Getting a mortgage in Tenerife

Knowing exactly what you can afford, before you start searching for a property in Tenerife, can save time, money and even heartache. There is nothing worse than spending many hours searching and viewing, setting your heart on a property and even putting a deposit on your dream, and then discovering that you can’t raise the money.

If you are serious about buying a property, then arranging your mortgage early will not cost you anything, but will allow you to find a loan that best suits your needs and gives you more time to shop around for the best deal. It also reduces the risk of losing a property that you have found, having  invested so much time in finding it and is one less thing to worry about. There are various different mortgage products on offer, and Tenerife Lifeline helps you to evaluate them.  Even if you are a cash purchaser, a mortgage can be an efficient way of saving tax. Lenders here use different ways to calculate how much you can borrow from those in the UK and Ireland, so it is wise to find out what your limits are before you start. Banks in Tenerife will not make a formal offer before you find a property, but they will at least be able to verbally tell you how much they are likely to lend, based on your circumstances.

The Tenerife Lifeline book will tell you how to calculate how much you can borrow and what documents you will need to apply for a mortgage.  Tenerife Lifeline will also  help you to budget for the amount you need to borrow.
 

Links about getting a mortgage in Tenerife

Check the Euribor rate click here 

Check your UK credit report here 

Check your Irish credit report here