Bank Repossessions in Tenerife

Many bargain hunters are aware of our links with banks and ask us about bank repossessions and foreclosures in Tenerife.  Although we have access to bank portfolios to sell these properties, it is rare that anyone buys one!  Clients come to us, expecting to be shown a hidden box of incredible bank bargains and tend to be (understandably) disappointed in what the banks can offer.  We’d like to explain why!

Moving Currencies

You will normally pay for your property in Euros, although some vendors prefer sterling.  Your bank may be the obvious choice; the rates they offer tend to be relatively expensive.  In recent years, specialist foreign exchange companies have become increasingly user friendly and offer more favourable rates.

The Mortgage

Recent market changes have made it easier than ever to buy a property in Tenerife, despite the economy.  Whereas previously an aspiring buyer could just about scrape together sixty percent of the cost of a property from a mortgage lender, nowadays lenders are putting together financial packages that mean almost anyone can benefit from property investment.