When purchasing a property in Tenerife you have the option of taking out a Tenerife Mortgage. We can currently arrange mortgages up to 70% of the purchase price for a Standard Purchase.
Bad Mortgage Advice can mean paying almost double what you need to over the term of your mortgage so it makes sense to shop around if you know the market or ensure you are working with someone who knows what they are doing.
A mortgage in Tenerife can be arranged directly with a Spanish bank and most estate agents still have old, out of date advice on their sites
Unfortunately out of date information is of no use and unless you have the time to visit 10 to 15 banks you are not going to find the best deals. There is a large variety of rates and mortgage criteria in Tenerife. By only going to one bank you could end up paying far more than you need to or you may end up with no mortgage at all.
Taking out the wrong type of mortgage can mean paying almost double the amount you need to over the mortgage term. We therefore highly recommend you seek the services of an experienced agent who can actually broker the market for you. Before I sold property my business was Spanish mortgages – I am an expert in this field and can ensure you receive the best possible advice.
More information from our blog on Tenerife Mortgages: