Mortgages Canary Islands

Rising prices on mainland Spain have encouraged many buyers to look further a field for their holiday or investment homes.

The Canary Islands which reflect closely mainland Spain with all the benefits of clear ownership title, English spoken widely, cheaper prices and good understanding of British needs with a climate that provides all year round summer conditions has become a favourite with UK buyers.

Good communication networks with low cost regular flights from all UK airports also make purchases in the Canary Islands attractive.

Some taxes relating to the purchase of property in places like Tenerife and Lanzarote are lower than mainland Spain. IVA the equivalent of Spanish VAT is 5% in the Canary Islands in comparison to mainland Spain where IVA on purchases is 7%.

Lending in the Canary Islands reflects closely that on mainland Spain but there are a few banks that are unique to the Islands providing product not available if you are buying on the mainland.

Mortgages up to 90% of valuation and a 100% of purchase price are available and there is also a wide range of interest only product you can select to take.

If you are considering buying or have bought in the Canary Islands we have independent mortgage advisers based in Tenerife and Lanzarote who can help you select the most suitable product from the full range available including banks that only operate in the Canary Islands.

The legal checks undertaken by a bank when assessing your mortgage application will also help provide security of mind for you that all legal situations relating to the property are sound and that it is safe for you to purchase.

For further information contact us today on advice@imsmortgages.com
Or call Andy Ward 0034 671 140 013