Getting A Mortgage in Tenerife

When buying property in Tenerife you may need to arrange a Tenerife mortgage to help you fund your purchase. Our dedicated team of sales executive can help you to get a mortgage here in a transparent and simple method that allows you to understand the process every step of the way. As we work with the majority of Spanish banks our staff can arrange a mortgage to suit your needs and with our uptodate information regarding mortgages here you can use or table below to a good estimate of what your mortgage will cost you per month.

In this example the figures used are for every €5,000 borrowed.

Whether you are a resident or non-resident of the Canary Islands you can apply for a mortgage here to buy a property in Tenerife. Currently, most banks will lend up to around 60% of the current valuation of the property in question.
However, it is important to understand that Spanish banks do not value properties in the same way as banks do in other countries and as a result the valuation quoted my not be an accarate reflection of the actual price of purchase.

In order to secure a mortgage you must give the bank proof our outgoings and you income in order to show that you will be able to meet the repayment conditions that the bank specifies.
Usually your previous three years business accounts or tax returns will be suficient for the completion of this process.

Once your mortgage has been secured your Spanish property will used as security against the loan that you have taken out and the Property Registry will be registered with a charge.

Interest
rate

Period of Loan (Euros)

10 Years

11 Years

12 Years

15 Years

20 Years

25 Years

3.50%

49.45

45.70

42.60

35.75

29.00

25.05

3.75%

50.05

46.30

43.15

36.35

29.65

25.70

4.00%

50.65

46.90

43.80

37.00

30.30

26.40

4.25%

51.20

47.50

44.40

37.60

30.95

27.10

4.50%

51.80

48.10

45.00

38.25

31.65

27.80

4.75%

52.45

48.70

45.65

38.90

32.30

28.50

5.00%

53.05

49.35

46.25

39.55

33.00

29.25

5.25%

53.65

49.05

46.90

40.20

33.70

29.95

5.50%

54.30

50.60

47.50

40.85

34.40

30.70

5.75%

54.90

51.20

48.15

41.53

35.10

31.45

6.00%

55.50

51.85

48.80

42.20

35.85

32.25

Due to currency fluctuations and your individual criteria this chart should only be used as a guidline.

In order to obtain additional information on this matter or to have any questions or concerned addressed relating to this subject please contact us by completing the form below.
We can offer you a more detailed quotation from our current lenders all you have to do is click here.

Add a New Alert

Praesent sapien massa, convallis a pellentesque nec, egestas non nisi. Quisque velit nisi, pretium ut lacinia in, elementum id enim.