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mortgage |
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New! New! New! New!
New! New! New! New! New! New!
Buy to let Mortgages? Interest-only Mortgages?
Now it is possible in Tenerife!
We are now
able to offer ”Residential home”, “Holiday home” and “Buy to let”
mortgages up to 80% loan to value for non-residents with a leading English
Bank!
Conditions
Age:
*
Maximum 70
years at the end of the loan
Term:
*
Maximum 25 years
Purpose of facility:
*
Residential home, holiday home or buy to let located in urban areas
* Home
improvements or repayment of other term debts may be
considered.
* Loan
will only be provided once construction is finalised and duly registered
* Vivienda
de Protección Oficial (V.P.O.)
properties not
normally considered
Amount:
Property related:
*
Maximum 80% LTV (including buy to let)
* LTV
based on valuation report
* Minimum
100.000 Euros
* Maximum
not to exceed the official purchase price
Customer income
multiples:
* 500%
qualifying gross annual income of 1st applicant
* 300%
joint qualifying gross annual income of both applicants
* Total
debt service les than 50% of qualifying net income
Insurance:
* Buildings insurance with bank as beneficiary
Recommendations:
-
Life insurance
(Should the client be over 70 years of age at the end of the loan, life
insurance is to be mandatory
throughout the
life of the loan, with the bank as beneficiary)
-
Home contents
insurance
Documents required:
Employed
* Last
three months payslips
* P60 tax
return
* Last three months
bank statement showing incomes
* Work
contract
* Proof of
payment of any other loans or credit card statement only if cards are not
repaid in full each month.
Self employed
* Last three years certified
accounts
* Last
three years personal income tax assessment
* Last
three months bank statements showing incomes
* Proof of
payment of any other loans or credit card statement only if cards are not
repaid in full each month.
If there is a
company, the statements from both the company and the applicants will be
required.
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