Mortgages currently available

[tactileman]

Does anyone know of banks (or via brokers) who are currently offering 90% mortgages here in Tenerife.

Thanks.

[Simon-M]

90% is going to be a very rare breed. Probably extinct. Have a chat with user CIM as he seems to know his onions when it comes to this sort of question.

[CIM]

Extinct indeed!
70% is the max for non-residents and the pricing is on the increase. Expect to be charged around 2.25% above 12 month Euribor now (around 4.25%) for 70% loan to value.
That means you need a 30% deposit plus around 11% to cover additional fees and taxes - total cash required: 41% of purchase price or 41,000€ for a 100,000€ purchase.
Rememebr when applying for a mortgage - you do not have a mortgage until you have signed at the notary so ensure any purchase contract you sign stipulates your reservation and deposit are refundable if you do not get the mortgage you require.

If you need more than 70% the only options are bank repossession stock / distressed developer stock. I deal in these but its a lot of searching through rubbish and overpriced property to find the gems that are out there. Saying that, there are some gems around if you are patient and have the right contacts(I have a few going through at the moment subject to mortgage.) Some of them are never advertised openly anywhere and banks may fund upto 100% of the purchase price although you need to be a good client for them to do this and as before - get it in writing that deposits are refunded if you do not qualify for the mortgage you require.

I sell the best ones through our mailing list and have over 1,000 subscribers so many of the best opportunities dont even go on the website. if you want to be added, stick your email in the form at the following link:

Bargains and repossessions list - Tenerife property (http://feedburner.google.com/fb/a/mailverify?uri=tenerifeestateagents/JqmB)

You can unsubscribe from this at any time. Good luck with your search!