Do you remember mortgages? They were those things that allowed people to buy properties before the banking crisis and credit crunch. For a time they almost went into extinction, but it looks like the tide is turning.
Tenerife property shop has had a number of meetings with banks and lenders recently and the news is that mortgages are back! Long repayment periods, low interest rates and interest only mortgages are all available. Lenders are now coming back into the market, which will affect it in a number of ways.
First off, the re-emergence of mortgages will allow people who may have been considering a type of property in Tenerife to upgrade their aspirations. It means an extra bedroom, a nice location, a bigger pool… dreams can be compromised less.
Mortgages also allow people to purchase a property in Tenerife who may previously have thought that they couldn't afford one. So not only will the expanding mortgage availability allow people to upgrade, it also opens the door to more potential buyers.
Why don't you find out what sort of mortgage you might qualify for by filling in our mortgage prequalification form. Who knows? In a couple of months you might be soaking up the sun in your very own Tenerife property.