Arranging Mortgages and Finance in Tenerife

If you are buying a property in Tenerife you may need to arrange finance to complete the purchase, we at Tenerife Property Portal can assist you with arranging your mortgage. You will find that the various banks in Tenerife have different criteria so it is important to choose a lender that fits with your circumstances and loan requirements.

One of the main differences to arranging a mortgage in Tenerife is that the mortgage is based on the valuation of the property and not the purchase price of the property so it is occasionally possible to finance the purchase with a 100% loan depending on the property that you are buying.

On offer at the moment is a 25 year interest only mortgage for non residents up to 100% of purchase price of the property for a holiday home or buy to let. This offer is made available through the Tenerife office of a well known British high street bank.

As a guideline we are able to offer non-residents and residents up to 85% loan to value mortgage but regulary achieve more at times as our mortgages are based on the value of the house and not the purchase price. We can also arrange fixed rate mortgages and mortgages with an interest only time period of up to five years.

When arranging finance to purchase a property in Tenerife it is important to fully understand the clients personal and financial circumstances to enable us to determine which lenders to approach for finance whether in the United Kingdom, Offshore Banks or indeed Spanish Banks.

If you need to arrange a mortgage in Tenerife you will need to provide to the lender some financial information, below is a list of that information although some lenders may require further information or less. With the following financial information you should be in a position to apply for a mortgage and we can provide the lender with the details of the property.

Non Residents
Latest Equifax report (which you can obtain online)
Passport
Last 3 Months Salary Slips (If employed)
Last P60 from your employer (If employed)
Proof of any other income, if applicable
Details of any other mortgages and loans you may have
Last 3 years accounts and Tax Returns (If self-employed)

Residents
N.I.E. (Foreign Residents Number)
Passport
Last 3 Months Salary Slips (If employed)
Tax Declaration for the last financial year
Proof of any other income, if applicable
Details of any other mortgages and loans you may have