Tenerife, the largest of Spain's Canary Islands, offers fantastic property opportunities for both local and international buyers. Whether you're looking to purchase a holiday home, an investment property, or a primary residence, understanding the mortgage process is essential for a smooth transaction.

At The Property Gallery, we specialize in helping buyers navigate the mortgage market in Tenerife. Our aim is to simplify the process so you can focus on finding the perfect property.

Calculate your mortgage

Use the mortgage calculator link below to estimate your monthly payments and determine how much you can afford.

Available types of mortgages

In Tenerife, buyers have various mortgage options available, tailored to different needs:

• Fixed-rate mortgages: The interest rate remains constant throughout the entire loan term, ensuring stable monthly payments.
• Variable interest rate mortgages: The interest rate fluctuates with market conditions and offers potential savings, but also a higher risk.
• Interest-only mortgages: During a specific period, you only pay the interest, which allows for lower monthly payments at the beginning.

We help you assess which type of mortgage is best suited to your financial situation and property goals.

Mortgage requirements in Spain

Foreign buyers can easily obtain a mortgage in Tenerife, but there are a few important requirements to consider:

• Proof of income and financial stability
• Valid identification (passport, NIE number for foreigners)
• A down payment of at least 30% of the property value is required for non-residents.
• Creditworthiness check - Our team works closely with local banks and financial institutions to ensure that our clients receive the best mortgage offers available.

We can guide you through the application process from start to finish with the help of a mortgage broker or bank manager .

Property types* and maximum mortgage:

How can you check the classification of your property? Please ask your real estate agent about Nota Simple!

Mortgage Solutions

There are a number of mortgage solutions tailored to a wide range of property needs, whether you are buying a holiday home, building a new property, or looking for investment opportunities in Spain. Here is an overview of our offerings:

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Mortgages for holiday homes

Perfect for private property buyers without a residence in Spain who want to purchase a holiday home. They can borrow up to 70% of the purchase price of the property (or its value if lower).

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Construction Mortgages

For those who want to build a new house or renovate an existing property. You can secure up to 50% of the land costs and up to 70% of the construction or renovation costs

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Mortgages for the main residence

For individuals who are residents of Spain and pay their taxes there. They can borrow up to 80% of the property's purchase price at competitive interest rates starting from Euribor + 0.99% or fixed interest rates starting from 1.95% .

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Investment mortgages

Ideal for buyers who plan to rent out their property after purchase. Banks typically offer 50-60% of the property's purchase price (or appraised value, if lower).

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Commercial Mortgages

Commercial mortgages are available to both individuals and businesses, whether for investment purposes or business ventures. You can borrow up to 50% of the property value, with interest rates starting at Euribor + 2.1 %

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Bridge Financing

Bridge financing solutions throughout Spain for loans over €500,000 with terms of up to 36 months and a loan-to-value (LTV) ratio of up to 65% . Interest rates are available from 0.70% per calendar month , and various sectors are taken into account

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Find the right mortgage solution for your needs with Mortgage Direct - your reliable partner for real estate financing in Spain.