Advice on applying for mortgages with a Spanish Bank in Tenerife
Guide to mortgage applications
A Guide to the documents you will be required to produce should you decide to apply for a mortgage in Tenerife with a Spanish Bank
If you are employed you will need the following documents:
✓ Photocopy of your passport.
✓ Last three months wage slips.
✓ Last P60.
✓ Last three months bank statements.
✓ Credit Report (e.g. Experian).
✓ Documents showing any other source of income or assetts, ie. Mortgage, stocks, shares, savings.
If you are self employed you will need the following documents:
✓ Photocopy of your passport.
✓ Last three months bank statements.
✓ Last Tax Return. (company & private).
✓ Credit Report (e.g. Experian)..
✓ Last three company bank statements (if applicable).
✓ Last company Audited Accounts (if applicable).
✓ Last company balance (if applicable).
✓ Certificate of incorporation (if applicable).
✓ Documents showing any other source of income or assetts, ie. Mortgage, stocks, shares, savings
Fees & Typical Costs associated with Tenerife Mortgages from a Spanish Bank:
✓ Spanish Bank valuation approx 250€.
✓ Notary Fees. The Mortgage Deed must be notarised.
✓ Registration Fees. Mortgage Deed must be registered at the Property Registry.
✓ Administration Fees.
✓Mortgage Opening Fees approx 1% - 1.5%.
✓Stamp Duty on the value of the mortgage, approx. 1.25%.
✓The Spanish bank will require you to take an insurance policy, approx 150€ to 350€ per year.
✓Cancellation Charges, should you decide to pay off your Tenerife mortgage early approx 1% - 1.5%.
For further advice and guidance on the obligatory Legal Fees and Taxes when purchasing Tenerife Property please visit
Whilst we endeavour to ensure that the information on buying and selling Tenerife is correct at the time of publishing this information is intended for guidance only
