers to investment funds or pension plans marketed by Openbank. The entity also applies a special discount to those operations that require financing of more than 150,000 euros, with an interest rate reduction of 10 additional basis points.
In the case of not meeting the aforementioned requirements, the interest rate of the fixed mortgage of the Santander online entity amounts to 3.64% (3.70% APR).
In addition to establishing one of the lowest interest rates on the market, another advantage of this loan is that it is intended for the purchase of any type of home, although with different financing limits. In the case of a Habitual housing, the maximum reaches 80% of the lesser of these two amounts: the appraisal value of the property or its purchase price. If the operation is to acquire a second homethe limit is 70%.
Regarding commissions, it only establishes a penalty for the total amortization of the mortgage; that is, if the client pays the entire loan before time and causes a financial loss to the entity. In the event that the early repayment occurs during the first 10 years of the life of the mortgage, the maximum commission is 2%, while, if it occurs after then, the limit is 1.5%, such and as established by the mortgage law in force since 2019.
Other requirements to take into account is the mortgage must be of a minimum amount of 30,000 euros and that the monthly fee plus financial expenses cannot exceed 40% of your net monthly income.
Finally, The contract term is up to 30 yearsprovided that the holder of the loan is not older than 80 years on the due date.